Blockchain data provider Covalent announced yesterday that it sold $10 million worth of native tokens, CQT, in a Coin list Token sale. The token will be used as a platform currency to facilitate interaction between users on the Covalent network.

CQT is a Network access token And the fixed assets used for verifiers who will receive fees from answering developers’ queries.

“In response to market demand, we have been able to open Covalent to the public through our CQT token. The overwhelming support from the community shows that people are increasingly aware of the role of data analysis in powering the crypto, DeFi and NFT markets. Character.”
– Ganesh Swami, CEO and co-founder of Covalent

Token function

CQT holders can also vote on Covalent’s governance forum, which covers improvement suggestions, development ideas, and suggestions on Alpha Alarm (a daily DeFi data series supported by Covalent).

The governance forum will also include recommendations for the Alchemist Ambassador Program, which invests 1% of the token supply allocated by Covalent, equivalent to millions of dollars.

Participating in the application of the program is open to everyone, participants can get CQT 1,000 to 5,000 US dollars a month to help develop Covalent’s ecosystem and interact with the community. As of today, the project has attracted more than 1,300 people.

In the past six months, Covalent has completed two rounds of financing, totaling $5.1 million, to promote the launch of its decentralized data query network.

Since recently March financing round, Covalent has added 3 new blockchains to its existing 8 list (the most detailed in the industry), and runs its flagship hackathon “One Million Wallets” and “Dungeons and Data”.

“Consumers of blockchain data want to be able to access data quickly and easily without having to deal with the peculiarities of a single blockchain data structure. The covalent team got this. CoinList co-founder and CEO Graham Jenkin said : “We are honored to help the Covalent team expand its community of CQT holders and incentivize validators to power their network.