Covesting is an innovative peer-to-peer trading solution currently available exclusively on the crypto margin trading platform PrimeXBT. The community has grown rapidly as word of mouth spreads, screenshots of trader’s PnLs go viral, and reports on massive returns are published in the media.
But did you know that you can get even more returns from the Covesting copy trading module on PrimeXBT simply by staking COV tokens? Here is a complete breakdown of how to stake COV tokens to get the most out of the Covesting ecosystem and how to go about getting started with COV token staking.
What Is The COV Utility Token?
The COV utility token is the native cryptocurrency token for the Covesting ecosystem. It was designed from the very beginning to be used within the Covesting copy trading module, and as Covesting develops new products – such as the Covesting Yield Account module slated for Q3 2021 – the COV token will also be integral.
The COV utility token is an ERC-20 token with a scarce supply. The token supply is deflationary due to the developers regularly burning COV tokens. More than half a million COV have been burned thus far, supporting the tokenomics standard set forth by the company.
What Is Covesting And The Copy Trading Module?
Covesting is the developer behind both the COV token and the Covesting copy trading module. The Europe-based licensed DLT developer first broke into the crypto scene years ago, but during the bear market shifted its focus successfully to B2B partnerships – the first of which resulted in the launch of the copy trading module on PrimeXBT.
Today, PrimeXBT is still the exclusive home to the Covesting copy trading module, and the partnership is expanding into a joint venture into the DeFi space that offers up to 35% APY.
The Covesting copy trading module connects followers with strategy managers who show success through a global leaderboard system. The fully transparent leaderboards highlight profitability, risk, margin allocation, and more, allowing followers to pick and choose who they think will bring the most money.
From there, followers can copy the trades of these strategy managers and make money when they do. Less work is involved for the follower, and they can tap into decades of expertise across the board. Strategy managers make a portion of the profits from followers, keeping them interested and involved in their strategies as a way to extract the most out of the trading they’re already doing.
Reports across the web put the spotlight on a specific story where a strategy manager turned a six-figure position into millions in just days. All the while, they made their followers a fortune and gained incredible notoriety – the stuff legends are made of.
What Does The COV Token Unlock?
The COV token lets traders like the many success stories above get even more out of the experience. Followers can earn more profit per trade and ditch entry fees altogether. Strategy managers can drop trading fees by as much as 30% at the highest level of discount, boost followings, and much more.
This is all possible by staking COV tokens within the Covesting module on PrimeXBT. PrimeXBT recently revealed its V2.0 update and, with it, support for ERC-20 wallets. ETH, USDT, USDC, and COV were added as well as additional support for fiat currencies in the future.
Staking COV tokens takes Standard accounts to Advanced, Premium, and Elite levels, where the benefits get better with each higher tier. Users have total flexibility to stop staking or increase membership levels at any time.
COV token staking will also unlock up to a 2x APY boost when Covesting Yield Accounts go live later this year in Q3 2021. Covesting Yield Accounts will let PrimeXBT users earn an APY on idle crypto assets stored on the platform through an easy-to-use interface. The tool connects to top DeFi protocols and is the last remaining piece of the full profit puzzle that Covesting and PrimeXBT provide.
Covesting products are currently available exclusively at PrimeXBT through an ongoing B2B partnership that has been positive for both of the industry powerhouses. What innovative way to get more out of the COV token will they think up next?
