How New COV Token Integration Enhances The Covesting Ecosystem
The big news in crypto right now is that the COV token and the latest enhancements coming to the token boost not only the token’s utility itself but also benefits users of various Covesting software experiences. These one-of-a-kind experiences include the copy trading module on PrimeXBT, and soon, the just-revealed Covesting Yield Account system.
Covesting Yield Accounts, in addition to the upcoming COV token staking feature on PrimeXBT, unlock some of the most compelling features ever introduced to the trading community yet. Here is more on how these solutions will disrupt the world of DeFi and bolster the sector’s already high APYs.
What Is Covesting?
Covesting is an ecosystem, native utility token, and developer all by the same name – and all representative of the same innovative formula for success. Covesting, first and foremost, is the name of the Europe-based DLT-licensed software developer who has created the COV token and the Covesting copy trading module.
Covesting licenses its fintech software solutions to B2B partners through a white-label agreement such as the award-winning margin trading infrastructure, PrimeXBT. PrimeXBT is currently the exclusive home to the Covesting copy trading module that connects followers with strategy managers who can profit together via the peer-to-peer platform.
What Is The COV Utility Token?
These users can also further boost profitability through native COV utility token integration by reducing fees, improving profit shares on success fees, and much more. In the future, the COV token will also be integrated within a new product called Covesting Yield Accounts, also scheduled to launch on PrimeXBT in Q3 2021.
The COV token itself is a native utility token currently on the ERC-20 token standard leveraging the Ethereum blockchain, but Covesting will soon introduce a bridge connecting to the Binance Smart Chain and creating a BEP-20 token standard as well for the greatest possible flexibility.
COV tokens are also burned at regular intervals by the Covesting team in support of highly valuable tokenomics that benefit token holders long-term. More than half a million COV tokens have been burned from the circulating supply, and the Covesting team offers full transparency into the process for all to see.
How Does COV Token Utility Work?
COV token utility works in a variety of ways. New COV staking coming in May of this year will unlock three new membership status levels, ranging from Advanced to Premium, and at the very top of the list, Elite.
Each tier unlocks increasingly better benefits for COV token holders who stake COV. The more COV locked up, the better the account rewards. Benefits include increasing follower counts on Covesting for strategy managers, eliminating entry fees for followers, and much more.
Best of all, when Covesting Yield Accounts launch later this year in Q3 2021, COV staking will also activate up to a 2x multiplier boost on APY generated through the innovative new tool.
What Are Covesting Yield Accounts?
Covesting Yield Accounts are a disruptive new service that lets users of PrimeXBT easily connect to today’s best performing DeFi protocols to access high APYs, all without the technical know-how or having to jump through hoops connecting wallets to the blockchain.
Instead, PrimeXBT’s simplistic yet in-depth user experience lets users earn competitive variable APYs in only a few clicks right through the same secure and reliable wallet system the platform is known for. Any of PrimeXBT’s crypto assets ranging from ETH, BTC, and stablecoins can be locked up to earn an APY that’s significantly better than anything conventional savings accounts are offering today.
The tool lets users tap into all that DeFi has to offer without the fear of messing something up. COV token holders get even more out of the experience with as much as a 2x boost from staking COV tokens. There’s also a growing waitlist that gets anyone who joins an additional 1% boost on APYs during the launch month.
Covesting Yield Accounts are scheduled for a Q3 launch of this year, according to a blog post from each company. The new module will live alongside the Covesting copy trading module and all of PrimeXBT’s advanced trading tools. These top-notch tools include built-in charting software from TradingView, long and short positions, and much more – all under one roof and accessible from anywhere in the world from a smartphone app or via desktop.