Covalent has successfully completed the migration of its native token to CXT, marking a significant milestone in the network's evolution. This transition unlocks fresh opportunities, activates exchange listings, and refocuses efforts on growth and decentralization within the ecosystem.
Key Highlights of the CXT Migration
- Full custody transferred: All token holders across exchanges, custodians, and self-hosted wallets now control their CXT tokens
- Active trading markets: CXT spot markets are now live on major cryptocurrency exchanges
- Security victory: Neutralized the Nomad bridge exploit threat
- Legacy token sunset: CQT tokens are officially deprecated
- Network focus: Renewed emphasis on enhancing Covalent Network features, decentralization, and security protocols
👉 Discover how CXT powers the Covalent ecosystem
Migration Process Overview
The token migration followed a community-approved governance proposal that outlined the strategic transition. Distribution of CXT tokens mirrors the snapshot taken after the successful governance vote:
| Snapshot Detail | Specification |
|---|---|
| Snapshot Date | July 10, 2024 at 10:24 PM UTC |
| Snapshot Block | Ethereum Block #20279064 |
Comprehensive Token Distribution
The migration ensures:
- Fair allocation: 1:1 distribution ratio maintained across all platforms
- Complete decentralization: Full CXT supply now under owner control
- Exchange readiness: Major platforms have completed or are finalizing user distributions
- Ecosystem inclusion: All stakers, exchanges, custodians, and partners received allocations
Security Enhancements
The migration achieved critical security objectives:
- Neutralized Nomad threat: Eliminated vulnerabilities from the bridge exploit
- Malicious actor protection: Implemented safeguards against network attacks
- Asset recovery: Ongoing process for <0.5% of legacy CQT in Wormhole contracts
What This Means for Covalent's Future
This successful migration launches Covalent into an exciting new phase focused on:
- Network expansion: Developing additional community features
- Enhanced decentralization: Strengthening distributed governance
- Security upgrades: Implementing robust protection mechanisms
- Ethereum Wayback Machine integration: Advancing blockchain data accessibility
👉 Explore Covalent's next-generation data solutions
Frequently Asked Questions
Q: When did the CXT migration occur?
A: The migration completed following a July 10, 2024 snapshot, with distributions occurring throughout subsequent weeks.
Q: Can I still use CQT tokens?
A: No. CQT has been fully deprecated and holds no utility within the Covalent Network.
Q: How do I access my CXT tokens?
A: Tokens are automatically available in your exchange account or self-custody wallet matching the snapshot allocation.
Q: What exchanges support CXT trading?
A: Major platforms have opened CXT markets—check with your preferred exchange for listing status.
Q: What security measures protect CXT?
A: The migration included protections against known threats like the Nomad exploit, with ongoing security enhancements.
Q: What's next for Covalent?
A: The team will focus on network growth, community features, and advancing decentralized data solutions.
As Covalent enters this transformative period, the network remains committed to delivering innovative blockchain infrastructure solutions. The completion of this migration establishes a stronger foundation for decentralized data access and web3 development. Expect continuous improvements as Covalent works toward its vision of comprehensive blockchain data availability.