Covalent Launches Ecosystem Airdrop, Distributing $100,000 In TAIKO To CXT Stakers
In Brief
Covalent initiates partner ecosystem airdrop, automatically allocating $100,000 in TAIKO tokens to CXT stakers.
Blockchain data infrastructure provider Covalent revealed its intention to initiate the partner ecosystem airdrop, allocating $100,000 in TAIKO tokens to CXT stakers. The tokens will be distributed automatically, requiring no action from users. Currently, users can check their eligibility for token distribution through the Covalent airdrop portal.
The ecosystem airdrop aims to reward loyal CXT token holders by providing them with incentives from a wide range of Covalent’s ecosystem partner networks.
In order to qualify for the airdrop, users must have staked CXT tokens before the snapshot date of July 30th. To guarantee a fair distribution, the airdrop amount is determined by the duration of the CXT tokens’ staking, a normalized staked amount, and rewards.
The Covalent Ecosystem Airdrop Program constitutes a part of the New Dawn initiative, which focuses on enhancing the network and decentralizing its infrastructure to ensure long-term data availability (DA). It is aimed at stimulating market dynamics and promoting greater engagement among members of the Covalent community.
How Does Covalent X Token Staking Work?
Covalent functions a modular data infrastructure layer created to deal with the issues in blockchain and AI. Its primary focus areas are verifiability, decentralized AI inference, and long-term DA. Additionally, the Ethereum Wayback Machine (EWM) offers secure and decentralized access to transaction data on Ethereum.
Central to the Covalent ecosystem is the Covalent X token, essential for the decentralized long-term data availability network. It represents the native token of the network, utilized for all settlement transactions.
Staking Covalent X token involves engaging in the verification process of the Proof-of-Stake (PoS) consensus protocol, which is an alternative method for earning cryptocurrencies. By staking CXT, users contribute to validating transactions and supporting the decentralized network, and in return, they receive rewards in CXT. Consequently, staking X can be an appealing way to generate earnings and rewards.
Furthermore, CXT holders have the option to earn rewards either by delegating their tokens to a staking pool managed by others or by setting up and managing their own pool. The consensus mechanism for X utilizes the Ouroboros protocol, which involves both delegators and Stake Pool Operators (SPO).
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
