Blockchain data provider Covalent has taken a significant step towards building a deflationary model for its CXT token. In August alone, the company repurchased 900,000 CXT tokens from the open market, effectively removing them from circulation. This brings the total number of CXT tokens burned to 7.7 million (0.77% of the total supply) over the past year. Covalent states these tokens have been bought back on-chain and will never enter the circulating market again. The repurchase mechanism supports a deflationary structure, with the project’s developers noting that the token is already fully unlocked. 150+ blockchain integrations, MiCA compliance with Revolut listings, and HyperEVM support from the GoldRush API further bolster Covalent’s revenue model and drive ecosystem growth. The company aims to continue daily buybacks, enhancing its revenue cycle as improvements are made to the ecosystem. Currently trading 82% lower than its all-time high price set nine months ago, CXT is not listed on Binance, with a market capitalization of $28 million. Please remember that this is not investment advice.