Covalent Network Q3 2024 Wrap-Up
TL;DR
Q3 2024 was packed with significant developments from Covalent, including:
Completed CXT token migration as part of the New Dawn initiative
Governance updates to expand CXT staking capacity
Onboarded five new Block Specimen Producers
Launched the Ethereum Wayback Machine (EWM) Light Client Testnet
New CXT exchange listings and integrations with Cronos and Sei
Introduction
As we wrap up Q3 2024, we are excited to share the remarkable milestones and key updates from this quarter. From reinforcing our network with the CXT token migration to expanding our staking infrastructure with new governance proposals, it’s been a quarter of tremendous progress. Without further ado, let's dive into the highlights and explore how Covalent continues to evolve.
CXT Token Migration: A New Era for Covalent
This quarter marked the completion of the CXT token migration, a pivotal step in Covalent’s ongoing journey to enhance the security and scalability of its network. As part of the New Dawn initiative, this migration laid the foundation for the modular data infrastructure that will support future innovations. Notably, it also neutralized the Nomad hacker threat, ensuring a more secure future for the network.
For a deep dive into the token migration process, check out our blog post here.
Covalent Network Staking Update
Max Multiplier Increase
In Q3, Covalent implemented a major governance decision to increase the staking max multiplier to 40X. This was a critical step to accommodate the growing demand for staking and ensure more delegation room for CXT holders. Here are the key details:
Target: 35% of the circulating supply (~297M CXT) staked
Expanded delegation room for CXT holders
Strengthened network security and decentralization
Onboarding New Operators
In addition to this update, six new Block Specimen Producers (BSPs) joined the Covalent Network, enhancing decentralization and offering more staking opportunities:
Graphyte Labs: A data infrastructure provider focused on building scalable and secure blockchain solutions for decentralized ecosystems.
Sensei Node: A leading node operator offering enterprise-grade infrastructure to enhance blockchain security and decentralization.
StakeCraft: A staking service provider delivering secure and efficient staking solutions for blockchain networks.
PierTwo: A blockchain infrastructure company specializing in high-performance nodes and staking services for decentralized applications.
Matrixed Link: A decentralized network operator focused on providing reliable and scalable infrastructure for blockchain projects.
Moonrock Capital: A crypto-native operator, advisory and investment firm, incubating and accelerating early-stage startups since 2019.
RUN EWM: Light Client Devnet & Testnet
As part of our newest initiative, Covalent recently launched RUN EWM, which focuses on expanding the Ethereum Wayback Machine (EWM) through light client infrastructure. The EWM Light Clients will enable decentralized storage and retrieval of Ethereum’s historical data, playing a major role in ensuring long-term data availability.
The devnet phase was a resounding success, and we’ve now transitioned to the testnet phase, with plans for a mainnet launch on the horizon. This is a major milestone in Covalent’s mission to safeguard Ethereum’s history and data integrity.
Learn more about the EWM Light Clients here.
Read up more about it in our blog.
More Covalent Updates
New Exchange Listings
CXT was listed on several new major exchanges, including OKX, HTX, Gate.io, Crypto.com, BitMart, MEXC, AscendEX, Coinstore, and ProBit. These listings improve the liquidity and accessibility of CXT, allowing more people to trade and participate in staking. With these new platforms, we're reaching a wider audience and making it easier for people around the world to engage with the Covalent Network.
Taiko Airdrop: Powering the Ecosystem
In collaboration with Taiko, Covalent launched a successful airdrop campaign this quarter, rewarding community members for their active participation. This initiative helped strengthen engagement across the ecosystem while delivering a rewarding experience for loyal CXT token holders.
For more details on the airdrop, check out our blog here.
Check your eligibility for our ecosystem airdrops here.
Key Integrations: Cronos zkEVM & Sei
Q3 also saw Covalent expand its reach with two key integrations: Cronos zkEVM and Sei. These integrations provide developers with seamless access to on-chain data from these fast-growing ecosystems, supporting more efficient development and opening up new possibilities for innovation.
On the Road: Connecting with the Global Community
It’s been a busy quarter for Covalent, attending key events like EthCC, KBW, and TOKEN2049, where Ganesh, along with a few others from the team connected with many of you across the globe. We focused on building relationships and sharing Covalent’s vision for the future.
We’ve still got an exciting lineup of events for the rest of the year:
Mainnet 2024 New York
Date: Sept 30 - Oct 2
Location: Pier 36, NYC
Devcon 2024 Bangkok
Date: November 12-15
Location: Queen Sirikit National Convention Center
Conclusion
Q3 2024 was a quarter of big wins and forward momentum for Covalent. With the CXT token migration complete, new Block Specimen Producers onboarded, and the EWM Light Clients in full swing, we’re excited about the future. As we move into Q4, we’ll continue building on these successes and look forward to unveiling more exciting developments.
Long Live Ethereum!
