Functionality and tokenomic of Covalent token (CQT)

Covalent Query Token (CQT) is the native token of the Covalent Network.

Blockchains provides a new frontier of development for enterprises, consumers and software developers. Due to its decentralized architecture, immutable ledger and highly secure framework, applications of the technology will impact industries ranging from finance and retail to personal identity and cryptocurrency.

Covalent provides a unified API bringing visibility to billions of blockchain data points.

Key Highlights

Complete Granular Visibility

Covalent has indexed and decoded entire blockchains making it available to the developer via a unified API. Visibility to billions of blockchain data points for every single wallet.

Multiple Blockchains Supported

The same API works across 7 different blockchains. Developers cut down time to market from 2 weeks to a matter of hours with Covalent.

A Marketplace for Use-Cases

Developers can create their own API endpoints for their projects and list them on the marketplace for others to consume.

Key Token Facts

  • CQT is a governance token, whereby token holders vote on proposals to change the system parameters.
  • CQT is a staking asset. Validators will earn fees for answering queries.

CQT is a network access token which fulfill data queries for users of the API.

CQT Supply allocation

Ecosystem 20%

Private sale 20%

Reserve 19,5%

Team 14,4%

Seed 10%

Staking reward 8%

Private sale 2 3%

Private sale 3 3,1%

Advisors 2%

Key Technical Facts

Complete Granular Visibility

Covalent has indexed and decoded entire blockchains making it available to the developer via a unified API. Visibility to billions of blockchain data points for every single wallet.

No code solution

Covalent does not require the developer to write indexing code or understand the nuances of blockchain data structures. Approachable to a non-technical user.

Single API for multiple blockchains

Covalent API normalizes the subtleties of different blockchains with the single unified API. Developers need not understand the arcane nuances when porting over to a multi-chain future.

Primer Transformation engine

An in-house transformation language that is inspired by the MongoDB query language. With Primer, developers can select just the fields that they want and further aggregate the data to suit their needs. All of this is done at query time in real-time instantaneously.

Enriched Decoded data

Data is further decoded into a format that is immediately usable by the developer. There’s no need to go looking for ABIs or write custom decoding code.

Decentralized Indexing-Querying middleware

The Covalent network features a fully decentralized storage and compute layer with low fees and high throughput.

Early Backers

The Covalent Query Token (CQT)

1. GOVERNANCE

Token holders vote on proposals to change system parameters such as new data sources, specific geolocations and data modelling requirements.

2. STAKING & VALIDATION

CQT is a staking asset. Validators will earn fees for answering queries. Token holders can delegate their voting rights to validators. Staked CQT earns a variable 3% — 20% APR based on the amount staked in the network. Validators can charge a commission to users that delegate their tokens to them.

There will be 1,000,000,000 CQT at genesis. Users pay fees to have their queries answered.

Currently, over 100 projects are building and succeeding with the Covalent API.

  • Taxes: figuring out every single transaction that can create a tax liability
  • Validators: you can figure out if your share of delegated tokens are growing
  • Wallets: show your users detailed stats like swap prices and slippages
  • Blockchain games: show the NFTs your users have in their wallets

To read more about what Covalent is and why it is important read this article: What is Covalent and why is it important?.

To check out a case study using Covalent check out this article: Case study of the data availability gap in DeFi using Covalent.

To learn more about Covalent, visit covalenthq.com

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