DISCLAIMER: PrimeXBT reserves the right to deny COV Token staking, utilities and change utility duration, fee rates or any other conditions.
The COV Token
PrimeXBT has partnered with a licensed DLT services provider Covesting to offer its users such services as Covesting Copy-trading module and Covesting Yields accounts. COV token offers a user-centric model that provides unique incentive schemes for all the members of the Covesting ecosystem. To learn more about Covesting company and COV token utilities visit Covesting.io.
COV Staking on PrimeXBT offers major benefits for users of Covesting modules: Followers of Copy-trading Strategies, Strategy managers, and users of Yield accounts. Activating a membership plan by depositing and staking COV tokens will unlock various levels of utility benefits, based on the amount of personal tokens staked.
COV tokens can also be used on PrimeXBT as collateral for leveraged trading on a Margin account or a copy-trading Strategy account denominated in COV.
Available Utility Options
Staking activates all of the following five utilities of the COV token. The offered level of benefits provided by each utility will depend on the obtained membership – Advanced, Premium or Elite:
1. Reduce or Remove Entry Fee for Followings
This utility allows Followers to receive a 50% or a 100% discount on entry fees for all Followings.
Any Followings that are started while
Elite COV membership is active will not be charged an entry fee. Followings that are started while
Advanced COV membership is active will be charged a 0.5% entry fee instead of 1%.
2. Increase Followings' Profit Share
This utility increases all Followings' profit share (by 5%, 10%, or 15%) in favor of the Follower by decreasing the platform's profit distribution share.
3. Extend or Lift Individual Following Limit
This utility increases a Follower's maximum Following limit (x2, x3, or unlimited) per each separate Strategy.
4. Reduce Trade Fees for Strategy Managers
This utility reduces trade fees for all trades within a Strategy (provides a discount of 10%, 20%, or 30%).
5. Reduce Trade Fees on COV-denominated Margin accounts
This utility provides an unconditional 25% discount on trade fees on COV-denominated Margin trading accounts.
6. Increase Crypto Staking Yield APY%
This utility increases APY% of crypto stakings (x1.25, x1.5, or x2) on Yield accounts.
To deactivate a membership plan and unlock COV tokens a Follower must first close all active Followings.
Staking COVon PrimeXBT allows users of Covesting modules: Copy-trading and Yield – to gain access to exclusive benefits and utilities within the Covesting ecosystem by locking (staking) a set amount of COV tokens.
Based on the membership plan chosen –
Elite – a set amount of tokens are locked in the Wallet and the corresponding utilities are unlocked:
A membership plan and the associated utilities will remain active until the membership is deactivated by the Covesting user.
How to Activate a COV membership
To activate a COV membership plan, navigate to the 'My COV' page:
1. Choose your membership and click 'Activate' under the desired plan;
2. In the pop-up window, check the parameters of the selected membership plan – tokens to be locked and the utilities granted upon activation.
to lock in the required COV tokens and activate your Covesting utilities.
How to Upgrade a staking membership plan
If you already have an active membership and wish to upgrade to a more advanced plan – simply click the 'Activate' button under the new membership plan to lock the remaining amount of tokens required for the new membership plan.
The upgrade is made at the current COV exchange rate: if your locked COV tokens have appreciated in value – the upgrade will be cheaper due to the increase in COV value (or even free in the case of significant increase of the token's price)
Downgrading a membership plan is not possible currently. To select a lesser membership plan, the currently active membership plan must first be deactivated.
How to Deactivate a staking membership to unlock COV tokens
To deactivate a membership plan and unlock your COV tokens:
1️⃣ Click the 'Deactivate' button:
2️⃣ In the pop-up window, click 'Deactivate' to confirm that you wish to deactivate your membership and disable all active utilities:
To deactivate a membership and unlock COV tokens a Covesting user must first close all of their active Yield accounts and Followings in Strategies:
Once you've deactivated your membership, the locked COV tokens will be unlocked and all active utilities will be disabled.
Alternatively, COV tokens can also be purchased through the following third parties:
A centralized exchange. Smaller purchases in amounts sufficient for utility activation would not require KYC verification. Please check Kucoin's T&C before opening an account and purchasing COV.
Available trading pairs include COV/USDT, COV/BTC, and COV/ETH.
Uniswap is a decentralized protocol for automated liquidity provision on the Ethereum blockchain. No registration is required, ETH can be swapped for COV and vice versa automatically via a Uniswap smart contract.
Available swap pair is COV-ETH.
Covesting aims to burn up to 50% of the fees generated by their Copy-trading and Yield modules at random intervals.
Token burn statistics, as well as the associated burn transaction IDs on the blockchain are reflected on the COV Token page as well:
DISCLAIMER: PrimeXBT reserves the right to deny COV Token staking, utility, and change utility duration, fee rates or any other conditions.