The COV token has been released as an integral part of the Covesting ecosystem, which includes a huge peer-to-peer trading community and a brand new passive earning module that offers direct connections to popular DeFi protocols.
The COV token is a network-specific token that unlocks the most important benefits accessible to any user in the Covesting universe. Because the benefits are so powerful and so lucrative, it’s helpful to take a deeper look into the fundamental facts and fundamentals of the token.
In this guide, Covesting (COV), an ERC-20 token that is entirely on the Ethereum network, will be examined.
For a start, we can learn about some of the basics of COV.
- The initial token supply was even tighter than Bitcoin’s supply of 21 million, which made the COV token scarce on the supply-demand balance.
- Supply is always dwindling due to the developer-implemented tokenomy model for higher perceived value for token holders.
- The current supply is just over 19,000,000 and the total number of COV tokens burned has approached 1 million. Now, the turning point may have been reached.
- Covesting users are actively staking more than 2 million coins in the supply, representing more than 10% of the total supply.
- COV token staking is key to unlocking three account-level memberships within Covesting, each with different utilities and benefits for all types of Covesting users, increasing the staking rate.
- The COV token is not available in the United States and other jurisdictions where certain cryptocurrencies are prohibited.
- Token burnings are done at regular intervals, recorded via the blockchain and visible in the My COV section of the PrimeXBT dashboard.
- COV tokens can be purchased within the exchange service on Kucoin, Uniswap or directly from PrimeXBT by exchanging BTC or ETH for COV tokens.
Which Features Are Unlocked?
With the more official and fact-based promotion coming to an end, let’s explore how to gain access to each of the current membership levels by staking COV tokens in the My COV section of the dashboard. The three membership tiers above standard accounts include: Advanced, Premium, and Elite.
Advanced accounts are opened when staked COV tokens reach $3,000. Premium accounts come when the value of the staked COV tokens reaches $10,000, and Elite accounts can be reached with a total COV of $50,000 for staking.
As long as the user wishes to enjoy these unlocked account level utilities, they can continue staking the COV token. Users can start or stop staking at any time. Users can also upgrade as often as they want, but there is no downgrade option.
But why would you want to stop accessing the best benefits the platform has to offer? A more specific breakdown of each of the three membership levels unlocked through COV token staking can be described as follows:
- Advanced
- $3,000 worth of COV required
- Eliminates 1% entry fee for new followers.
- Earning share for followers increases to 2%.
- Individual follower limit is doubled.
- The transaction fee discount is 10% off for strategy managers.
- The rate of return increases 1.25 times for Covesting accounts.
- Premium
- $10,000 worth of COV required
- Eliminates 1% entry fee for new followers.
- Earning share for followers increases to 3%.
- Individual follower limit is increased by 3 times.
- Transaction fee discount is 20% lower for strategy managers.
- The rate of return increases 1.5 times for Covesting accounts.
- elite
- $50,000 worth of COV required
- Eliminates 1% entry fee for new followers.
- Earning share for followers increases to 5%.
- Individual follower limit is increased by 3 times.
- The transaction fee discount is 30% off for strategy managers.
- The rate of return is doubled for Covesting accounts.
What Do These Features Mean for Traders?
For margin trading Covesting strategy managers, reducing transaction fees means more money back in their pockets and more overall profits. Depending on the frequency and size of transactions, discounts of up to 30% on transaction fees can increase significantly over time.
The next most obvious benefit is the increase in rates of return in the Covesting yield account system. Up to 2x APY boost is offered at the highest level. When the market is at its peak, rates can go as high as 10% depending on demand, volatility, volume and more.
Followers get the most benefit with an increase in follow limits and an increase in profit share. Eliminating new follower entry fees, along with an increase in individual follow limits, allows followers to build a diverse portfolio of multiple strategies, thus spreading the risk and creating more overall opportunities for profits.
With the Covesting trading copy system, followers copy the trades of strategy managers. Followers know which strategy managers can earn more with their money thanks to fully transparent leaderboards. These leaderboards keep track of the performance data of the strategies so that information is available for followers to keep going.
Followers should monitor this data to make sure their chosen strategy stays profitable and does not take too much risk. The robust data system offers insights on everything from profitability and margin allocation.
Strategy managers are ranked by total profit, which makes it easy for followers to find the best of the best. A five-star rating system also helps to select the brilliant methods of safe traders from the elite pack.
Result: Access Covesting and PrimeXBT with the Advantages of COV Token!
All of these Covesting tools are available on the award-winning margin exchange PrimeXBT. Covesting strategy managers can buy and sell forex, crypto, stock indices, commodities and more. The asset list offers popular trading tools such as Bitcoin, Ethereum, gold, oil, natural gas, S&P 500 and much more from a single account.
PrimeXBT hosts the Covesting ecosystem and My COV section with all information regarding the COV token, tokens and current utility offering.