– Sponsored by Covesting –
Covesting is the first widely available form of copy trading in the cryptocurrency industry, introduced to the market in 2017 by Covesting, and by 2021 it has become the fastest growing alternative way to engage profitably with the crypto market.
It was recently announced that a new suite of utility tokens related to the Covesting module’s native cryptocurrency, the COV token, has been developed and integrated into the Covesting module, as well as the use of COV provided to module users to gain powerful new benefits.
One of these benefits is the ability for strategy managers to reduce trading fees on the Covesting module anywhere up to 75%, and we are looking at how this can be achieved, as well as breaking down the utility of other COV tokens that have been introduced to the Covesting PrimeXBT module as well.
Latest Launch of COV Token Utility in Covesting Module
Word has recently broken out that one of the most significant developments in the Covesting story has been released, with this being for a new COV token utility which has been integrated into the Covesting module on PrimeXBT to enable PrimeXBT users to access a range of powerful new benefits.
The aim of the new COV token utility release was announced by the team behind covesting as a way to provide greater value to COV token holders, to help users further optimize yields in the market, and to increase COV token scarcity over time.
Both long-term COV holders and Covesting module users alike celebrate the new release of the 4 new COV utility tokens as a significant step in the project’s roadmap, and as an opportunity to access a range of exciting new benefits.
But What Exactly is Covesting and How Does It Work?
Covesting is the world’s first crypto-based form of copy trading and was introduced to the crypto market in 2017 with the launch of the world’s leading crypto copy trading platform, Covesting.io, during which year the project saw high demand for the proposed copy trading service. that Covesting.io was able to raise $18 million in funding.
The basic principle of covesting is that experienced traders known as “strategy managers” create the strategies and trades they want to execute and then create a peer-to-peer investment fund to which the strategies are tied directly and allow others to do so. copy trades are the same as investing into a fund.
This allows other users, known as “followers”, to be able to easily and quickly compare and analyze different strategies on the Covesting module on prime XP to PrimeXBT to find the strategy that best suits their investment profile, and then allows them to invest capital into the fund easily and quickly.
Covesting Module on PrimeXBT
From 2017 to 2019, Covesting.io worked to develop various software tools and infrastructure that would be used to bring copy trading into the crypto space for the first time, but in 2019 there was an announcement that Covesting.io would be partnering with the largest multi-asset margin trading platform in the world, PrimeXBT, to develop modules that will be integrated into the platform.
In April 2020, the Covesting module PrimeXBT beta launched for the first time and was integrated into PrimeXBT, allowing its users to see covesting first-hand and to access the tools that will form the core of the Covesting module by then. released.
After a 4-month beta phase, it was announced as a success after more than $1 million in equity awarded to different funds over 4 months, and the full version of the Covesting PrimeXBT module was then released in August 2020.
What are the Advantages of the COV Token Utility?
The Cost of Success Increases
Every time a profitable successful trade on Covesting is completed by strategy managers, there is a success fee generated between them, their followers, and the platform itself, which the success cost is shared between them.
By using the utility of the first new COV token, followers can tip the balance in their favor with respect to the success fee, earn more of the success fee for themselves, and in turn increase the income they generate from their successful investment in the Covesting module.
No 1% Entry Fee
The second new COV token utility that is particularly beneficial for followers is the ability to eliminate the need to pay the required 1% entry fee from all followers when they select and follow a strategy manager for the first time.
Over many different followers, this 1% reduction in entry fees at any time can have a dramatic impact on overall profitability and can be an important advantage for followers who use COV tokens to access them.
New COV Token Burning Program
Up to 50% of all fees generated on the Covesting module will now also be used as utility for the new COV token that the Covesting team has introduced to increase the value and rarity of the COV token.
This initiative provides those who hold COV tokens, whether they are long-term holders or Covesting users, with the ability to achieve greater levels of utility value from COV as they hold them over time.
● Strategy Manager
Reduction of Trading Fees
Strategy managers on the Covesting PrimeXBT module can reduce their trading fees by 25%, 50% or 75%.
This reduction in trading costs can be a significant advantage for strategy managers and can allow them to retain more of the income they generate when they use the Covesting module, thereby representing a significant advantage for strategy managers.
Now Covesting PrimeXBT module users can enjoy various COV token utilities that have been introduced and can be activated with COV tokens.
Any of these for the new COV token utilities provide benefits and opportunities for strategy managers and followers, and all token utilities serve to increase COV token scarcity as well.
Find out more about Covesting, the Covesting PrimeXBT module and the new COV token utility here.
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