What is Covalent?
The Covalent token or CQT is a utility token native to the Covalent Network. The latter is a decentralized analytics platform for blockchain data.
CQT has several use cases. Some of them are:
- Staking. Network Operators play a key role in securing the Covalent Network via staking. Regular users who hold CQT can stake their tokens towards a Network Operator and earn a share of their earnings;
- Governance. CQT serves as a governance token. This means that it grants Covalent token holders voting rights. This way community members can participate in the decision-making process of the Covalent Network and help determine system parameters.
There is a max cap of 1,000,000,000 CQT tokens. This makes the token supply deflationary. As such, it’s possible for the CQT price to grow given a stable demand and scarcity of the CQT token.
The Covalent tokens were allocated as follows:
- 20.4% - Private Sale;
- 20% - Ecosystem;
- 18.9% - Reserve;
- 14.4% - Team;
- 10% - Seed;
- 8% - Staking;
- 3.4% - Public Sale;
- 2.9% - Second Round of Private Sale;
- 2% - Advisors.
As you can see on the list above, CQT had a Seed round and two separate Private Sale rounds. During the Seed round, Covalent raised 500,000 US Dollars while both of the Private Sale rounds amassed more than 5,000,000 US Dollars.
You can acquire CQT by visiting its supported exchanges. Check out the section above for our recommended exchanges for Covalent.
CQT is a cryptocurrency which means that it goes through periods of volatility. To put it simply, the Covalent price fluctuates. This makes it crucial to do proper research before jumping into any crypto project.
In the case of Covalent, check out the CQT price chart above for more detailed information.
What are the Main Features of Covalent?
As discussed in the “What is Covalent“ section, Covalent is a data analytics platform that, in the words of Covalent itself, connects centralized databases with the world of blockchain.
Covalent can be used in various ways - it all depends on the creativity of the team behind the project.
For instance, 0x and Zerion put Covalent API to use by accessing granular blockchain data and even displaying said data on different blockchains.
Different sectors within the blockchain industry can benefit from Covalent API including the aforementioned DeFi as well as decentralized autonomous organizations (DAOs), non-fungible token (NFT) projects, and can even be applied to taxes.
In the case of DAOs, Covalent provides reliable data which can then be used by the DAO to analyze the community member activities and voting trends. This crucial data can then be used to greatly improve the user experience.
Who Developed Covalent?
The Covalent crypto project was founded in early 2018. Although, the development of the project began in late 2017 as it was to be submitted to that year’s hackathon event. After coming in first, the team behind Covalent decided to continue its development and make it something bigger.
Its co-founders are tech entrepreneurs Ganesh Swami and Levi Aul who are taking up the roles of CEO and CTO respectively.
Ganesh Swami has a degree in Engineering Physics and has been in the data analytics sector for more than 10 years. Prior to the launch of Covalent, Swami founded Silota - a data analytics company.
Levi Aul, on the other hand, went to the University of British Columbia where he studied Computer Science, however, he abandoned his studies to enter the software engineering industry. Before starting Covalent, Aul was a core contributor to one of Canada’s first Bitcoin exchanges and a systems engineer at Walter.ai.
If you’re interested in the Covalent crypto project, don’t forget to have a look at the Covalent price chart before making your final decision.