Covalent initiated a proposal vote to "migrate from CQT token to CXT."

ChainCatcher news, AI data infrastructure Covalent has announced a governance proposal to migrate the existing Covalent Network token CQT to CXT. Voting on this proposal on Snapshot will end on July 11.

The proposal suggests the following key changes:

1. Change the token code from CQT to CXT.
2. Migrate the staking contract from CQT to CXT on the Ethereum chain.
3. Migrate future governance on the Ethereum chain from CQT to CXT.
4. Distribute CXT to all current CQT holders.
5. Increase overall token liquidity.

Covalent states that all tokens will be safe throughout the migration process. The CQT holdings of all token holders, operators, and delegators will be automatically migrated to CXT at a 1:1 ratio. CQT trading will stop at 00:00 UTC on July 9, and CXT trading will resume after the successful completion of the governance vote and migration.