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Tuesday, June 11, 2024
HomeCryptoArthur Hayes joins Covalent as an advisor, receiving compensation in CQT tokens

Arthur Hayes joins Covalent as an advisor, receiving compensation in CQT tokens

Arthur Hayes, co-founder and former CEO of cryptocurrency exchange, BitMEX and currently chief investment officer at family office Maelstrom, has joined data infrastructure startup Covalent. blockchain data, as a strategic advisor.

Covalent said on Tuesday that Hayes seeks to help Covalent become a leading data infrastructure startup, especially in the Ethereum ecosystem and serving the artificial intelligence (AI) industry.

“Covalent’s Ethereum Wayback Machine (EWM) ensures long-term, persistent access to blockchain historical data, which will provide support for next-generation use cases, especially especially for AI models.”

When asked what motivated him to join Covalent as an advisor, Hayes said that Covalent’s CQT token has been “undervalued relative to its competitors (e.g., The Graph) for a time. Investors completely missed that story. Now, with Covalent expanding, the project brings even more benefits.”

He said, Hayes will be compensated in CQT tokens because “as a general rule, we only receive compensation in tokens, because we believe that we can fully connect with the development team, investors, customers and retailers”.

Covalent co-founder and CEO Ganesh Swami said that Hayes is currently Covalent’s sole strategic advisor.

The CQT token is currently priced at $0.23, up 13.25% in the last 24 hours, currently ranked 347th and has a market capitalization of approximately $145 million.

Covalent’s AI vision

Founded in 2019, Covalent provides data infrastructure for more than 225 networks, including Bitcoin, Ethereum, Polygon, Avalanche and Optimism. However, Swami said, the startup has found most of its traction around the Ethereum ecosystem.

Covalent recently introduced the Ethereum Wayback Machine, ensuring all Ethereum ecosystem data is available, allowing developers and AI users to access all on-chain history.

Swami said that blockchain today is tending to become “a billboard instead of a database”. This means that on-chain transaction data is typically deleted after a short period of time, typically two weeks. EWM ensures that Ethereum transaction data is stored permanently in a decentralized fashion.

Swami revealed, AI is the expanding vision for Covalent’s decentralized data infrastructure. “Without decentralized data, AI models are vulnerable to manipulation and bias,” he said.

According to Swami, there are many specific use cases for decentralized data within the AI ​​spectrum, from copied transactions to NFT tracing, to security applications.

Hayes’ specific role at Covalent

Hayes joins as a “full-stack” advisor to Covalent, who is helping the company stratup “everything from honing the token system, positioning the market, suggesting tweaks to the business model, new customer files”.

As the founder himself, he plans to impart some dos and don’ts to help guide the project.

Covalent first met Hayes last year at ETHGlobal Tokyo. The two sides seriously discussed potential cooperation at ETHCC Paris and Token2049 Singapore, and finalized details at the recent ETH Denver event.

According to Hayes, Maelstrom is also a founding advisor to the Ethena liquidity aggregation protocol. The family office also recently announced consulting for decentralized AI platform – Ritual and decentralized perpetual exchange – Drift.

You can see CQT prices here.

Viet Cuong

According to The Block

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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