When Covesting sought out several years ago to create innovative software solutions for the crypto market, they envisioned an ecosystem centered around the COV utility token. The first major development was launched last year, with the Covesting copy trading module on PrimeXBT.
The latest software solution from Covesting is now here, and it ushers in the debut of DeFi made simple. It is a major step in the right direction in terms of DeFi adoption and it means PrimeXBT users have access to another revenue stream outside of traditional trading alone.
Finally, it is yet another piece of the Covesting ecosystem, which is intertwined with the COV utility token. Here is everything you need to know about the new Covesting Yield Account system, the COV utility token, and how to get the most out of the newly released APY-generating tool.
What Is Covesting?
Ask the cryptocurrency community what Covesting is, and you are likely to get a number of answers and none of them are wrong. But that is because the Covesting ecosystem is vast and still growing.
Covesting is the name of a regulated and licensed fintech developer from Europe. Covesting is also the name of the COV utility token that powers the entire experience no matter the module. Covesting is also the name of the peer-to-peer copy trading community. And finally, Covesting is now disrupting DeFi with its yield-generating tool offering as much as 10% APY.
What Is Copy Trading?
Before we get into what is new, let’s talk about what is now the foundation of the Covesting ecosystem. The copy trading module was launched on PrimeXBT in 2020 as part of a white-label licensing agreement and B2B partnership.
Copy trading isn’t like social trading, where followers simply attempt to mimic the trades of those they follow. Instead, the module itself connects followers and strategy managers together, and followers can copy any trades they make automatically just by following.
Strategy managers must build total profits and their reputation to rise the ranks of the fully transparent global Covesting leaderboards. Within these learboards are chock full of data, metrics, and performance information like a five-star rating system.
All of this intel lets followers pick and choose the best ones to follow. Strategy managers make money off their follower’s success fees, and followers can make money without all the hard work.
What Are Yield Accounts?
Yield Accounts are the new service from PrimeXBT and Covesting that lets users generate an APY on idle crypto assets by staking. Staking crypto assets has become a popular trend in crypto as it lets token holders get the most out of tokens they were holding anyway.
The emergence of DeFi and automated market making platforms such as Uniswap, Yearn.Finance, Curve, and others, has led to crypto token holders hunting for the best yields around. Unlike CeFi platforms that provide the liquidity for such services, users of DeFi protocols do instead. The fees CeFi platforms would take are rewarded to crypto holders in the form of a variable rate in crypto rewards.
In the future, Covesting will connect even more DeFi protocols, along with CeFi platforms, to provide a best in class yield-generating experience with access to the best rates any industry has to offer.
What makes Covesting Yield Accounts so interesting, is that they work via the PrimeXBT account dashboard, ditching the need to connect wallets to decentralized applications and the blockchain. By simplifying DeFi, anyone can tap into rates as high as 10%.
Bringing It All Together With The COV Token
Anything Covesting makes, they integrate the COV token into the experience from the ground up. COV token staking unlocks Premium, Advanced, and Elite account memberships at PrimeXBT, each with a unique set of utilities. The more COV tokens that are staked, the better the utilities that are unlocked.
Strategy managers can get a trading fee discount, while followers get access to higher following counts, better profit shares, and can eliminate new following entry fees entirely. COV token staking can be upgraded or stopped at any time.
COV token staking is different from the staking of ETH, USDT, and USDC referenced in the Covesting Yield Account system. Staking COV tokens unlocks the token’s unique utilities, while staking tokens in the Covesting Yield Account system generates passive income.
Combined, however, is how you get the most out of both. COV token staking can also unlock another utility for Yield Account users, boosting already high APY rates by as much as 2x.
Covesting Ecosystem Is Exclusively At PrimeXBT
The Covesting ecosystem, including both the Covesting copy trading module and Covesting Yield Accounts are available exclusively at PrimeXBT, an award-winning platform for forex, crypto, commodities, and index trading. More than 50 trading instruments are available from a single account, with a dedicated account manager for personalized service.
Covesting traders can access PrimeXBT’s long and short positions, advanced order types, and other professional tools such as built-in technical analysis software. Covesting users can also buy COV tokens right from PrimeXBT via the new exchange tool located in the wallet system.
Users can swap BTC or ETH for COV tokens, and then use them for staking within the Covesting ecosystem of innovative products and services. COV tokens are also available on Uniswap and Kucoin, and have some of the most interesting tokenomics around.
Why You Need COV Tokens Now
COV tokens are highly scarce, with a lower supply than Bitcoin, but yet the developers regularly burn COV tokens to reduce the supply. Staking COV tokens further takes them out of the supply. COV tokens are a must for those who want to take advantage of everything Covesting and PrimeXBT have to offer.
The PrimeXBT dashboard also has a My COV section, which contains information about the COV token smart contract, supply, market cap, and more.
Covesting Yield Accounts are out now, and ready for users to get the most out of DeFi’s best protocols, and maximize that further using the unique benefits of the COV utility token. But with a diminishing supply of tokens, users who want to maximize their financial return should act sooner than later.
