The COV utility token is not only a trending cryptocurrency, but it is also the cryptocurrency token, native to the Covesting ecosystem of products and services, developed by a technical finance programmer, licensed of the same name.
The team, the token and the copy trading module come together to ensure the most innovative experiences in the current trading community.
Continuing with this tradition, Covesting recently introduced it staking of COV tokens, unlocking new membership levels each with unique account enhancements. These account utilities are unlocked thanks to the power of the COV token and are aimed at increasing profitability, making the most of the Covesting experience.
Here is everything you need to know about the staking COV tokens, unlocked utilities, new membership levels and much more. We will also share some important details about an upcoming Covesting product, which ensures even more value than the native crypto token.
What is the VOC?
The COV token is an ERC-20 token, built on the Ethereum network that has recently received cross chain support to work with Binance Smart Chain.
The COV utility token is the native cryptographic token that underlies Covesting products, such as the Covesting copy trading module. It was designed to be used within Covesting's copy trading module, unlocking a variety of account-level utilities for both followers and strategy managers.
What is Covesting?
Covesting is a DLT-licensed, European-based fintech software developer. It is behind the copy trading module and peer-to-peer trading community found on the award winning PrimeXBT.
Covesting's copy trading module is tasked with connecting followers with strategy managers who show their success through a global profit-based ranking. Not only other success metrics but risk metrics are also tracked, so followers can select based on their risk appetite and profit goals.
Followers earn a portion of the successful commissions generated from successful copying trades, but strategy managers earn a portion as well, in order to keep them highly competitive.
What is the VOC Token Staking?
Lo staking COV Tokens is a new feature that involves locking a specific amount of COV tokens in exchange for unlocking a variety of compelling utilities and enhancements for the account. For example, all tiers eliminate registration fees on new followers.
At the COV level worth $ 3.000, standard accounts become Advanced and the follower's profit share increases by 2%. The follower limit has also doubled. While strategy managers will get a 10% trading fee discount.
With $ 10.000 of VOCs blocked, however, Premium accounts become active and the profit share rises to 3%. At this level, total followers have tripled and the trading fee discount is 20%.
Each level improves and offers more and more perks enabled, so Elite is the best. At $ 50.000 of VOCs blocked, unlimited followers, a 30% trading fee discount, and a whopping 5% profit share increase are enabled.
Membership levels can be deactivated or updated at any time, but when they are active, they offer more opportunities for traders.
What will happen to Covesting in the future?
Covesting will continue to strengthen the copy trading module on PrimeXBT, helping those who don't know how to invest in cryptocurrency to be exposed to the markets for the first time as a follower. Strategy Managers will continue to grow their profits and notoriety in the global trading community.
COV tokens will also continue to be systematically burned at a worrying rate, pushing the supply of the deflationary token even lower. With less than Bitcoin's supply, the combined rarity and utility could be a double hit for token holders.
The Covesting team will also introduce a new system: Covesting Yield Account, bringing some of the best APY interest rates in the DeFi industry to PrimeXBT for the first time. The interface will connect with the best DeFi protocols like Uniswap and PancakeSwap in order to get the best possible rates.
With the staking of the COV enabled token, another 2x APY boost is possible thanks to the upcoming utility functionality added to the Covesting ecosystem with the debut of the Covesting Yield Account system arriving later this year in the third quarter of 2021.
Check out Covesting and the variety of COV token utilities for your account by signing up for a free trading account with PrimeXBT.