Covalent CQT Stakers Profit from Wormhole W Token Airdrop, Spotlighting Cross-Chain Interoperability

Covalent CQT stakers may have benefited from the recent Wormhole (W) token airdrop, due to their use of the Wormhole Portal Bridge. This strategic airdrop aims to promote cross-chain interactions and decentralize Wormhole's governance, with CQT tokens ranking second among ERC-20 tokens on the portal bridge.

Covalent CQT Stakers Reap Rewards from W Token Wormhole Airdrop, Highlighting the Importance of Cross-Chain Interoperability

Introduction

In a transformative move towards decentralized governance, Wormhole, a leading interoperability platform, has announced an airdrop of 617 million W tokens. This strategic initiative aims to incentivize community engagement across multiple blockchains, fostering governance participation and encouraging contributions within the Wormhole platform. With approximately 400,000 wallets eligible for the airdrop, this distribution represents a significant step towards establishing a more interconnected and decentralized ecosystem.

Covalent's Role in the Wormhole Airdrop

Covalent, a long-standing partner of Wormhole, has played a pivotal role in enabling this airdrop. As a provider of comprehensive blockchain data, Covalent has enriched over 240 million wallets with its data, creating a multitude of opportunities for those engaging with the Covalent Network. The Wormhole token distribution is one such opportunity, offering Covalent CQT stakers the potential to benefit from the airdrop.

CQT's Prominence on Wormhole

The Covalent Query Token (CQT) has emerged as the second most popular ERC-20 token on the Wormhole portal token bridge, with over 157 million CQT tokens transferred through the bridge. This reflects the high demand for CQT, particularly among users engaging in cross-chain transactions.

Eligibility for the Airdrop

CQT stakers who have engaged with the Wormhole Portal Bridge may be eligible for the W token airdrop. To check eligibility, individuals can visit the Wormhole Airdrop checker at airdrop.wormhole.com.

Covalent's Continued Commitment to the Ecosystem

To recognize the valuable contributions of CQT stakers who may have missed out on the recent airdrop, Covalent has announced the launch of its ecosystem partner drops initiative. This initiative aims to reward CQT stakers for their support and contributions to the largest set of cryptographically secured structured on-chain data in Web3.

Becoming a CQT Staker

Individuals interested in participating in the ecosystem incentive drops must become CQT stakers. Detailed instructions on how to stake CQT can be found in the staking documentation.

About Covalent

Covalent is the leading provider of structured blockchain data, empowering millions of users to build the next generation of products and services in AI, Big Data, and DeFi. Its Unified API provides comprehensive, real-time access to data from over 225 blockchains, enabling developers, analysts, and innovators to unlock the full potential of blockchain technology.

About Wormhole

Wormhole is the premier decentralized interoperability platform powering multi-chain applications and bridges. It grants developers access to liquidity and users on over 30 leading blockchain networks, facilitating a wide range of use cases including DeFi, NFTs, and governance. Trusted by teams like Circle and Uniswap, Wormhole has facilitated the transfer of over 35 billion dollars across 800 million cross-chain messages.

Conclusion

The W token airdrop by Wormhole, coupled with Covalent's role in the ecosystem, underscores the growing importance of cross-chain interoperability. By fostering collaboration, integration, and open-source technologies, both Covalent and Wormhole are paving the way for a more interconnected and decentralized blockchain landscape.