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Covalent
About Covalent
Covalent (CQT) is the native token of the Covalent platform, used for governance and staking. It allows holders to participate in decision-making and secures the network’s consensus mechanism. The Covalent platform is a decentralized data layer offering a unified API for blockchain data across networks, aiming to make such data accessible and actionable. Covalent was founded by Ganesh Swami and Levi Aul, with a vision to provide a comprehensive view of blockchain data to support developers and enterprises in the decentralized landscape.
*Covalent Token (CQT):* Covalent (CQT) is the native utility token of the Covalent platform. CQT functions primarily as a governance token, allowing holders to participate in the decision-making process regarding the platform's direction and updates. It can also be used for staking purposes, as part of the network's security and consensus mechanism.
*Covalent Platform:* Covalent is a decentralized data infrastructure layer that provides a unified API to access blockchain data across various networks. By leveraging big data technologies, Covalent aims to make blockchain data accessible, transparent, and actionable, bridging the gap between the sophisticated blockchain domain and traditional businesses.
CQT is primarily used for governance and staking within the Covalent ecosystem. Governance involves proposing and voting on various proposals, which can range from platform upgrades to decisions about resource allocation. Staking CQT is essential for validators on the network, serving as a security mechanism to ensure honest behavior and validate blockchain transactions on the platform.