The cryptocurrency market is filled with innovation from corner to corner, some with real promise, others with utility today, and even more with a distinct lack of value. Value, like beauty, is in the eye of the beholder. Value is also something that people like to see to believe.
The COV utility token has among the best value propositions for token holders, with its unique tokenomics and utilities. Here’s everything you need to know about the COV utility token, the value it provides, and the utilities it unlocks.
What Is COV Token?
The COV utility token is an ERC-20 token designed for use within the Covesting ecosystem of products and software solutions. Covesting, a DLT-licensed developer from Europe, provides its technology as part of a B2B agreement with select partners like PrimeXBT.
The COV utility token was built from the ground up to be the native crypto token powering the economy of the peer-to-peer Covesting copy trading module. However, the developers are constantly honing the experience and adding new utilities and features related to the COV token.
In addition, the Covesting team regularly burns a portion of the fees generated by the module, so that the COV token supply is always decreasing. At the same time, demand for each new feature lowers available supply. More than half a million tokens have been burned and the number is climbing.
Staking COV tokens locks up tokens and also lowers available supply that can be sold, in addition to turning a standard Covesting account into one of three account levels: Advanced, Premium, and Elite.
Each level offers a deeper discount on trading fees for strategy managers, an increasingly better profit share for followers, and a boost to the limit of followers. Accounts can be upgraded at any time, and utilities can also be removed when COV tokens are unlocked.
COV staking will also unlock up to a 2x APY boost when Covesting Yield Accounts – the latest tool to be announced by Covesting – which is coming later this year in Q3 2021.
What Is The Covesting Copy Trading Module?
The Covesting copy trading module lets anyone copy the trades of top ranked strategy managers by becoming a follower. Anyone with the chops can also join the ranks of other skilled strategy managers and try to make a name and following for themselves.
Followers copy trades so they can profit without all the planning and technical analysis, while strategy managers get a piece of the success fees that followers earn from their capital. The situation creates a win-win environment to all that join the community and in turn spreads further by word of mouth.
At the center of it all is the Covesting leaderboard system, with fully transparent success and risk metrics, as well as rankings by total profit and more. Using the data, followers can make informed decisions on who to follow and ensure their capital is working its hardest.
What Are Covesting Yield Accounts?
As a way to expand upon the Covesting ecosystem and provide more value for token holders and the crypto community, the development team has also announced a new APY generating tool coming to PrimeXBT in Q3 2021.
DeFi can be dangerous and daunting, forcing users to tinker with blockchain technology to connect to wallets and decentralized applications. Covesting Yield Accounts do away with all the extra steps and lets users access popular DeFi protocols to earn some of the highest variable interest rates in DeFi in just a few clicks instead.
The COV token is central to the entire Covesting experience and helps traders and followers on the platform get the very most out of the tools bearing the name. Both Covesting copy trading and the upcoming Covesting Yield Accounts are exclusive to the award-winning margin trading platform PrimeXBT.
PrimeXBT’s dashboard includes a section dedicated to Covesting and the COV token. There users can activate each membership level via COV token staking to unlock the utilities that best suit their needs. COV tokens can be found for purchase at popular crypto exchanges Kucoin and Uniswap, alongside other top cryptocurrencies. Learn more about the COV token today at PrimeXBT.