Covalent Delegation Room Fills Up in Record Time Post Ethereum Migration and Staking Max Multiplier Increase

Ethereum’s recent transition to proof-of-stake has significantly boosted interest in Covalent’s staking mechanisms.

Covalent Delegation Room Fills Up in Record Time Post Ethereum Migration and Staking Max Multiplier Increase

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Vancouver, Canada, June 5th, 2024 – Covalent, the leading modular data infrastructure provider, is proud to announce a significant milestone in its staking ecosystem. Within just one week of implementing the staking max multiplier change, 96.74% of the delegation room has been filled. This remarkable achievement highlights the robust demand and enthusiasm for participating in the Covalent Network.

Rapid Uptake Demonstrates Strong Community Support

The rapid filling of the delegation room post-multiplier change is a testament to the strong support and confidence with the Covalent network. With the new multiplier in place, stakers have responded enthusiastically, staking their tokens at an unprecedented rate. This achievement underscores the effectiveness of the multiplier change in enhancing the staking experience and incentivizing participation.

Around a week ago, The Covalent Foundation proposed increasing the max delegation room for CQT holders by raising the staking max multiplier from 27X to 34X, targeting approximately 20% of the total supply staked. Now, with only 3.26% of room left after increasing the operator count and max multiplier, the response has been overwhelming. Additionally, a staggering 21.28% of the circulating supply of CQT is now staked. This significant percentage reflects a strong belief in Covalent’s long-term vision and the value of its staking rewards.

Our community’s response has been phenomenal. The swift uptake of the delegation room post-multiplier change shows the high level of trust and engagement from our stakeholders. It’s a clear indication of the demand for CQT and the confidence in our staking infrastructure. said Ganesh Swami, Co-Founder of Covalent.

Elevated Staking Experience

The staking multiplier change is part of Covalent’s ongoing efforts to simplify and enhance the staking process as part of its ongoing initiatives with The New Dawn. The first step was to migrate staking from Moonbeam to Ethereum back 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. These series of changes have proven to resonate with the community, as evidenced by the rapid filling of the delegation room.

Future Outlook

Looking ahead, Covalent remains committed to further strengthening its staking infrastructure and providing 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 staked CQT tokens underscore the demand for Covalent’s staking opportunities and the trust in its long-term vision.

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, AI, DeFi, and other use cases have unfettered access to structured on-chain data from over +225 blockchains and growing.

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Dahlia Fu
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