CXT/EUR - Covalent X Token/Euro

About Covalent X Token

Covalent X Token (CXT) is an ERC20 token that operates on the Ethereum blockchain and acts as the native token of the Covalent Network. This token performs multiple functions within the ecosystem, including its use as a governance token, which allows holders to vote on proposals that affect the parameters of the system. In addition, CXT can be staked by validators and delegators, who earn rewards while contributing to the security of the network. The network also uses CXT as an access token, facilitating data queries for users of the protocol, highlighting its importance in the day-to-day operation of the platform. The total supply of CXT is set at 1 billion tokens, with more than 85% currently in circulation. Users can participate in governance by voting on key decisions and can also delegate their tokens to receive staking rewards, which historically have ranged from 8% to 18%. The network has implemented robust security measures, including audits by reputable firms such as Quantstamp and Hacken, ensuring a secure environment for its users. With its focus on long-term data availability and the integration of stablecoins to facilitate transactions, Covalent X Token is positioned as an innovative solution in the crypto space.