Covalent (QCT), a modular data infrastructure for AI, saw its token’s price fluctuate sharply, diving from $0.15 to $0.10 before rebounding to $0.16. This occurred amid a proposal to transition QCT to CXT, marking a significant development for the network.
The governance proposal, which passed with 37 million QCT votes, aims to extend Covalent’s ecosystem to better align with AI and data availability. This transition will improve liquidity and capture the project’s decentralized data infrastructure vision.
The migration, automated at a 1:1 ratio, involved trading halts and received support from exchanges like OKX, Gate.io, and Crypto.com. Covalent also secured $5 million from venture capital firms to enhance its data infrastructure.
This strategic move positions Covalent for long-term growth and better integration within the AI and blockchain sectors.
