Covalent announces new governance proposal: Expanding the maximum delegation multiplier for CXT holders to 40x.

Odaily Odaily News Covalent Network (CXT) recently released an important governance proposal to expand the network's staking capacity and introduce more Block Specimen Producers (BSP). The proposal proposes to increase the maximum delegation multiple of CXT token holders from the current 34 times to 40 times, while adding 5 BSPs. The main goal of this move is to expand the staking scale to about 35% of the circulating supply. Covalent Network (CXT) said that with the rapid development of the network, the current delegation space is close to saturation and it is urgent to expand capacity to meet the growing demand. All CXT token holders, including those who have staked, can participate in this vote. The vote will be conducted on the Snapshot platform for two days. The vote requires a voting weight of 10 million CXT. Covalent Network (CXT) encourages all CXT holders to actively participate in the vote and jointly decide the future development direction of Covalent Network. Covalent Network (CXT) also launched the ecosystem airdrop on August 1, distributing a total of $100,000 worth of TAIKO tokens to CXT stakers.