Arthur Hayes, the co-founder of BitMEX and current Chief Investment Officer at Maelstrom, has taken on the role of strategic advisor at Covalent, a blockchain data infrastructure startup. In his new capacity, Hayes aims to propel Covalent to the forefront of the data infrastructure landscape, particularly within the Ethereum ecosystem, and bolster its support for the artificial intelligence (AI) industry.

Covalent's Ethereum Wayback Machine (EWM), which ensures persistent access to historical blockchain data, holds significant promise for powering next-generation use cases, including AI models. Hayes expressed enthusiasm for joining Covalent, citing the undervaluation of its CQT token relative to competitors like The Graph. He intends to bridge the gap between Covalent's traction and its narrative, leveraging his storytelling prowess to elevate the project's visibility.

In alignment with his commitment to Covalent's success, Hayes opted to receive compensation in CQT tokens, aligning his interests with those of the team, investors, customers, and retail participants. Covalent's co-founder and CEO Ganesh Swami confirmed Hayes as the startup's sole strategic advisor.

The CQT token, currently trading at $0.23, has seen a notable uptick in value, reflecting growing investor interest. With a market cap of approximately $145 million, Covalent has positioned itself as a key player in providing data infrastructure for over 225 networks, with a notable focus on the Ethereum ecosystem.

Covalent's recent introduction of the Ethereum Wayback Machine underscores its commitment to preserving on-chain transaction data in a decentralized manner, catering to the needs of AI developers and users alike. Swami emphasized the importance of decentralized data in mitigating manipulation and biases in AI models.

As Covalent's full-scope advisor, Hayes brings his extensive experience to the table, offering insights into tokenomics, market positioning, business model refinement, client outreach, and more. He aims to leverage his entrepreneurial journey to provide valuable guidance to the project.

Hayes and Covalent initiated discussions on potential collaboration during various blockchain events, culminating in Hayes' formal advisory role at Covalent. Additionally, Maelstrom's involvement extends beyond Covalent, with the family office serving as a founding advisor to projects like Ethena, Ritual, and Drift, further highlighting its commitment to the decentralized finance (DeFi) and AI sectors.