PrimeXBT seeks to make staking COV, Covesting’
native token, easier.
COV staking is a relatively new feature that allows users of the Covesting copy trading module in PrimeXBT
to get the most out of their experience
From the moment the feature was launched, it has garnered interest from both token holders and Covesting users, however, obtaining COV tokens was not always as easy as it is today, PrimeXBT
claims and explains:
“It is now possible to purchase COV tokens directly through the PrimeXBT dashboard, which means users can now obtain COV and start staking tokens with just a few clicks, and all without having to leave the platform”. Here’s more information about the exchange
‘s new service, which now includes COV tokens and how users can take advantage of this new feature.
Users can now buy COVs through the exchange tool on PrimeXBT
PrimeXBT revealed that it made an update to its recently launched Exchange Service Tool, which allows users to exchange one type of cryptocurrency for another. For example, if a user obtained BTC through the platform’s referral program, but prefers to trade a stablecoin for the base margin account, such as USDT, the user can exchange BTC for USDT
. The tool offers a real-time look at valid exchange rates for a limited time.
The Exchange Service tool has now been updated to include COV token support across COV/BTC and COV/ETH trading pairs. COV is the native utility token of the Covesting ecosystem. Covesting users can now purchase COV tokens for staking within the Covesting section of PrimeXBT. COV
token staking unlocks a wealth of account-level enhancements and utilities that both followers and strategy managers can take advantage of.
PrimeXBT: “We make COV token COV token staking simple for everyone”.
Explains PrimeXBT, users no longer have to visit KuCoin or Uniswap to get their COV tokens , eliminating a necessary step in unlocking the full set of account-level utilities. Instead, users can exchange BTC or ETH for
COV tokens directly from the PrimeXBT dashboard and start accessing Premium, Advanced and Eliteaccounts.
Each of the three tiers above Standard offers increasing levels of benefits, says PrimeXBT and exemplifies that discounts on trading fees increase from 10% to 20% to 30% depending on the total number of COV tokens locked. He adds that strategy managers can also improve their follower limits, while followers can bolster their profit share and eliminate any and all new follower fees.
PrimeXBT: “How COV token staking benefits the Covesting ecosystem.”
As PrimeXBT points out, this not only benefits users of the Covesting platform, who can possibly be more profitable overall with all the utilities unlocked, but with VOC staking more accessible to all, there is significant profit potential for the entire ecosystem.
He explains that “VOC tokenomics includes a deflationary mechanism where developers burn a portion of the fees generated by the Covesting module, removing them from the circulating supply. With supply already much lower than Bitcoin burning tokens and taking them out of circulation through staking, the Covesting team has created a unique proposition for the cryptocurrency market. With supply dwindling and more users now able to lock down their VOC, it might be time to try out the new Exchange tool on PrimeXBT.”
Text and image by PrimeXBT
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