Covalent

<p class="is-style-lead">Covalent (QCT), a modular data infrastructure for artificial intelligence (AI), has seen the price of its native token fluctuate sharply in the past 24 hours.</p>
<p>The price of QCT fell sharply on Thursday, crashing from $0.15 to $0.10. However, QCT has rebounded and is currently trading around $0.16, as the community looks to steady itself around the AI-related crypto project considered a major network development.</p>
<p>Crypto analyst Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/1811392499019305015" target="_blank" rel="noopener noreferrer nofollow">said on X</a> that Covalent is poised to bounce back after the sharp price correction.</p>
<p>“$CQT is doing great in their ecosystem and they proposed a change for CQT to become CXT as the next step in their journey. Price has endured a massive correction in the past period, but I think this will change over the coming period,” he noted.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24CQT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CQT</a> is doing great in their ecosystem and they proposed a change for CQT to become CXT as the next step in their journey.<br><br>Price has endured a massive correction in the past period, but I think this will change over the coming period. <a href="https://t.co/53OAP81EXF" target="_blank" rel="noopener noreferrer nofollow">https://t.co/53OAP81EXF</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1811392499019305015?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2024</a>
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<h2 class="wp-block-heading" id="covalent-migrating-qct-to-cxt">Covalent migrating QCT to CXT</h2>
<p>Covalent recently announced a governance proposal to migrate the existing token CQT to a new token CXT. The team said in a blog post that the move marks the dawn of a new era for the platform.</p>
<p>The transition helps the modular data infrastructure network extend its ecosystem to encompass the growing AI and long-term data availability vision. Changing the ticker to CXT and providing for additional scope and improved liquidity are key to the transition, the project stated.</p>
<p>Currently, CQT fails to capture this vision, particularly in relation to a decentralized data infrastructure ecosystem.</p>
<p>The voting snapshot shows the proposal passed with 37 million QCT – the quorum needed was 10 million QCT. Covalent’s vote on the proposal started on July 9 and ended on July 11.</p>
<p>Token migration for holders, operators, and delegators is automated, with the ratio set at 1:1. Covalent announced a trading halt during the governance vote and migration, which received support from OKX, Gate.io, and Crypto.com exchanges.</p>
<p>Covalent recently <a href="https://x.com/TSAI52810091/status/1805929289671749861" target="_blank" rel="noopener noreferrer nofollow">secured</a> $5 million in strategic financing from several venture capital firms, including RockTree Capital and CMCC Global. The blockchain firm said it would use these funds to expand its data infrastructure.</p>

Covalent (QCT) rises amid proposal for token transition

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