Ethereum
Covalent Delegation Room Fills Up in Record Time After Ethereum Migration and Maximum Staking Multiplier Increase
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Vancouver, Canada, June 5, 2024 – Covalent, the leading provider of modular data infrastructure, is proud to announce a significant milestone in its staking ecosystem. Just one week after the implementation of the maximum bet multiplier change, 96.74% of the delegations room was filled. This remarkable achievement highlights the strong demand and enthusiasm for participation in the Covalent network.
Rapid adoption demonstrates strong community support
The rapid filling of the delegation room after the multiplier change is a testament to the strong support and trust enjoyed by the Covalent network. With the new multiplier in place, punters responded enthusiastically, putting their chips on the line at an unprecedented rate. This achievement highlights the effectiveness of multiplier change in improving the staking experience and encouraging participation.
About a week ago, the Covalent Foundation proposed increasing the maximum delegation margin for CQT holders by increasing the maximum stake multiplier from 27X to 34X, targeting approximately 20% of the total staked supply Today, with only 3.26% margin after increasing the number of operators and the maximum multiplier, the response has been overwhelming. Additionally, 21.28% of CQT’s circulating supply is now staked. This significant percentage reflects strong confidence in Covalent’s long-term vision and the value of its staking rewards.
The response from our community has been phenomenal. The rapid adoption of the delegation room multiplier change shows the high level of trust and engagement of our stakeholders. This is a clear indication of the demand for CQT and the confidence in our staking infrastructure. said Ganesh Swami, co-founder of Covalent.
High staking experience
The change to the staking multiplier is part of Covalent’s ongoing efforts to simplify and improve the staking process as part of its ongoing initiatives with The New Dawn. The first step was to migrate the staking from Moonbeam to Ethereum in April 2024. By adjusting the multiplier, Covalent has made it more efficient for token holders to stake their CQT, providing them with greater incentives and a more streamlined experience. This series of changes resonated with the community, as evidenced by the rapid filling of the delegation hall.
Future prospects
Looking ahead, Covalent remains committed to further strengthening its staking infrastructure and delivering even more value to its community. This latest milestone is a clear indication of its growing momentum and the unwavering support of its community. The rapid filling of the delegation room and the high percentage of CQT tokens staked highlight the demand for Covalent’s staking opportunities and confidence in its long-term vision.
About Covalent
Covalent (CQT) provides data infrastructure for the decentralized ecosystem, solving long-term data availability for Ethereum, infrastructure capable of rerunning blobs and shaping AI. With the return of CQT to Ethereum, the new dawn of network expansion to the Ethereum Wayback Machine begins. Today, AI, DeFi, and other use cases have unlimited access to on-chain structured data from over 225 blockchains and growing.
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