Potential purchase time for the 100x Covalent Hidden Gem (CQT). For FTX: CQTUSD by TheTradingTraveller
I have been following this project closely over the past few months and find it very interesting to want to share my thoughts on this opportunity.
In this chart, we take a look at the fundamentals and technical indicators of the covalent token built on Ethereum .
Covalent leverages big data technologies to create meaning from hundreds of billions of data points, providing actionable insights to investors and enabling developers to allocate resources to more useful purposes within their organization.
Instead of painstakingly searching for data from a small handful of strings, Covalent aggregates information from dozens of sources, including nodes, strings, and data streams. Covalent then provides end users with individualized data by portfolio, including current and historical investment performance on all types of digital assets. Most importantly, Covalent returns this data quickly and consistently, incorporating all relevant data into one. interface.
Having achieved product-to-market fit, we now plan to execute the next phase of Covalent, which is a gradual decentralization that will allow the Covalent network to be owned and operated by its users. Of course, an essential part of this is CQT .
CQT is the native token of the covalent network. It has three main objectives:
CQT is a governance token, whereby token holders vote on proposals to change system settings.
CQT is a staking asset. Validators will receive a fee for answering questions.
CQT is a network access token that responds to data requests for users of the .
Who are the founders of Covalent
Covalent is built by an experienced team of data scientists and blockchain and database engineers who are passionate about improving and scaling blockchain technologies. Ganesh Swami, CEO and Co-Founder, is a physicist by training and started his career designing algorithms for anticancer drugs in the pharmaceutical space. Its first company is listed on the NYSE. Levi Aul, Technical director and co-founder, built one of the first Bitcoin exchanges in Canada and was part of the team that built CouchDB in IBM .
Covalent use case?
Most use cases are still unknown, and we’re constantly amazed at the multitude of ways developers and our partners are using data.
Taxes: Every DeFi action is a taxable event and having access to this data helps companies comply. If a merchant uses Coinbase, they can quickly download a CSV of their trade data – apart from Covalent, there is no such thing for a decentralized exchange like Uniswap or 1inch.
DeFi: DeFi protocols, such as 0x and Zerion to name a few, use covalent to extract granular blockchain data in real time. What makes covalent such a critical piece of infrastructure for these projects is that not only can they pull portfolio specific data, but they extend their service to display data across multiple channels. This dramatically improves their product offering and fundamentally improves the user experience.
In the case of Zerion, the exact data from the DeFi investment dashboard spans multiple channels, including Polygon, BSC and Ethereum and includes transactional data, as well as a user’s token balances and transaction history.
NFT: As the popularity of NFT has exploded in recent months, it has become increasingly important for NFT projects to be able to provide a means of analysis. Since the covalent provides such, Covalent has become the premier provider of NFT data. NFT projects such as ChainGuardains and Ethermon now use covalent not only to feed new functionalities specific to each project, but also to improve the user experience.
DAO: Reliable, real-time data is essential for making informed decisions, facilitating governance and enabling people to invest, consume and participate in the DAO phenomenon. It should therefore come as no surprise that DAOs use covalent . Individuals can use the to visualize and examine the interactions of the propositions so that one can understand to what extent the activity members are creating proposals and voting them as well as if members vote for or against the proposals in general.
Will he test the all-time record?
Given the current market situation, where there is a lot of money from bitcoins at altcoins I’m pretty sure we’ll see an increase in the price of covalent as well. The time to buy is one of the best if you haven’t bought when it was between $ 0.30 and $ 0.40. I will be doing covalent swing trading for the next few weeks. Covalent will test the $ 1.60 range again and it will depend on whether there is enough come to gain momentum and take the plunge. when it crosses a low, it can test the previous record and go higher.
This is a big competitor of the chart and if it even hits the market cap of the chart, you will get an x68 on this project.
The only downside to covalent is that there is only 5% circulating supply.
If you are reading this, thank you for reading and I will love to discuss it in the comments.