- Renowned BitMEX co-founder Arthur Hayes has been appointed as a strategic advisor for Covalent.
- Hayes believes Covalent’s CQT token is undervalued compared to competitors like The Graph.
- Remarkably, Hayes has decided to receive his advisory fee in CQT tokens, leading to a 12% surge in the altcoin’s value despite a bearish market.
Arthur Hayes becomes Covalent’s strategic advisor, driving significant altcoin gains while boosting the project’s future potential.
Arthur Hayes Joins Covalent as Strategic Advisor
Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, has officially joined Covalent (CQT) as a strategic advisor. Covalent, known for its blockchain data infrastructure, aims to leverage Hayes’ extensive experience to establish itself as a leading provider within the Ethereum ecosystem and artificial intelligence sectors. Regarding the development, Hayes remarked:
“Covalent’s Ethereum Wayback Machine (EWM) offers vital, long-term access to historical blockchain data, empowering next-generation use cases, including AI models.”
Altcoin CQT Surges Amid Market Downturn
Amid a generally bearish market, Arthur Hayes has announced his compensation for advisory services will be in CQT tokens. He stated, “As a general principle, we only accept payment in tokens. It aligns us completely with the team, investors, customers, and individual holders, demonstrating our commitment to the same journey.” Covalent’s co-founder and CEO, Ganesh Swami, emphasized that Hayes is the project’s sole strategic advisor.
While the crypto market experienced significant declines, CQT defied the trend with a notable upswing. The altcoin saw a price increase from $0.208 to $0.2543 within a single day. Despite some fluctuation, CQT continued to trade positively, registering a 12.24% gain at $0.2351 at the time of writing. CQT currently ranks 327th in market capitalization, boasting a market value of approximately $161 million.
Role and Vision at Covalent
Arthur Hayes’ role at Covalent extends beyond mere advisory; he will provide comprehensive support ranging from tokenomics development to refining business models and market positioning. Hayes first connected with Covalent’s Maelstrom Investments head, Akshat Vaidya, at ETHGlobal Tokyo. Their discussions deepened through subsequent meetups at ETHCC Paris and Token2049 Singapore, ultimately finalizing collaboration details at ETH Denver this past winter. Hayes is also a founding advisor for the synthetic dollar protocol Ethena.
Conclusion
Arthur Hayes’ appointment as a strategic advisor marks a significant milestone for Covalent, promising enhanced growth and market positioning. Despite a bearish overall market, the CQT token’s resilience and substantial short-term gains illustrate heightened investor confidence and the potential for long-term success.
