What is (COV) Token?
COV is a utility token designed to be used by members within the Covesting ecosystem. All Covesting B2B solutions are scalable and can be easily integrated into third-party platforms. COV tokens are used to receive multiple benefits and discounts, therefore demand for COV correlates with the combined activity on all supported platforms. This page gives an overview of all existing and upcoming utilities of the COV token.White paper
|Total supply||20 000 000 COV|
|Total burned||- COV|
|Remaining supply||18866825.21 COV|
COV Token Utilities
COV token offers a user-centric tokenomics model that provides unique incentive schemes for all the members of the Covesting ecosystem. When locking COV tokens — users are granted Advanced, Premium or Elite membership status to enjoy a wide range of benefits, rewards and discounts. Such mechanism further supports deflationary nature of COV token.
Lower Fees, Higher returns
By holding COV tokens, Copy-trading platform users reduce their trading fees, and improve their revenue share from all profitable trades.
COV token holders earn higher (up to 2x more!) returns on USDt, ETH, USDc and other digital assets available in the Covesting Yield Accounts service.
We allocate part of all earnings to a systematic token burn program. By ‘burning’ COV, we reduce total supply and support deflationary nature (scarcity) of the token.
COV token holders who have activated one of three membership plans get the most out of Covesting ecosystem. Loyal COV community members enjoy higher profits and multiple benefits across all supported products.
At Covesting we never stop moving forward and adopting to whatever this dynamic industry brings us. To provide more transparency to our community members, and bring clarity regarding further Covesting ecosystem development priorities, we have put together this roadmap.
Copy-trading module development
Covesting successfully releases its flagship product – The Copy-trading module. This innovative tool allows users to choose among the best performing traders and automatically copy their trading activity.
B2B Partnership. Product integration
Covesting partners with one of the fastest growing margin trading platforms – PrimeXBT to launch Copy-trading module.
COV token integration
- COV token utility integration takes place across all products
- COV token burn mechanism released
- COV token treasury operations launched — secure deposits and withdrawals for all existing and future partnerships
- CPA and referral program integrated for Covesting Copy-trading
- Rating/star system based on multiple metrics introduced
- Historical performance column charts for months/days released
- ‘Verified’ status for managers who passed KYC released
- Option for strategy managers to show their trading history released
- Take profit feature for followers introduced and much more..
Risk management Improvements
- Trading and risk management related metrics such as win/loss rate, drawdown etc. go live
- Risk management — max. following limits are introduced
- Risk management — grades are introduced
- Stop-loss feature for followers is released
- Public margin utilization chart released
Covesting Yield accounts development
Covesting successfully debutes Yield Accounts service which allows anyone to earn daily interest on their digital assets. This product offers users with little technical knowledge to benefit from yield-generating instruments that have become so popular in recent times and participate in DeFi economy with ease.
B2B Partnership. Product integration
PrimeXBT proudly announces the launch of Covesting Yield Accounts on its multi-asset platform
COV memberships tiers Adjusted
Amounts required for COV membership activation are reduced. New amounts: Advanced - 250$*, Premium $2,000*, Elite - $20,000*. Amounts required for COV membership activation are reduced. New amounts: Advanced - 250$*, Premium $2,000*, Elite - $20,000*.
* Equivalent in COV tokens
Launching COV denominated Strategies
Copy-trading platform users will be able to launch strategies denominated in COV. Followers are able to follow such strategies with COV.
Launching COV margin trading accounts on PrimeXBT
PrimeXBT platform users will be able to open margin trading accounts denominated in COV and automatically save 25% on all trading fees when trading on these accounts.
Utility: Higher profits for Followers holding COV
COV token utility improved for Covesting Copy-trading module. Followers will receive higher profit distribution depending on their COV membership tier rather than initial following equity
Utility: Higher profits for Strategy managers holding COV
Additional COV utility for strategy managers in Covesting Copy-trading module introduced. Strategy Managers who have activated Elite membership will get a 25% profit share instead of a standard rate of 20%
Utility: Higher profits for COV denominated strategies
Copy-trading platform users will benefit from higher profit share when launching and/or following COV denominated strategies. Strategy managers will get a 25% profit share while followers will enjoy 75% profit share
Additional protocols for Covesting Yield accounts
Additional DeFi and CeFi yield-generating protocols are connected to improve returns on the most popular digital assets.
Utility: Improved profit share when the payout currency is COV (for followers)
Every time a user stops following a strategy (denominated in any currency such as BTC, ETH, USDT etc.) he/she will be able to choose the payout currency. If COV is chosen as a payout currency – the maximum profit share of 75% will be applied on all generated profits.
Utility: Improved profit share when the payout currency is COV (for strategy managers)
Every time a trader decides to close his strategy (denominated in any currency such as BTC, ETH, USDT etc.) he/she will be able to choose the payout currency. If COV is chosen as a payout currency – the profit share of 25% will be applied on all generated followers’ profits, instead of 20%.
Earning interest on COV Holdings
Elite COV members get an exclusive opportunity to stake their COV tokens in Covesting Yield Accounts and get daily rewards.