Covalent Network (CQT) introduces off-chain income to the chain and opens Token repurchase in a new stage

Covalent Network (CQT) is a leading data indexing service provider across 225 chains in the Web3 field. It provides structured data availability services through a unified API, and is becoming the solution for diverse needs such as AI, DeFi, analysis and governance. Key players. To support the adoption of decentralized technologies, Covalent Network (CQT) has launched an innovative protocol revenue model.

Introducing off-chain income onto the chain

In order to further increase the community’s enthusiasm for the ecosystem, recently, Covalent Network (CQT ) launched a token buyback program to promote the development of the ecosystem. In the past month, Covalent Network (CQT) has successfully repurchased 127,260 CQT tokens through its unique “fee switch mechanism” and used them to support the development of the project. This buyback program is funded by Covalent Network’s (CQT) API revenue, marking the project’s beginning to bring off-chain revenue onto the chain, laying the foundation for future development.

February CQT fee switch data

The implementation of the CQT token buyback plan is to promote the development of its sustainable revenue-driven ecosystem. It also marks an important step towards the planned launch of query nodes later this year.

CQT’s role and utility in transparent and sustainable operations

CQT, as the native token of Covalent Network (CQT), plays a dual role in staking and governance effect. Operators participate in network operations by staking CQT, aiming to ensure the security and honest behavior of the network while verifying the data extracted from the blockchain. In terms of governance, CQT plays a crucial role, giving holders the right to vote on on-chain proposals.

With the expansion of Covalent Network (CQT), it currently provides rich services to more than 240 million wallets and thousands of customers in the Web3 field, and its commitment to the decentralized future It is obvious. As the supply of tokens is limited and the utility of CQT tokens as a core element of network operations increases, CQT token holders are also entering a new stage, which will further promote the degeneration of the ecosystem over time. Centralized features. In addition, Covalent Network will integrate with Ethereum in the future, further solidifying its commitment to decentralization through its Ethereum Backtracking Mechanism (EWM), which will exclusively use ETH to pay network fees.

About Covalent Network (CQT)

Covalent Network (CQT) focuses on blockchain data availability and supports millions of users to build a new economy. Since its establishment, Covalent Network (CQT) continues to help developers, analysts, etc. provide comprehensive, real-time data on more than 200 chains.

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