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PrimeXBT Makes COV Staking Easier With Direct COV Token Purchase

ByLouis Adams

Aug 12, 2021
Reading time: 2 minutes

PRESS RELEASE. COV staking is a relatively new feature that lets users of the Covesting copy trading module on PrimeXBT get the absolute most out of their experience. From the moment the feature was launched, there was no denying the value it offered token holders and users of Covesting alike, however, obtaining COV tokens wasn’t always as easy as it is today.

Purchasing COV tokens is now possible directly through the PrimeXBT dashboard itself, which means that users can now get COV and begin staking tokens in just a few clicks, and all without having to leave the platform at all. Here is more about the new Exchange service, which now includes COV tokens, and how users can take advantage of the value unlocked.

Users Can Now Purchase COV Via PrimeXBT Exchange Tool

PrimeXBT has revealed that an update has been made to their recently launched Exchange service tool, which lets users swap one type of cryptocurrency for another. For example, if a user earned BTC through the platform’s referral program but prefers to trade with stable base margin account currency like USDT, the user can exchange BTC for USDT. The tool offers a real-time look at exchange rates valid for a limited time.

The Exchange service tool has now been updated to include COV token support via COV/BTC and COV/ETH trading pairs. COV is the native utility token to the Covesting ecosystem. Covesting users can now purchase COV tokens for staking within the Covesting section of PrimeXBT. COV token staking unlocks a bevy of account-level enhancements and utilities that both followers and strategy managers can take advantage of.

PrimeXBT Makes COV Token Staking Simple For All

Users no longer have to visit KuCoin or Uniswap to get their COV tokens, eliminating a step necessary for unlocking the full suite of account-level utilities. Instead, users can Exchange BTC or ETH for COV right from within the PrimeXBT dashboard and begin accessing Premium, Advanced, and Elite accounts.

Each of the three levels over Standard offers increasing levels of benefits. For example, trading fee discounts rise from 10% to 20%, and 30% depending on total COV tokens locked. Strategy managers can also improve their follower limits, while followers can bolster their profit share and cut out any and all new following fees.

How COV Token Staking Benefits The Covesting Ecosystem

Not only does this benefit users of the Covesting platform who can possibly be more profitable overall with all utilities unlocked, but with COV staking more accessible to all, there is potential for significant benefit for the entire ecosystem.

COV tokenomics include a deflationary mechanism where the developers burn a portion of fees generated by the Covesting module, removing them from the circulating supply. At a supply already much lower than Bitcoin’s that burns tokens and takes them out of circulation through staking, the Covesting team has created a unique proposition for the crypto market. With the supply diminishing and more users now able to lock up their COV, it might be time to take the new Exchange tool on PrimeXBT for a test ride.