Covalent, a blockchain data provider, completed the repurchase of 900,000 CXT tokens in August, reducing their circulation in the market. This step is part of a broader strategy to decrease the overall token supply.
Details of the CXT Token Repurchase
Covalent reported that over the past year, they have repurchased a total of 7.7 million CXT tokens, which represents 0.77% of the total supply. "These tokens have been bought back on-chain and will never return to the market after the planned burns. The token is already fully unlocked, and this mechanism lays the foundation for a deflationary structure," Covalent developers stated.
Aspects of the Covalent Ecosystem
According to the company, ecosystem support is driven by integrations with over 150 blockchains, MiCA-compliant listings in Revolut, and GoldRush API upgrades such as HyperEVM support.
Current Market Situation for CXT
Despite the successful repurchase, CXT is not listed on Binance and has a total market capitalization of $28 million. However, the token is trading 82% lower than its all-time high price record set nine months ago.
Thus, Covalent continues to implement its buyback strategy, which the company believes will accelerate its financial cycle and contribute to ecosystem improvements.
