Covalent Network Reports Significant Growth in Q2 2024

According to Odaily, Covalent Network (CXT) has released its data for the second quarter of 2024, revealing a substantial increase in payments to its network operators. The company paid out $990,000 during this period, marking an 83% rise compared to the previous quarter. This growth underscores the robust performance of CXT's staking model. As a leading provider of blockchain data solutions, Covalent Network has integrated over 230 chains, supplying billions of structured data points to decentralized applications (dApps). CEO Ganesh Swami highlighted that this growth reflects Covalent Network's strategic emphasis on long-term data availability. Notably, Covalent Network is gradually transitioning to a revenue-sharing model. Currently, 20% of query revenue is allocated for weekly buybacks of CXT tokens, which are stored in a multi-signature wallet and will be distributed to node operators in the future. Additionally, Covalent Network has introduced the Ethereum Time Machine (EWM), an innovative tool designed to safeguard critical blockchain data that might be lost due to Ethereum upgrades. These initiatives not only enhance the network's profitability but also increase its appeal to operators, positioning Covalent as a core data infrastructure in the Web3 industry.