We are thrilled to announce the successful completion of the Covalent (CXT) token migration. This milestone marks a pivotal moment for the network, opening new opportunities for holders, enhancing security, and refocusing efforts on growth and decentralization. All token holders on exchanges, custodians, and self-hosted wallets now have custody of their CXT tokens.
Overview of the CXT Migration
The migration plan was initially laid out via a governance proposal that passed successfully. CXT tokens have been distributed to EOAs, safes/multisigs, exchanges, custodians, and ecosystem participants. The distribution matches the snapshot taken following the governance vote, ensuring a fair and transparent process.
Snapshot Details:
- Snapshot Date: July 10, 2024, 10:24 PM UTC
- Snapshot Block: 20279064
With the migration complete, CQT is now deprecated and no longer supported within the Covalent Network for staking, security, governance, and other utility functions.
CXT Distribution and Exchange Listings
The entire supply of CXT is now in the hands of its rightful owners. This aligns with the network's core commitment to fairness and transparency throughout the ecosystem.
Existing exchanges that previously supported the old token have either already distributed CXT to their users at a 1:1 ratio or are in the final stages of doing so. CXT spot markets are now active on major trading platforms, providing liquidity and easy access for the community. To monitor these new markets and track asset performance, you can explore more strategies for engaging with the ecosystem.
Enhanced Security and Neutralized Threats
A critical outcome of this migration is the successful neutralization of the threat from the Nomad hacker. This action significantly reinforces the overall security and integrity of the Covalent Network. The team has taken all necessary steps to ensure token holders are protected and that malicious actors are kept at bay.
Additionally, the recovery of the minor portion of the supply (less than 0.5%) in the Wormhole contract is ongoing, as outlined in previous network communications.
The Road Ahead for Covalent
This migration concludes a complex process and begins an important new chapter for Covalent. The focus now returns to the core mission: growing the Covalent Network. This includes the development of more community features, advancing decentralization, and bolstering security protocols.
As Covalent and the Ethereum Wayback Machine move forward, the commitment to delivering value, innovation, and security to the decentralized ecosystem remains unwavering. This new phase is built on a stronger, more secure foundation, ready for future developments.
Frequently Asked Questions
What is the CXT token?
CXT is the new native token of the Covalent Network. It replaces the old CQT token and is used for staking, securing the network, and participating in governance.
Do I need to do anything if my tokens were on an exchange?
If your tokens were held on a supporting exchange during the snapshot, the exchange should have automatically handled the migration for you. You should see your new CXT tokens in your exchange account. It is always good practice to confirm with your exchange's support team if you have any doubts.
What happened to the old CQT token?
The CQT token has been officially deprecated. It no longer holds any utility within the Covalent Network and cannot be used for staking, governance, or security purposes. The only token with utility is now CXT.
How does this migration improve security?
The migration process included measures to isolate and neutralize specific threats, such as those associated with the Nomad bridge incident. This proactive step helps protect the community and ensures the network's integrity moving forward.
Where can I trade the new CXT token?
CXT spot markets are now open on several major exchanges. You can check the official Covalent channels for a list of confirmed trading platforms that support the new token.
What is the focus for Covalent now?
With the migration complete, the team and community can refocus entirely on growth. This includes enhancing network features, increasing decentralization, and continuing to provide robust and reliable data infrastructure for the entire blockchain space. To understand the full scope of tools available, you can view real-time tools that leverage Covalent's data.