🚨🚨🚨 CQT Staking is Migrating Back to Ethereum 🌅 The New Dawn Progress 🌅 ▓▓▓▓▓▓▓▓▓▓▓▓░░░░░ 66% 🚨🧵👇

Let’s talk about The New Dawn. For Covalent to bring online the Ethereum Wayback Machine, staking needs to be on Ethereum. We propose a migration of CQT staking from Moonbeam to Ethereum. Read the full post for details: 🧑‍🚀 Governance Post: 🧑‍⚖️

Why Migrate? Currently, our network operations on Moonbeam necessitate the use of two gas tokens and complex cross-chain transfers, which introduce inefficiencies and UX complications. By moving staking to Ethereum, everything is simplified aligning incentives towards the needed network growth to scale for the Ethereum Wayback Machine.

Ethereum Wayback Machine Post-migration, the next major step is integrating with the Ethereum Wayback Machine (EWM). This will allow us to scale proof aggregations of offchain operator computations, setting the stage for robust, scalable infrastructure suited for the decentralized ecosystem. #DataAvailability #EWM

Phasing Out Moonbeam Staking To encourage the shift, staking rewards on Moonbeam will be phased out, bringing APY to 0. We're also proposing to eliminate cooldown periods for unstaking on Moonbeam, facilitating a smoother transition to Ethereum.

Ready to move CQT from Moonbeam to Ethereum and stake as a delegate? Here’s how: Unstake CQT on Moonbeam (with zero cooldown post migration) Bridge your CQT to Ethereum using Wormhole. Stake your CQT on Ethereum and choose an operator. 👀 Detailed instructions are available on our dashboard. #StakeOnEthereum (pending governance quorum)

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covalent is pure grift nonsense

Nice

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