Covesting Staking Phase 1 Kicks Off On PrimeXBT, Service Now Live
Phase 1 of COV token staking just went live on PrimeXBT, bolstering the benefits the token already brings to the Covesting ecosystem of products.
The award-winning trading infrastructure is also home to the Covesting copy trading module as well as a wealth of advanced trading tools. Here’s what else the new COV staking membership system brings to the already powerful platform.
What COV Token Staking Brings To The Covesting Ecosystem
The COV utility token is the key to further enhancing the Covesting module experience by staking COV tokens at various levels. It is an ERC-20 token available at Uniswap and Kucoin designed for use within the Covesting ecosystem of products.
Standard accounts are available to all without COV token staking; however, by staking $3,000, $10,000, or $50,000 in COV, Advanced, Premium, and Elite membership plans are unlocked, respectively.
At the Advanced level, just $3,000 in COV staked increases the profit share in favor of followers by up to 2%, doubles the individual following limit for strategy managers, and knocks a full 10% off of all trading fees.
Next up is the Premium level at $10,000 in COV locked, bringing the profit share to 3%, tripling the number of individual followers, and taking the discount on trading fees to 20% off.
Last but not least is reserved for the best of the best or VIPs of the platform. The Elite level requires locking $50,000 worth of COV tokens at the current exchange rate but brings the profit share boost to a staggering 5% in favor of the follower. The trading fee discount is tripled from Advanced levels to a significant 30% off of all trading fees on more than 50 trading instruments. Individual follower limits are removed entirely for unlimited followings.
New follower entry fees are eliminated across the board within all three membership tiers, adding yet another reason to try the new COV token staking membership system on PrimeXBT over the Standard account provided for free.
In the future, when Covesting Yield Accounts debut in Q3 2021, an even greater boost on APY can be unlocked with each increasingly higher level of membership. Up to a 2x APY boost is possible at the Elite level. Members can also get a 1% regardless of membership level by joining a waitlist in the PrimeXBT dashboard.
New COV Staking Membership Levels Live On PrimeXBT
With the service now live, benefits can be activated within a click by visiting the COV Staking section within the PrimeXBT dashboard. The system will calculate the required COV for each level and outline the benefits before activating.
Membership plans can also be upgraded at any time by staking more COV tokens. Any upgrades are made at the current COV exchange rate, so if your locked tokens have appreciated in value, the upgrade could potentially be free.
Users can also easily unlock their staked COV tokens should they need it just as quickly and can deactivate their accounts to select a different tier should they choose.
The COV staking module offers the same ease of use and flexibility as the Covesting copy trading module, and is now live on PrimeXBT. COV Staking Phase 1 is just another major step of many, according to the company’s roadmap and continued partnership with PrimeXBT.