Scaling Beyond Limits: Covalent CXT’s Ambitions
Scaling across multichains and entering new markets, Covalent CXT reveals ambitious plans to revolutionize blockchain data accessibility.
Vancouver, Canada, July 12th, 2024 – As Covalent steps into the next phase following the successful migration to the new token, CXT, it remains more committed than ever to its mission of delivering the most comprehensive modular data infrastructure layer in the blockchain ecosystem. Covalent’s journey has been one of relentless innovation, and the vision for 2025 is no different.
CXT Token Migration and New Era
The migration to CXT sets the stage for the Covalent Network’s next phase of growth with its community expansion, a new brand look, additional advisors, and $5 million funding led by RockTree Capital. This transition is more than a simple ticker change; the CXT token is at the heart of operating the network, securing thousands of network customers, over 230 chains, and enriching over 300 million wallets with the Covalent Network’s data.
A Unified Vision For Covalent Network––Creating a Permissionless Data Ingestion & Semantically Decoded Data Output Flywheel
Covalent’s 2025 vision is not just about technological advancements; it’s about creating a unified, inclusive ecosystem that empowers users, developers, and stakeholders. The company is committed to building a future where data is accessible, verifiable, and available to all, driving the next wave of innovation in the blockchain space. Covalent is aiming to remove as many barriers as possible to allow massive scaling by creating ways in the future to enable the permissionless addition of new chains and dApp data to the Covalent Network. This data will be semantically decoded into structured data, providing an ever-growing reservoir of long-term data availability and modular data infrastructure for AI.
+10,000 Olympic Light Clients and Liquid Staking Expansion
One of the key features to look forward to from Covalent is the introduction of Olympic Light Clients. This new role will enable operators to participate in and contribute to the Covalent Network using hardware with as little power as a mobile device or small laptop. This will allow for much broader individual community participation without the larger capital commitment currently needed (175K CXT) currently required for a Block Specimen Producer node. By significantly reducing the resource requirements, Olympic Light Clients will democratize data accessibility, enabling a wider range of users to engage with the platform and opening opportunities for up to 10,000 new validators to come online from around the world.
In parallel, Covalent is set to launch its Liquid Staking initiative, a groundbreaking approach designed to provide users with new flexibility and opportunities. Liquid Staking enables users to stake their tokens while simultaneously leveraging them in other activities, maximizing asset utility. This means users can earn yield from staking without compromising their ability to participate in other programs, driving greater engagement and value within the Covalent ecosystem.
Maximizing Decentralization––An Unstoppable Data Layer
Covalent’s commitment to decentralization and scalability is further underscored by plans to empower Query Node Operators. By decentralizing the query process, Covalent aims to enhance the robustness and resilience of its network. Query Node Operators will play a crucial role in maintaining data integrity and availability, ensuring that users have reliable access to accurate and verifiable data at all times.
Covalent believes that by incentivizing a diverse and distributed network of operators, a more secure and efficient modular data infrastructure can be created. This decentralization will not only improve performance and increase data sovereignty but also foster a vibrant ecosystem of participants dedicated to the long-term success of Covalent.
Advancing Artificial Intelligence Training & Inference with +100 Billion Semantically Decoded Transactions
Covalent’s vision for 2025 includes significant advancements in AI inference capabilities. By leveraging the Covalent Network’s extensive data reservoir—comprising over 100 billion semantically decoded and classified transactions—Covalent provides unparalleled resources for AI model training and inference. This includes data on fungible and non-fungible tokens, decentralized exchange interactions, and account balances, all in a cleaned, structured, and scalable format.
A key component is the Ethereum Wayback Machine, which ensures the long-term availability of Ethereum’s on-chain history. It preserves transaction data that would otherwise be deleted, offering a rich dataset for AI applications. The Covalent Network aims to create tools and services that enable developers to integrate AI seamlessly into their blockchain projects. From decentralized finance to gaming, Covalent’s AI solutions will unlock new possibilities, driving innovation and efficiency across various sectors.
Preparing for the Future
As Covalent moves forward, the company invites users to join this journey. Users can stay tuned for more updates and announcements as Covalent continues to break new ground and set new standards in the world of blockchain data infrastructure.
About Covalent
Covalent is the leading modular data infrastructure layer dedicated to solving major challenges in blockchain and AI, including verifiability, decentralized AI inference, and Long-Term Data Availability. Its large reservoir of structured, verifiable data enhances decentralized training and inference, reducing the risk of manipulated or biased AI models. Additionally, the Covalent Network’s Ethereum Wayback Machine ensures secure, decentralized access to Ethereum’s transaction data. Trusted by over 3,000 leading organizations, Covalent powers AI, DeFi, GameFi, and more with unfettered access to on-chain data from over 230 blockchains.
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