What is CXT?
Covalent X Token (CXT) is the native cryptocurrency of the Covalent Network, an ERC-20 token operating on the Ethereum platform.Covalent Network is dedicated to building a comprehensive blockchain data infrastructure, with the core objective of safeguarding and enhancing the availability of historical data from Ethereum and other blockchains. By providing a unified API, Covalent aims to simplify the process for developers to access and utilize multi-chain data.
Core Features and Technical Foundation
- Data Infrastructure: Covalent Network focuses on providing a modular data infrastructure designed to support the data needs of the blockchain ecosystem, combined with artificial intelligence capabilities.
- Governance: The CXT token grants holders the right to participate in network governance, allowing them to vote on proposals that affect system parameters.
- Staking: Holders can stake CXT to support network operators in verifying data, indexing blockchain data, and responding to queries. Stakers will receive rewards while helping to maintain the network’s security and efficiency.
- Infrastructure Currency/Settlement: CXT serves as the settlement currency within the Covalent Network. In the future, when users call Covalent’s API services, they will pay using USD-pegged stablecoins (such as USDC).Smart contracts will automatically execute market purchases of CXT, thereby creating demand for the token, which will then be distributed as rewards to node operators who respond to API queries.
CXT’s technical foundation is built upon the Covalent Unified API and the “Ethereum” (Ethereum Wayback Machine), designed to provide a comprehensive blockchain data solution.
History
CXT was officially launched on July 10, 2024, replacing Covalent’s previous token, CQT. All existing CQT tokens were automatically converted to CXT at a 1:1 ratio, marking a significant upgrade to Covalent’s brand and token economics model.
Investment Considerations for CXT
Evaluating the investment potential of any cryptocurrency requires a comprehensive assessment of its project fundamentals, market performance, growth prospects, and potential risks. For CXT, here are some key facts and market dynamics:
Key Facts and Latest Developments
- Token Migration: In July 2024, Covalent completed the token migration from CQT to CXT and a rebranding, aimed at better aligning with its modular data and AI strategy.
- Exchange Listings: In July 2024, CXT was listed on several major cryptocurrency exchanges, including HTX, MEXC, Gate.io, and OKX, enhancing its liquidity and accessibility.
- Funding: Covalent secured $5 million in funding from RockTree Capital, which will be used to drive its multi-chain scaling and new market expansion plans.
- Roadmap: Covalent’s vision for 2025 includes eliminating barriers to data access, supporting more blockchains and decentralized applications (dApps), and fostering an inclusive ecosystem.
Market Performance and Data
As of this writing (July 24, 2026), CXT’s market data is as follows (please note that these figures are subject to change over time and are for reference only):
- Current Price: Fluctuating between approximately $0.0023 and $0.0035.
- 24-hour trading volume: fluctuating between approximately $155,000 and $461,000.
- Market Cap: Fluctuating between approximately $2.3 million and $3.1 million.
- Market Cap Ranking: Generally ranked between 1,506th and 1,610th on CoinMarketCap/Crypto.com.
- All-Time High (ATH): $0.10338 (reached on January 20, 2025).
- All-Time Low (ATL): $0.00258 (reached on July 22, 2026).
- Circulating Supply: Approximately 967 million CXT.
- Max Supply: 1 billion CXT.
Based on historical performance, the price of CXT has fallen by approximately 9% to 27% over the past week, by approximately 47% over the past month, and by approximately 91% over the past year. Past performance is not indicative of future results, and investors should be aware of this volatility.
Risk Factors and Market Outlook
Covalent was founded by Ganesh Swami and Levi Aul. Community sentiment toward CXT (e.g., on CoinGecko) may be bullish, but this represents only the views of a portion of market participants.
Investing in CXT involves various risk factors, and its price is influenced by a range of factors, including market supply and demand, staking reward mechanisms, network utilization, governance decisions, liquidity, trading volume, and overall cryptocurrency market sentiment.In the short term, market sentiment may lean bearish, and certain technical indicators may also signal a bearish trend, such as readings from the Relative Strength Index (RSI) and moving averages (MA). Long-term price trends will largely depend on fluctuations in Bitcoin, major news events, regulatory policies, and updates and developments within the Covalent blockchain itself.Before making any decisions, investors should verify the latest prices and project information on market platforms such as Svmuu and fully understand the associated risks.
Please note: This article is intended to provide objective information about the CXT token and does not constitute investment advice. The cryptocurrency market is highly volatile, and investing carries risks; please be sure to conduct thorough research and make decisions with caution.
