New COV Staking Membership Levels Explained
Covesting is a team of developers from Europe, who are licensed to build some of the most innovative fintech software solutions on the market today. The ecosystem they’ve built around the COV utility token is nothing short of amazing, especially as the ecosystem expands over time.
The most recent update brought about COV token staking to PrimeXBT and the Covesting ecosystem, and in the future Covesting Yield Accounts will boost the COV token’s value proposition further by introducing new enhancements.
The most important aspect of COV token staking are the account levels that are unlocked depending on the amount of COV tokens locked up. Here’s why COV token staking is so important, and what each level of COV staking memberships unlock for utility within the Coveting ecosystem.
What Is COV Token Staking?
The COV utility token is a powerful ERC-20 token designed to be the native token underpinning all Covesting products and services. These products and services are currently found on the award winning margin trading platform PrimeXBT exclusively as part of a white label licensing agreement and B2B partnership that grows stronger with each passing year.
Together, the two titans recently released COV token staking. COV token staking involves locking up a sum of COV tokens in exchange for certain account enhancements. The more COV token staked, the better the benefits.
Users can stop staking at any given time, or upgrade to any of the higher tier membership levels which we’ll explain in the next section There is no way to downgrade currently, but users can stop and start a new staking membership in just a few clicks.
What Does COV Staking Unlock?
COV token staking unlocks various utilities across three tiers beyond the Standard account level. Staking COV tokens starts with the Advanced level, but increases to Premium and Elite with more COV locked. All levels eliminate entry fees on new followings.
The Advanced level increases the profit share of success fees followers receive by 2%, and provides a 10% trading fee discount. Strategy followings also increase to double the normal limit.
At the Premium level, there’s another 1% boost to the profit share bringing it to 3%. Trading fee discounts also increase to 20% while new followings expand to three times the limit. At Elite, another 2% is added for the max 5% in profit share increase. Followings go to unlimited, and the trading fee discount stacks to 30%
Advanced requires $3,000 in COV locked up, while Premium requires $10,000 and a full $50,000 is necessary for Elite.
What Does The Future Of Covesting Hold?
Covesting and COV token staking will soon also offer more benefits when Covesting Yield Accounts launch later this year, currently scheduled for Q3 2021. Covesting Yield Accounts connect users of PrimeXBT and the Covesting ecosystem to top DeFi protocols.
These protocols usually demand all kinds of expertise and time investment to get connected, while with PrimeXBT and Covesting Yield Accounts, it takes just a few clicks. The importance of how the Covesting Yield Account system relates to the COV token, is of course more benefits for token holders.
In addition to everything outlined above by staking COV tokens, staking COV can also unlock up to a 2x APY boost in addition to the 1% APY boost that is already offered during the promotional phase for joining a waitlist within the PrimeXBT dashboard.
How To Begin Staking COV On PrimeXBT
Staking COV tokens is easy on PrimeXBT. A recent V2.0 infrastructure upgrade added multi-currency support which included an Ethereum and ERC-20 token wallet. This led to the addition of ETH, USDC, and USDT, as well as a wallet for storing COV tokens.
COV tokens can be purchased at Uniswap or Kucoin, and sent to the secure PrimeXBT COV token wallet. From there, the COV utility token can be staked at any of the aforementioned levels to unlock some of the amazing benefits available.
Membership levels can be cancelled or upgraded at any time, giving users the ultimate in flexibility and profitability. There’s also no specific lockup periods required like so many other platforms out there. With more features on the way thanks to continued support from the Covesting development team, systematic token burns, and much more, the long term value propositions for token holders will only get better from here on out, increasing demand for COV. Get your tokens from Kucoin or Uniswap now.
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