Covalent’s New Ecosystem Airdrop Campaign with Partners

Covalent launches the Ecosystem Airdrop Program under The New Dawn initiative to upgrade the network, decentralize infrastructure, and reward loyal CQT stakers.

Covalent is excited to announce the launch of its new Covalent Ecosystem Airdrop Program as part of The New Dawn initiative, aimed at upgrading the network and further decentralizing its infrastructure for Long-Term Data Availability. Additionally, it seeks to reward CQT token holders who have staked for their unwavering support, participation and contributions to the Covalent ecosystem.

Covalent’s Ecosystem Airdrop Program

Covalent's Ecosystem Airdrop Program is more than just a token distribution; it is a strategic effort to catalyze market dynamics and foster deeper engagement amongst participants of the Covalent community. Participants can access Covalent’s airdrop portal here, offering a glimpse into the eligibility criteria and potential rewards.

Long-Term Partnerships with Taiko and zkSync 

As part of this initiative, Covalent reveals that the first shortlist of tokens is from long-term partners Taiko and zkSync. Covalent has been closely aligned with the projects since their testnet phases, collaborating to ensure seamless integration and mutual growth. Stay tuned for more updates as Covalent continues to expand and enhance this initiative, bringing more opportunities and rewards to the entire ecosystem. 

How to Get Involved

Participating in the ecosystem airdrop is straightforward. Here’s how you can join in:

  1. Become a CQT Staker: To qualify for the airdrops, individuals must stake their CQT tokens. If you haven’t already done so, please refer to the comprehensive staking dashboard for a step-by-step guide on how to stake your tokens.

  2. Access the Airdrop Portal: Once you are a CQT staker, visit the Airdrop Portal to view the tokens you are eligible for based on your staking contributions.

By following these simple steps, participants can unlock additional utility and value through the airdrops, enhancing their participation and involvement in the Covalent ecosystem. 

Eligibility Criteria

The eligibility criteria for the partner airdrops is a mix of:

  • Length of time your CQT is staked (this includes the time staked on Moonbeam)

  • A normalized staked amount (i.e., someone who has staked 10,000 CQT compared to someone with 1,000 CQT will not receive 10x the rewards)

  • A multiplier for redeeming rewards

Airdrop Claim Process

The token will be airdropped automatically to the staked wallet address – there is no claim process.

Overwhelming Demand For CQT Staking 

In May 2024, the Covalent Network activated a governance proposal to increase the max multiplier due to the delegation room being full. Now, 99% of the delegation room is full once again. This level of demand has surpassed expectations, indicating a robust interest in Covalent’s staking program. To accommodate this demand, there are three tools available to introduce more delegation room, all of which require a governance process:

  1. Increase the Max Multiplier: Currently set at 34x, increasing this multiplier can provide more room for delegations.

  2. Onboard More Operators: This is an ongoing process to ensure the ecosystem remains decentralized and efficient.

  3. Allow Operators to Increase Self-Stake: Although not ideal during the bootstrap phase, this option is available for consideration. 

Those who haven’t staked and are interested in participating in the ecosystem airdrops program campaign will be able to do so once more delegation room becomes available. Stay tuned for more updates.

Join the Excitement

The New Dawn Airdrop Campaign marks a pivotal moment for the Covalent Network and its community. By rewarding loyal supporters and network participants Covalent continues to pave the way for a robust and dynamic blockchain ecosystem. 

For more information and to get involved, visit the Airdrop Portal.

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