Arthur Hayes, the co-founder and former CEO of BitMEX and current Chief Investment Officer at Maelstrom, has joined Covalent, a blockchain data infrastructure startup, as its strategic advisor. Hayes aims to leverage his expertise to propel Covalent to the forefront of the data infrastructure landscape, particularly within the Ethereum ecosystem, and cater to the burgeoning artificial intelligence (AI) industry.

Covalent's innovative approach to decentralized data infrastructure resonated with Hayes, who believes the startup's CQT token has been undervalued compared to its competitors. He sees an opportunity to bridge the gap between the token's value and the company's growing traction. As a storyteller, Hayes is committed to sharing Covalent's vision and aligning himself with the team, investors, customers, and retail users through token-based compensation.

Covalent's CEO, Ganesh Swami, welcomed Hayes as the company's sole strategic advisor, emphasizing the significance of his role in shaping the startup's future. With a current market capitalization of approximately $145 million and a token price of $0.23, Covalent is poised for growth, and Hayes' involvement is expected to fuel this momentum.

Founded in 2019, Covalent has established itself as a leading provider of data infrastructure for over 225 networks, including Bitcoin, Ethereum, Polygon, Avalanche, and Optimism. The startup's Ethereum Wayback Machine (EWM) ensures persistent access to historical blockchain data, a crucial component for powering AI models and future use cases.

Swami envisions a future where blockchains transition from "billboards to databases," and decentralized data infrastructure plays a vital role in preventing data manipulation and biases in AI models. Covalent's expanded vision includes catering to the AI industry, with specific use cases ranging from copy trading to NFT forensics and security applications.

As a full-scope advisor, Hayes will contribute to various aspects of Covalent's growth, including tokenomics, market positioning, business model tweaks, and client acquisition. With his founder's perspective, he aims to share valuable insights and guidance to propel the project forward. The collaboration between Covalent and Maelstrom began at ETHGlobal Tokyo and culminated in Hayes' advisor role, solidifying a partnership that will drive innovation in the blockchain and AI spaces.