COV Token Utility On PrimeXBT Is Now Live!
Tags: Utility Tokens, Covesting, Cov

COV Token Utility On PrimeXBT Is Now Live! COVESTING Follow Dec 9 · 5 min read

After an extremely successful launch roughly three months ago, Covesting has now implemented the full integration of COV token utility into the Covesting copy trading module on PrimeXBT.

Our copy trading technology enables a peer-to-peer network where users can follow other traders (strategy managers) who battle for the top spot on the Covesting leaderboards. A five-star rating system and fully transparent metrics updated in real-time bring competition to the trading community, while allowing other platform users (followers) to make informed decisions about who to follow.

COV token implementation will encourage a more engaged community with exclusive benefits offered to those who activate its various utility functions. It is designed to be used by strategy managers to reduce trading fees, improve the success fee split that goes to followers, while a regular buyback and token burn program will ensure the deflationary nature of COV.

Since the module’s debut, we have witnessed a constantly growing interest towards Covesting as a product from the trading community and potential B2B partners. After witnessing how traders have made Covesting a regular staple of their trading experience and how appreciated the service is by its users, our team is more excited about the future of Covesting than ever before. With so many additional features planned in the coming months, we are confident that our product will continue to see high demand and wide usage as the module reaches its final form. These are exciting times ahead indeed!

Learn About The Utility The COV Token Implementation Unlocks

Covesting has since repositioned itself as a B2B software development company, and considering the success of the partnership with PrimeXBT, the decision speaks for itself. PrimeXBT was the ideal partner to debut the Covesting copy trading module on, and now is the first home to COV token utility implementation.

COV token section inside PrimeXBT platform

For full details, please check out the dedicated COV token section within the PrimeXBT dashboard, which can be found here: https://primexbt.com/my/covesting/token

In this section, the system will automatically be updated with the most accurate COV token details, such as token burn transactions, remaining token supply, recent token price, market capitalization, and more. From here, platform users will be able to see an overview all available COV token utilities and activate the ones they desire at their choosing. Moreover, users aren’t required to already have COV tokens within their balance to activate one utility or the other — they can use their account’s available BTC balance to purchase COV tokens for immediate utility activation.

COV token contract address: https://etherscan.io/address/0xada86b1b313d1d5267e3fc0bb303f0a2b66d0ea7

Decimals: 18

Symbol: COV

Key benefits of COV utility token:

Strategy Managers

● Trading Fee Reduction: Strategy managers can reduce their trading fees for one month by up to 25%, 50%, or 75% by paying a fixed amount of COV tokens. Please note that the discounted rates as well as activation fees may change from time to time.

Followers

● Success Fees Improved: The percentage split that followers earn from all profitable trades will be increased in favor of followers (by reducing PrimeXBT platform split). Full details of the current offer will be available in the Covesting COV token dashboard.

● No %1 Entry Fees: Followers from now on will encounter a fee for each single new following they make. By activating this specific COV token utility, these fees can be completely eliminated.

Holders

Covesting aims to burn up to 50% of the fees generated within its copy-trading module at regular intervals. Fees will be calculated after excluding affiliate earnings, fee discounts, and other revenue impacts. Such token burns at regular intervals largely benefit holders of the COV token, by effectively lowering the total supply in the market and enabling a deflationary attribute.

“We are excited to launch the COV token utility within the Covesting module and unlock the full potential of the platform,” commented Covesting CEO Dmitrij Pruglo.

“Now that the COV token is launched on PrimeXBT, we will begin exploring new partners to bring the Covesting module to and expand its community reach globally,” added COO Tim Voronin.

The Covesting team continues to refine the Covesting experience in every way and is continually examining ways to improve platform safety or performance. New features have a strong focus on risk management due to the nature of the platform. Our most recent additions were a maximum follower cap on initial followers’ equity and a minimum equity requirement for strategy managers to further reduce the risk associated with leveraged trading.

What’s Next For Covesting, And How To Acquire $COV

After the runaway success of the Covesting copy trading module launch on PrimeXBT, Covesting aims to provide its software solution to other third-party exchanges and trading platforms through further expansion of our white labeling services as a fintech software developer.

Currently, the COV token is available on Kucoin or Uniswap under the $COV ticker, and in order to provide a seamless experience where users aren’t required to leave the platform to purchase COV, PrimeXBT will also enable the ability to allow users to buy the necessary amount of COV tokens for immediate utility activation and to get the most out of the Covesting experience.

Please note that the COV token is not available in the United States and other jurisdictions where the transactions of ERC-20 tokens and specific cryptocurrencies such as COV are prohibited by law.

To learn more, visit the Covesting module on PrimeXBT today, and stay tuned to the Covesting blog for more details as they are available.