PANews reported on May 24 that Covalent Network announced plans to increase the maximum reward multiplier for $CQT, providing more delegation space for holders to earn more returns on their existing $CQT holdings. Covalent Network is a structured data infrastructure layer that offers blob storage solutions on the Ethereum network through the Ethereum Wayback Machine.

By proposing to adjust the maximum reward multiplier, Covalent aims to meet the growing delegation demand of $CQT holders. All $CQT token holders are encouraged to participate in the governance process and vote on this proposal. This is part of Covalent Network's recent "New Dawn" initiative, which represents a series of large-scale network upgrades and proposed governance changes to solidify Covalent Network's position as a long-term data availability layer in the industry and lay the foundation for the network's permissionless growth.