Covalent’s CXT Token Debuts On Base, Enhancing DeFi And AI Through Aerodrome Finance
In Brief
Covalent has announced the deployment of its CXT token on Base, representing an advancement in improving decentralized data accessibility and strengthening integration with the Layer 2 network.
Modular Decentralized Physical Infrastructure Network (DePIN) data infrastructure provider Covalent has announced the deployment of its CXT token on Base, a Layer 2 Ethereum scaling solution developed by Coinbase using the OP Stack. This marks a significant step forward in Covalent’s goal of enhancing decentralized data accessibility while establishing deeper integration with one of Ethereum’s leading Layer 2 networks.
The CXT token is now available on Aerodrome Finance, where users can trade or provide liquidity through the CXT/WETH pool. This development introduces new opportunities for CXT holders to engage with decentralized finance (DeFi) on Base, lowering entry barriers and granting access to a dynamic ecosystem that includes AI agents and decentralized applications under development on the platform.
Base has rapidly gained recognition as a prominent Ethereum Layer 2 solution since its launch in the summer of 2023. By bridging the CXT token to Base, Covalent offers its community lower transaction costs and streamlined access to the DeFi ecosystem. Base’s cost-efficient environment makes it a compelling choice for enhancing user engagement within Covalent’s network.
The launch of the CXT/WETH liquidity pool on Aerodrome Finance brings several key advantages. Users can earn high annual percentage returns (APR), supported by CXT incentives provided by Covalent alongside emissions in Aerodrome’s native AERO token. Additionally, trading between CXT and WETH is now seamless, increasing the token’s utility and accessibility. Ethereum Layer 1 users can also bridge their CXT tokens to Base through the canonical bridge, facilitating participation in Base’s DeFi ecosystem.
In addition to the token launch, Covalent is advancing its broader vision with the Ethereum Wayback Machine (EWM). The EWM Light Client will enable users to validate Ethereum’s historical data using standard hardware, providing decentralized and verifiable data access. This functionality will also be introduced on Base.
With Base emerging as a prominent hub for AI agents and decentralized applications, Covalent is positioning itself at the crossroads of decentralized data and AI innovation. By leveraging Base’s capabilities, Covalent is empowering participants to drive the next generation of decentralized applications and services.
What Is Covalent?
Covalent serves as a modular data infrastructure layer, providing support for blockchain and AI ecosystems. With access to over 100 billion rows of structured, verifiable data spanning more than 100 blockchains, the platform enables developers to create innovative applications. These include tokenized on-chain AI agents designed to optimize DeFi yields, detect fraudulent activities, evaluate the rarity of non-fungible tokens (NFTs), and streamline compliance processes, thereby fostering advancements in decentralized technologies.
Recently, Covalent integrated with Unichain, a Layer 2 platform developed by Uniswap Labs and built on Optimism’s OP Stack. This collaboration allows developers seamless access to Unichain’s on-chain data, equipping them with the tools to innovate effectively in the advancing DeFi sector.
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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.
