ChainCatcher news, AI data infrastructure Covalent has announced a governance proposal to migrate the existing Covalent Network token CQT to CXT. Voting on this proposal on Snapshot will end on July 11.The proposal suggests the following key changes:Change the token code from CQT to CXT.Migrate the staking contract from CQT to CXT on the Ethereum chain.Migrate future governance on the Ethereum chain from CQT to CXT.Distribute CXT to all current CQT holders.Increase overall token liquidity.Covalent states that all tokens will be safe throughout the migration process. The CQT holdings of all token holders, operators, and delegators will be automatically migrated to CXT at a 1:1 ratio. CQT trading will stop at 00:00 UTC on July 9, and CXT trading will resume after the successful completion of the governance vote and migration.

ChainCatcher news, Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, announced that he will serve as a strategic advisor for Covalent and will be compensated in the form of CQT tokens.Arthur Hayes stated, "Compared to competitors like The Graph, Covalent's CQT token is relatively undervalued, and I hope to help Covalent further develop."

ChainCatcher news, Covalent co-founder Ganesh Swami stated on the X platform that as of April 26, 2024, Covalent has fully acquired all CQT tokens held by the FTX bankruptcy estate.Swami mentioned that a private buyer purchased these assets a month ago and has since been selling them on the open market, which negatively impacted CQT. Therefore, Covalent reached out to this buyer last week and conducted a private transaction for all remaining CQT.