Covalent X Token Price (CXT)

At the core of the Covalent ecosystem is the Covalent X Token (CXT), which is integral to the decentralized long-term data availability network. CXT is the native token of the network wherein all settlements are denominated in this currency. CXT’s functions can be broadly broken down into the following:

Staking: Operators, who first have to meet the minimum staking requirement to become such, are compensated in CXT for honestly fulfilling their roles (or role), and performing work on the network like validating data requests, indexing blockchain data, and responding to queries. Furthermore, token holders who wish to contribute to securing the network but don’t wish to run node infrastructure, can delegate to a Network Operator and earn staking rewards in CXT.

Governance: Those who hold CXT and have a vested interest in the network will be able to vote using CXT for on-chain proposals put forward by the community.