In this article, we are going to explain everything you need to know about the Covalent Network and its native token.
The discussion will include some of the key technologies of the Covalent platform and every important piece of information. I hope you can gain more knowledge on this project and its native token through the article.
What is Covalent?
There are too many blockchains with different functions as one blockchain can not solve every issue in the industry. Therefore, Covalent positions itself as a unified API that brings full transparency and visibility to digital assets across all blockchain platforms.
The Covalent API is basically a single model which connects granular blockchain data from other blockchains with literally no programming or code required.
How does Covalent work?
Covalent's mission is to provide the richest and most robust data infrastructure for blockchain by creating a single API.
In order to make everything simple, Covalent indexes and decrypts the entire blockchain for developers through a single unified API. This includes every information you need including token balances, positions or historical transaction activities across all supported blockchains.
Applications could use Covalent to operate or develop a multi-chains strategy as the solution of Covalent is very simple - one API call.
What makes Covalent unique?
There are core elements that make the project unique in the marketplace compared to other products:
- Data availability: Covalent is the only project that can index the entire blockchain which means every single contract, wallet and transaction. While other projects can only provide a small subset of data, Covalent can index billions of rows and terabytes of data.
- Composability: This allows developers to easily and quickly construct financial solutions leveraging blocks from multiple projects. The unified API supports developers to quickly build applications with no query code.
- Multi-blockchain support: Covalent already indexed more than 10 blockchains with many more to be announced soon.
- No code solution: The project provides no-code solution with no complicated SQL queries, subgraph developments and maintenance. Developers only need to retrieve blockchain data which can reduce engineering time.
What is CQT Token?
CQT is the native token of the Covalent Network. It has three primary purposes:
- Governance: Token holders vote on proposals to change system parameters such as new data sources, specific geolocations and data modeling requirements
- Staking & Validation: CQT is a staking asset. Validators will earn fees for answering queries. Token holders can delegate their voting rights to validators.
- Network Access: CQT can be used to fulfil data queries for users of the API.
Detailed information about CQT token
CQT Token Metrics
- Token Name: Covalent Token.
- Ticker: CQT.
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0xD417144312DbF50465b1C641d016962017Ef6240
- Token type: Utility, Governance.
- Total Supply: 1,000,000,000 CQT
- Circulating Supply: 49,665,076 CQT
CQT Token Allocation
CQT Token Sale & Release Schedule
How to buy CQT Token
You can use Coin98 Exchange to swap other tokens for CQT following these simple steps on: https://exchange.coin98.com/
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search CQT.
- If the result does not come up, you can paste the contract of CQT into the search box: 0xD417144312DbF50465b1C641d016962017Ef6240
Step 4: Adjust the amount you want to Swap.
Step 5: Adjust the gas fee, then click Approve.
How to mine CQT
Users can stake tokens to become Validators and earn CQT on 3%-20% APR based on the amount locked.
How to store CQT
You can store CQT token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search CQT Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send CQT to this address.
Roadmaps and Updates
Team, Investors, and Partners
Ganesh Swami is the CEO & Co-founder of Covalent: He is a serial entrepreneur and has over a decade of experience in big data analytics. He started his career by building protein simulation algorithms to solve cancer, which he used as the foundation for Covalent.
Covalent has raised a total of $5.1M in funding over 4 rounds from 22 investors including big names such as Hashed, Avalanche and Coinbase Ventures.
Their latest round closed on March 24th, 2021 with Venture - Series Unknown as the lead investor.
The Covalent API has gained widespread use in the market due to its easy and simple interface. The company currently partners with over 300 projects, all of which are succeeding using the Covalent API for their own functions
Is CQT a good investment?
This article has provided some of the main ideas related to the CQT token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:
- Covalent's website claims that over 300 projects are using their platform. This suggests Covalent is an established company with real users, which could be a positive sign for the market considering the project is fairly new.
- The more blockchains that come out, the harder it gets for developers to build their desired applications. Covalent provides a no-code solution for data querying which can tremendously help the developing process easier and faster.
I hope you have gained all of the important information about CQT including its features and highlights throughout this topic.
If you have any questions related to this topic, feel free to discuss in the comment section below.
Learn more: What is Agoric (BLD)? All about BLD Token