Covesting Yield Accounts allow users to generate passive income through staking on cryptocurrency held on the user’s PrimeXBT account. Initially, this is for USDC and USDT cryptocurrencies. But the team is working on offering BTC, ETH, and other large caps in the future.
The idea behind Covesting Yield Accounts is to offer the high APYs of DeFi farming, but with the simplicity of a few clicks, all from within a single account. This means users benefit from high APYs available to yield farmers without manually finding the appropriate liquidity protocols or switching between different sites.
By staking through the Covesting Yield Account, your holdings will grow over time and with little effort on your part.
A significant benefit of the Covesting Yield Account is it happens through the PrimeXBT platform, which is a licensed and regulated exchange with 24/7 live chat support.
COV Token
The COV token is the center of the Covesting module at PrimeXBT. It already offers several benefits to token holders, such as trading fee discounts and profit-sharing. Still, the firm recently announced some updates to enhance its utility and improve the user experience.
Just take a look at the released blog here. A summary of updates include:
- Increased profit share
- Reduced strategy entry fee
- Increased individual following limits
- Up to 30% trading fee discount
All of this is available by holding the COV token.
A review of COV’s tokenomics shows a small circulating supply of 20 million tokens, making it a scarce token. It also has a low market cap of just under $14 million, meaning there is much more room to grow.
Used in conjunction with the Covesting Yield Account, COV holders can increase staking profits of up to 2x more than the standard variable rate.
The development team is currently working on pushing out the updates and has so far stuck to the roadmap schedule. This gives me confidence that the team behind the project is serious about making it a success.
To top things off, the team has decided to add a burn mechanism to reduce COV supply. So far, more than $500,000 of tokens have already been burned using profits from the Covesting module.
For more info- https://covesting.io/cov-token
The Telegram community is a great place to interact with fellow Covesting traders. Here you can chat with others and discuss your experience of using the platform.With so much happening to improve the value proposition for COV investors, this is a project that’s going places.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.