The Covalent token as the native token for the Covalent network will be used as a governance token.
Coinlist has announced that starting from April 29 eligible users can participate in the Covalent token (CQT) sale. Reportedly, the Covalent token sale will have three different price tiers that will entail different terms.
As for tier 1, Coinlist users will purchase a maximum of $1000 worth of Covalent tokens at $0.35. Notably, the first-tier buyers will not be bound to any lock-up period.
Tier 2 will allow Coinlist users to purchase a maximum of $2000 worth of Covalent tokens at $0.3 per token. However, the condition for this tier entails that users must adhere to a 12-month linear release.
The third tier will allow eligible Coinlist users to purchase a maximum of $3000 worth of Covalent tokens at a price of $0.25. However, the condition for this tier will be a 24-month linear release of the purchased Covalent tokens.
Covalent Network and Covalent Token
The covalent protocol provides a unified API to different blockchain projects thus bringing visibility to billions of blockchain data points. As a result, the Covalent protocol provides a one-stop for unified data to businesses. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains, and data feeds.
Notably, only eligible non-US and non-Canadian CoinList users will be able to participate in the Covalent token sale. “We are now excited to take the next major step in our evolution – which is for the first time in our project’s history, we are offering the Covalent Token – Covalent’s network access token for sale to the public. The sale will happen on CoinList. From our extensive due diligence, CoinList bubbled to the top as the premier platform to conduct a token sale,” the Covalent team noted in a press release.
CQT as the native token for the Covalent network will be used as a governance token. Whereby CQT holders can participate in voting and network proposals. Besides, CQT can be used as a staking asset that rewards validators for answering queries.
Reportedly, there are over 100 projects that are building on the Covalent network with the help of its API. Some of the notable projects already building on the Covalent API include Consensys, Zerion, 0x, and NFTX.