Covalent Launches Airdrop for CQT Stakers

Covalent (CQT), a project providing a unified API interface for accessing data from various blockchains, has just introduced an enticing airdrop program for CQT token stakers. Specifically, this program will allow those staking CQT to receive rewards from partners within the Covalent ecosystem.

Brace yourselves folks, we've got some big news!

We've just announced an exciting prospect for CQT stakers – select ecosystem partner drops 🪂

To celebrate, we're launching a Galxe campaign where 3 randomly selected winners will receive $50 USDC!

— Covalent 🧬 (@Covalent_HQ) March 21, 2024

This initiative aims to recognize and reward the community’s support and contributions to the project. The program will categorize CQT token stakers into four different groups based on the duration of their stake, with each group receiving its own rewards.

To participate in upcoming airdrop rounds, users need to become CQT token stakers. Detailed instructions can be found here!

Related: How to Participate in the Backpack Airdrop

About Covalent and CQT Price Dynamics

Covalent is a pioneering project in providing a unified API interface, enabling quick and large-scale access to blockchain data across over 200 different chains. The project utilizes big data processing technology to extract meaning from hundreds of billions of data points, providing valuable insights for investors and helping developers focus resources on key objectives, delivering higher value for organizations.

Covalent collects, processes, indexes, and stores blockchain data from various sources into a local data warehouse, which users can query through a single API. During this process, Covalent uses proof-of-stake via Moonbeam to authenticate completed tasks at each step, ensuring security and standardizing blockchain data with encryption, allowing data queries from any chain through a unified API.

The Covalent Query Token (CQT) is the project’s native token, playing a crucial role with three main functions:

• CQT serves as governance token, allowing holders to vote on proposals to change system parameters.
• CQT acts as a staking asset, where validating nodes receive rewards for processing and responding to data queries.
• CQT functions as a network access token, used by users to execute data queries through Covalent’s API interface.