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Covalent’s CQT Staking Migration Ratio On Ethereum Climbs To 13%, Surpassing Previous Moonbeam ATHby@btcwire
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Covalent’s CQT Staking Migration Ratio On Ethereum Climbs To 13%, Surpassing Previous Moonbeam ATH

by BTCWireMay 23rd, 2024
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Covalent (CQT) is excited to announce that the CQT staking ratio on. Ethereum has now exceeded the all-time high staking. ratio previously achieved on Moonbeam. The migration process encouraged stakers to unstake and bridge their tokens through Wormhole onto. Ethereum. Stakers that participate earlier are poised to benefit from a higher APY, which currently stands at approximately 18%.
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Covalent (CQT), the leading structured modular data infrastructure layer, is excited to announce that the CQT staking ratio on Ethereum has now exceeded the all-time high staking ratio previously achieved on Moonbeam. In less than a month since migrating the staking contract to Ethereum, over 13% of the total supply is now locked in the staking contract with a current historical APY of around 18%.


This milestone highlights the growing confidence and engagement within the Covalent network, underscoring Covalent’s ongoing efforts to enhance its staking infrastructure and make the process more efficient and accessible for all users.

Migration to Ethereum Boosts Staking Participation

The migration process encouraged stakers to unstake and bridge their tokens through Wormhole onto Ethereum. Utilizing Covalent's intuitive staking dashboard, CQT holders staked their now unstaked tokens into the new Ethereum staking contract. As a result, the current staking amount now stands at approximately 13% of the total supply—surpassing the 11% previously staked on Moonbeam.


The increase in the staking ratio signifies more than just a successful migration; it reflects the growing trust in Covalent's long-term vision from both existing and new stakeholders. If all 11% of the previously staked CQT on Moonbeam transitioned to Ethereum, the rise to 13% suggests additional stakeholders have joined, showcasing enhanced confidence in the staking process on Ethereum, and possibly excitement around the Ethereum Wayback Machine launch set to bring Long-Term Data Availability to Ethereum.


Previously, staking CQT on Moonbeam required both GLMR and ETH for gas operations. The migration to Ethereum has simplified this by requiring only ETH, significantly improving the user experience and reducing complexity for less advanced stakers. The new staking dashboard further streamlines the process, allowing existing stakers to migrate and new users to stake with just a few clicks. These improvements are likely major contributors to the increased participation and influx of new stakers.

Conclusion

The migration to Ethereum and the subsequent increase in the CQT staking ratio underscore Covalent's commitment to providing a seamless and efficient staking experience for its community. Stakers that participate earlier are poised to benefit from a higher APY, which currently stands at approximately 18%. This rate will gradually adjust to around 12% as Covalent approaches its target of having 20% of the total CQT supply staked on Ethereum.


Looking ahead, Covalent is committed to deploying a variety of strategies and updates to further strengthen the network, ensuring a more secure, efficient, and scalable infrastructure for all users. Token holders can expect continuous improvements and enhancements as Covalent works towards creating a robust and decentralized ecosystem.

Call to Action

For those who have yet to stake their CQT or are considering joining the Covalent community, now is the perfect time to get involved. Head over to our staking dashboard and start staking your CQT on Ethereum today!

About Covalent

Covalent (CQT) is shipping data infrastructure for the decentralized ecosystem, solving Long-Term Data Availability for Ethereum—infrastructure that can re-execute blobs and shape AI.


With CQT staking now back on Ethereum, The New Dawn of network expansion towards the Ethereum Wayback Machine commences. Today, this means AI, DeFi, and other use cases have unfettered access to structured onchain data from over +225 blockchains and growing. Learn about the EWM: Technical | Non-Technical. For more information, check out Covalent’s: Official Website | Twitter/X | Linktree

This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here.