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Covalent Reduces $CXT Supply by 1% with 900K Buyback in August

The move highlights continued growth and expansion, supported by MiCA-compliant Revolut listing and API upgrades like HyperEVM support.

ETH

Summary

Covalent completed a buyback of 900,000 $CXT tokens in August, reducing the supply by nearly 1% over the past year. This aligns with the platform's expanding support for 150+ chains and the MiCA-compliant Revolut listing. Additionally, the recent GoldRush API upgrades, including HyperEVM support, are helping accelerate its revenue flywheel.

Terms & Concepts
  • $CXT: The native token of Covalent, used to incentivize and reward users in the ecosystem.
  • MiCA: The Markets in Crypto-Assets regulation, a framework aimed at regulating digital assets across the European Union.
  • HyperEVM: An upgrade to Covalent’s GoldRush API that enhances interoperability with Ethereum Virtual Machine-based chains.