Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, and current Chief Investment Officer of the family office Maelstrom, has recently joined the blockchain data infrastructure startup Covalent as a strategic advisor.
Covalent announced that Hayes will help the company become a leading data infrastructure startup in the industry, particularly within the Ethereum ecosystem, and provide services for the artificial intelligence (AI) sector.
Hayes stated to the media, “Covalent’s Ethereum Wayback Machine (EWM) ensures long-term access to blockchain historical data, which will drive the development of next-generation use cases, especially in advancing AI models.”
When asked about his decision to join Covalent as a strategic advisor, Hayes mentioned, “Covalent’s CQT token has been undervalued compared to its competitors like The Graph – many investors have missed this narrative. Now, as Covalent expands, my goal as a storyteller is to help bridge this gap.”
Hayes will be compensated in the form of CQT tokens moving forward, as is common practice within the industry. He stated, “We only accept token rewards because we believe in aligning ourselves with the team, investors, clients, and retail market who share the same vision and goals. We stand together with those who have the same vision and objectives.”
Ganesh Swami, Covalent’s co-founder and CEO, confirmed that Hayes is the sole strategic advisor at Covalent currently.
The CQT token is currently priced at $0.23, with a 13.25% increase in the last 24 hours, ranking 347th in market capitalization at approximately $145 million.
Covalent’s AI Vision
Established in 2019, Covalent offers data infrastructure services to over 225 blockchain networks, including Bitcoin, Ethereum, Polygon, Avalanche, and Optimism. Swami mentioned that Covalent has found a strong focus within the Ethereum ecosystem.
Covalent recently introduced the Ethereum Wayback Machine (EWM) to ensure the availability of all Ethereum ecosystem data, supporting AI developers and users in accessing all on-chain historical records.
Swami emphasized that current blockchain networks are becoming more like “billboards rather than databases,” with transaction data typically existing for a short period before being deleted. EWM ensures long-term decentralized availability of Ethereum transaction data.
He highlighted that AI use cases are an extension of Covalent’s decentralized data infrastructure vision. “Without decentralized datasets in AI, models are susceptible to manipulation and bias. Specific AI use cases include trade replication, NFT forensics, and secure applications.”
Hayes’ Role at Covalent
Hayes, as a “holistic” advisor at Covalent, is assisting the startup with refining the token economic model, market positioning, business model adjustments, and new client outreach. Drawing from his experience as a founder, he aims to share insights on what should and should not be done to aid Covalent’s rapid growth.
Hayes explained the collaboration process, stating that Covalent initially met with Akshat Vaidya, Maelstrom’s investment manager, at Tokyo ETH Global last year. Subsequent discussions at ETHCC Paris and Token 2049 Singapore led to a more formal collaboration agreement finalized at ETH Denver last winter.
In addition to his role at Covalent, Maelstrom also serves as a founding advisor for the synthetic dollar protocol Ethena. The family office recently announced consultancy services for the decentralized AI platform Ritual and the decentralized perpetual exchange Drift, leveraging their industry expertise and resources.
