PRESS RELEASE. The COV token is one of the most exciting utility tokens in the cryptocurrency industry. Several other utility tokens exist, but no others provide the unique benefits that the COV token unlocks for holders.
Currently, the benefits are related to the Covesting copy trading platform; however, the developer behind both the token and the copy trading solution that has taken over the global trading community is unlocking even more benefits through an innovative new solution coming to PrimeXBT.
The new module is called the Covesting Yield Account, and the addition to PrimeXBT will activate all new COV token utilities.
COV Token Staking Unlocks Three New Account Tiers Within Copy Trading Module
The award-winning PrimeXBT is the exclusive home to the Covesting copy trading platform thanks to an ongoing white-label B2B licensing agreement between the two finance industry powerhouses.
As soon as this coming May, COV token staking will become available on PrimeXBT. By locking up COV tokens, users of the advanced trading platform and Covesting copy trading module can access one of three account membership tiers.
Depending on the account status, several benefits and enhancements can be unlocked. Benefits include an increase in follower count, complete removal of following entry fees, discounts, and more.
The more COV you stake with Covesting and PrimeXBT, the better the impact on account activities.
Covesting Yield Accounts Bring Top DeFi Protocols, High APY To PrimeXBT
Later on, in Q3 2021, the second phase of COV token utility upgrades will be introduced through the launch of the much anticipated Covesting Yield Account system. Covesting Yield Accounts were just revealed to much industry buzz and for good reason.
The new yield-generating module lets users easily connect to todayâ€™s hottest DeFi protocols and access a variable APY on any idle crypto assets held in PrimeXBTâ€™s secure wallet system. By leveraging PrimeXBTâ€™s internal systems and Covesting software technology, users can bypass the highly technical tactics required to access DeFi-best APYs.
But what about COV? Anything Covesting builds, it does so with COV in mind. The entire Covesting ecosystem benefits each time a new solution is introduced to the market, and this time is no different. As such, the COV utility token is integral to getting the most out of Covesting Yield Accounts.
Anyone who stakes COV tokens can get as much as a 2x boost on APY, depending on how many COV are staked. A 2x boost on APY is a significant improvement over already high DeFi rates that crush traditional savings account ROI.
An additional 1% boost is available but for only a limited time. Those who visit and join the waitlist on PrimeXBT to get in right away to the new Covesting Yield Account module will secure themselves an initial launch phase boost of 1% to crypto asset APY.
How COV Powers The Covesting Ecosystem, Benefits Token Holders
Covestingâ€™s roadmap has always focused on COV token integration, and the future is bright for the utility token and the experiences it is native to. Covesting copy trading combined with Covesting Yield Accounts, plus the addition of regularly scheduled token burns, give COV some of the most potent tokenomics.
The Covesting team has already burned over 500,000 tokens over time, reducing the overall circulating supply and bolstering the assetâ€™s hard-coded digital scarcity. Covestingâ€™s goal is to support long-term value for all token holders, new and old.
PrimeXBT will become home to yet another innovative Covesting module that its users can now access, in addition to some of the most advanced trading tools around. The highly reliable trading infrastructure supports long and short positions across crypto, stock indices, forex, and commodities. It offers all of todayâ€™s hottest markets like gold, oil, Bitcoin, and more.
The entire experience comes together to create a one-stop shop for all things trading, investing, and crypto. These recent updates to the Covesting ecosystem will make DeFi more accessible than ever and make the one-of-a-kind offering on PrimeXBT an undeniable opportunity for all.