August moved fast for Covalent (CXT). Every move pushed the same engine forward—speed, scale, and the $CXT onchain flywheel.
From fresh buybacks to GoldRush upgrades, the protocol doubled down on its deflationary and utility-first model.
$CXT Buybacks & Token Flow
Nearly 900,000 $CXT was bought back in August alone. Over the past year, Covalent has retired 7.7M $CXT, equal to 0.77% of supply. Tokens are permanently gone.
With no more unlocks left and burns ahead, the deflationary engine is already spinning. Buybacks are no longer theory—they’re a recurring event fueled by protocol revenue.
Exchange Access
August also marked a major exchange milestone: $CXT listed on Revolut.
The app reaches 60M+ global users and stands fully MiCA-compliant, putting $CXT in one of the most regulated consumer crypto environments available.
For visibility, this is a step into the mainstream. For adoption, it opens the door to a user base that spans retail investors across Europe and beyond.
Product Upgrades: GoldRush Gets Faster
The GoldRush Streaming API leveled up in August.
Ultra-fast pair updates (price, volume, liquidity) across Ethereum, Base, and BNB Chain.
Sub-second data streams for AI agents, HFT bots, and compliance dashboards.
Live workshops with Eco Foundation, showing devs how to plug into real-time data right out of the box.
The key takeaway: latency beats throughput. In a market where AI bots and traders fight for milliseconds, GoldRush gives Covalent users the edge.
Ecosystem Growth
Covalent’s reach expanded further:
- 150+ chains supported, making it the largest onchain data network.
- HyperEVM launched, with GoldRush backing from day one—tailored for traders and AI-driven flows.
- Awaken Tax case study: GoldRush now powers compliance and tax reporting for 100k+ wallets.
- Base ecosystem report logged $3.4B bridged, 47k creator tokens minted, and 36M in weekly DEX volume.
The expansion isn’t just breadth. It’s depth—networks, compliance, and traders all running on the same rails.
Community Velocity
The @wallchain_xyz Quack Leaderboard launched mid-August and is already driving activity.
$200K in $CXT rewards allocated.
$40K monthly distributed to the top 80 contributors.
No cliffs, no vesting. Rewards are fully unlocked.
Culture and competition are already forming around it. Incentives are direct, transparent, and fueling real engagement.
Closing the Month
By the end of August, the flywheel was spinning exactly as designed:
Chains integrate → Builders ship faster → Usage grows → Revenue flows in → $CXT gets bought back → Supply shrinks.
It’s simple. It scales. It compounds.
Reflexive Economics in Action
Covalent’s model is self-reinforcing. Every query through GoldRush generates revenue. That revenue powers buybacks. Buybacks shrink supply. More demand means tighter scarcity. Holders, builders, and users are aligned.
Future-Proofing with Burns
Buybacks are just step one. Planned token burns will cut circulating supply even further, reinforcing deflation and increasing long-term value.
Utility Over Speculation
Unlike protocols that depend on hype, Covalent’s deflationary mechanics are fueled by real usage. GoldRush is live. It’s powering tax, compliance, and AI agents today.
The protocol ties token value to onchain activity. Investors see transparent, measurable supply reduction. The community sees rewards flow back into their hands.
Heading into September, the loop keeps turning. Covalent is showing how speed, compliance, and deflationary mechanics combine into one flywheel.
And the market is starting to notice.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/covalent-august-2025-recap-buybacks-revolut-listing-and-goldrush-speed/
