Blockchain data provider Covalent (CXT) repurchased 900,000 CXT tokens in August, effectively removing them from circulation. According to the company, a total of 7.7 million CXT (0.77% of the total supply) have been repurchased over the past year.
“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.
The project’s ecosystem support is noteworthy. According to their blog, integrations with over 150 blockchains, MiCA-compliant Revolut listings, and GoldRush API upgrades like HyperEVM support are among the factors supporting Covalent’s revenue model.
The company argued that daily buybacks will continue and that its “revenue cycle is accelerating” with ecosystem improvements.
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.
*This is not investment advice.