The COV token is an ERC-20 token on the Ethereum blockchain, designed for use within the Covesting ecosystem of products and services.
One of the biggest and most prominent crypto trends over the last several years has been undoubtedly DeFi and staking. Staking is the process of locking up tokens for a specific period in exchange for a variable annual percentage yield – called an APY for short.
Earning an APY on idle crypto assets is yet another way users of the emerging technology are making more money than ever before, in ways that were previously not possible. More ways to earn are popping up each day, as is evident by the introduction of COV token staking on PrimeXBT, which unlocks a lot more than just more APY.
COV Token Staking Launched on PrimeXBT
PrimeXBT, in partnership with European fintech dev Covesting, has added COV token staking to the advanced trading platform’s feature set.
The award-winning trading platform is the exclusive home to the Covesting copy trading module, where followers connect with strategy managers who regularly show a track record of success and low risk.
COV token staking is the newest addition to the Covesting ecosystem of blockchain-based software solutions, of which even more powerful tools are in development for PrimeXBT.
The Four Membership Levels Explained
COV staking on PrimeXBT is now live, and with it, the four different membership levels that each provide a different set of benefits to traders on the platform.
With no COV tokens staked, accounts revert to the Standard level, in which all basic account features are enabled. Users can still become strategy managers, follow strategies, trade, and much more.
But, once users begin staking COV tokens, a whole new world of features and benefits becomes accessible. Staking $3,000, $10,000, or $50,000 in COV unlocks Advanced, Premium, and Elite membership plans.
The Advanced level at $3,000 in COV staked increases the profit share in favor of followers by up to 2%. It also doubles the individual following limit for strategy managers and reduces trading fees by up to 10%.
The Premium level at $10,000 in COV locked takes the profit share to 3%. It also triples the individual follower limit and brings the discount on trading fees all the way to 20%.
The Elite level is reserved for VIPs who lock up $50,000 worth of COV tokens at the current exchange rate. The Elite level pushes the profit share increase to a massive 5% in favor of the follower. Individual follower limits are removed entirely for unlimited followings, and the discount on trading fees combines the previous two levels for a complete 30% off.
What Else the COV Token Unlocks
Staking the COV token also offers up to a 2x APY boost on already high variable interest rates from the best DeFi has to offer once Covesting Yield Accounts go live later this year.
The module, scheduled for Q3 2021, is another innovative software solution from Covesting, built for PrimeXBT users. In addition to the benefits already mentioned that COV token staking unlocks, the APY boost is another factor that adds incredible value to the utility token itself.
The COV token is an ERC-20 token on the Ethereum blockchain, designed for use within the Covesting ecosystem of products and services. COV tokens are also regularly burned by the Covesting dev team to support long-term value for token holders.
How to Get the Most Out of the Covesting Ecosystem
Getting the most out of the Covesting ecosystem all centers around the COV utility token. The token has a variety of uses, outlined extensively here. When combined, there are more ways to make money, save on fees, and much more than ever before. Without the COV token, these same features aren’t possible, improving the value proposition for token holders.
Users of the platform can get even more out of their trading goals by leveraging the COV token and the powerful trading tools found on PrimeXBT. Gaining a discount on the more than 50 trading instruments available all under one roof can lead to more profits in your pocket. For those who don’t have the skills to trade themselves, following strategies on the Covesting copy trading module is a better option. And to get the most out of the experience, COV token staking is a must.