Covalent Announces Completion of Token Migration to CXT

TLDR; All token holders on exchanges, custodians and self-hosted wallets now have custody of their CXT; CXT spot markets are open on major exchanges; Nomad threat has been neutralized; CQT is deprecated; focus back on growing the Covalent Network with more community features, decentralization, and security.

We are thrilled to announce the completion of the CXT Token migration. The rationale and plan was laid out initially via a governance proposal that was passed by token holders. CXT tokens have been/or are being distributed to EOAs, safes/multisigs, various exchanges, custodians, and ecosystem participants, such that the distribution of CXT tokens will match the snapshot following the successful governance vote. 

Snapshot details:

• Snapshot Date: July 10, 2024 10:24 PM UTC

• Snapshot Block: https://etherscan.io/block/20279064 

Full Distribution to CXT Stakers, Centralized Exchanges, Custodians, and other Ecosystem 

The entire supply of CXT is now in the hands of their owners, aligning with our commitment to fairness and transparency.

Existing exchanges that traded the old token have either already distributing or are in the process of distributing CXT with a 1:1 ratio to their users. 

CQT is deprecated and no longer supported internally within Covalent Network for staking, security, governance, and other utility.

Exclusion of the Nomad Hacker

Importantly, this migration has successfully neutralized the threat from the Nomad hacker, reinforcing the security and integrity of the network. The Covalent Network have taken all necessary steps to ensure that token holders are protected and that malicious actors are kept at bay.

Moonbeam Recovery

The recovery of less than 0.5% of CQT supply in the Wormhole contract is deprecated and ongoing as outlined in previous communications.

The Beginning of an Important Chapter for Covalent

This migration marks the beginning of an important chapter for Covalent. As Covalent and the Ethereum Wayback Machine move forward, Covalent will remain committed to delivering value, innovation, and security to the decentralized mission. Thank you for your continued support and trust in Covalent.

Stay tuned for more exciting updates and developments as Covalent embarks on this new phase together.