Key Token Facts
Covalent Query Token (CQT) is an ERC20 token on Ethereum and is the native token of the Covalent Network.
CQT is a governance token, whereby token holders vote on proposals to change the system parameters.
CQT is staked by validators and delegators to earn yield and secure the Network.
CQT is a network access token which will fulfill data queries for users of the protocol.
Security is of the utmost importance
CQT has been audited by Quantstamp and CertiK, and all high-level issues have been addressed.- Quantstamp verified as of Sep 3, 2022
- CertiK Very High Confidence as of Oct 6, 2020
- Hacken audit as of Jan 10, 2022
- FairyProof audit as of Mar 29, 2022
- Safepress audit as of Aug 23, 2022
Token Distribution
Covalent’s initial distribution of 1,000,000,000 tokens was designed to incentivize both the supply and demand sides of the network gradually over several years. The associated lockup and vesting schedules were implemented to reflect a commitment to shepherding the network toward long-term sustainability. As of Jun 2024, over 85% of the CQT supply is circulating.The Covalent Query Token (CQT)
Governance
Token holders vote on proposals to change system parameters such as new data sources, specific geolocations and data modelling requirements.
Staking and validation
CQT is a staking asset. Validators earn fees for securing the data integrity of the Network. Token holders can delegate to validators and earn yield for participating in the security mechanism.
Supply
1 billion (1,000,000,000) CQT tokens were minted at genesis with a vesting schedule, with no inflation or deflation.
Staking reward
Staked CQT earns a variable APR based on the amount staked in the network and a reward emissions rate. Historically, it has ranged from 8% - 18%.
Earn fees
Users pay fees to have their queries answered.
Validator commissions
Validators can charge a commission to users that delegate their tokens to them.