Covalent Successfully Completes CXT Token Migration: Paving the Way for Growth, Decentralization, and Enhanced Security

CXT Token Migration: A Milestone Achievement

Covalent is excited to announce the successful completion of the CXT Token migration, marking a significant milestone in the network's evolution. This migration was initiated following a governance proposal that was overwhelmingly supported by token holders. As a result, CXT tokens have been distributed to EOAs, safes/multisigs, exchanges, custodians, and other ecosystem participants, ensuring that the new tokens align with the snapshot taken after the governance vote.

Snapshot and Distribution Details

The snapshot, taken on July 10, 2024, at 10:24 PM UTC, captured the exact distribution of tokens, ensuring a fair and transparent process. The entire supply of CXT is now in the hands of its rightful owners, reflecting Covalent's commitment to decentralization and security. Exchanges that previously traded the old CQT token have either completed or are in the process of distributing CXT tokens on a 1:1 basis to their users.

Neutralizing the Nomad Hacker Threat

One of the most critical aspects of this migration was the successful neutralization of the Nomad hacker threat. Covalent has taken all necessary measures to reinforce the security and integrity of the network, ensuring that token holders are protected from malicious actors. The exclusion of the Nomad hacker from this migration underscores Covalent's dedication to maintaining a secure and trustworthy ecosystem.

Deprecation of CQT and Focus on Growth

With the completion of the migration, CQT tokens have been deprecated and are no longer supported within the Covalent Network for staking, governance, or other utilities. This move allows Covalent to redirect its focus toward expanding the network, introducing more community-driven features, and further decentralizing its operations.

The Road Ahead for Covalent

This migration marks the beginning of an exciting new chapter for Covalent. As the network moves forward, Covalent remains committed to delivering value, innovation, and security to its community. The successful migration to CXT is just the start of many more developments that will enhance the Covalent Network's position in the decentralized space.

Final Thoughts

The completion of the CXT Token migration represents a major step forward for Covalent. By aligning its token structure with the community's vision, reinforcing security measures, and deprecating the outdated CQT token, Covalent is well-positioned to continue its mission of driving innovation and decentralization. Stay tuned for more updates as Covalent embarks on this new phase, delivering even greater value to its ecosystem.