Arthur Hayes joins Covalent as strategic advisor: “CQT is undervalued”

Arthur Hayes himself

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

Arthur Hayes: CQT is relatively undervalued, and I will help change that

Covalent previously stated that Hayes will help Covalent strive to become a leading data infrastructure startup in the industry (especially in the Ethereum ecosystem) and provide related services to the artificial intelligence (AI) industry.

Hayes told the media that “Covalent’s Ethereum Wayback Machine (EWM) will provide users with long-term and continuous access to blockchain historical data, which will provide the impetus for the development of next-generation use cases, especially driving the development of artificial intelligence models.”

When asked what motivated him to join Covalent as a strategic advisor, Hayes said, “Covalent’s CQT token has always been undervalued relative to its competitors, such as The Graph — a narrative that many investors have completely missed. Now, as Covalent continues to scale, my goal as a narrative builder is to help close that gap.”

It is reported that Hayes will be paid in the form of CQT tokens in the future. He mentioned, Because in general, we only accept returns in the form of tokens because we believe that we are aligned with the team, investors, customers and retail investors in the market. We will fight side by side with all those who have the same vision and goals.

Covalent co-founder and CEO Ganesh Swami told the media that Hayes is Covalents only strategic advisor at present.

According to relevant market data, the current price of the CQT token is $0.23, up 13.25% in the past 24 hours. The token is currently ranked 347th in market value, with a market value of approximately $145 million.

Covalent’s AI Vision

Founded in 2019, Covalent provides data infrastructure services to more than 225 blockchain networks, including Bitcoin, Ethereum, Polygon, Avalanche, and Optimism. However, Swami, co-founder and CEO of Covalent, said the startup has found its main focus in the Ethereum ecosystem.

Covalent recently launched the Ethereum Walkback Machine (EWM), which ensures the availability of all Ethereum ecosystem data and enables AI developers and users to access all on-chain history.

Swami also said that today’s blockchain networks tend to become “billboards rather than databases,” meaning that on-chain transaction data usually exists for a short period of time (usually two weeks) and then is deleted. He said that EWM will ensure that Ethereum’s transaction data is available in a decentralized manner for a long time.

Swami emphasized that AI use cases are an extended vision of Covalent’s decentralized data infrastructure. “Without decentralized datasets, AI models are vulnerable to manipulation and bias. Specific use cases for decentralized data in AI include copy trading, NFT forensics, security applications, and more.”

Hayes specific role at Covalent

Hayes said that as a full-service advisor to Covalent, he is helping the startup with refining the token economic model, market positioning, business model adjustment suggestions, new types of customer contacts, and a range of other matters. As an experienced founder, he plans to teach the project team some dos and donts to help it grow quickly.

Hayes also gave a brief description of the cooperation contact process: Covalent first met with Akshat Vaidya, investment director of Maelstrom, at ETH Global in Tokyo last year. The two teams then discussed the potential cooperation in a more serious manner at ETHCC Paris and Token 2049 Singapore, and finalized the specific details of the cooperation at ETH Denver last winter.

Hayes said that Maelstrom is also a founding advisor to the synthetic dollar protocol Ethena. In addition, the family office recently announced that it will provide consulting services to the decentralized artificial intelligence platform Ritual and the decentralized perpetual exchange Drift (with relatively rich industry resources and sufficient experience in the industry).

This article is sourced from the internet: Arthur Hayes joins Covalent as strategic advisor: “CQT is undervalued”

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