Using COV Token to Unlock Discounts and Bonuses

DISCLAIMER: PrimeXBT reserves the right to deny COV Token utility and change utility duration, fee rates or any other conditions.

The COV Token

The COVESTING Token (COV) is an ERC20 utility token built on the Ethereum blockchain, designed to be used by members within the Covesting module.

COV utility offers major benefits for Covesting Followers as well as Strategy managers. Activating a desired utility by redeeming COV tokens will grant the corresponding benefits for a period of 30 days.

Available Utility Options

Currently there are 3 utility options available: Reduced trade fees, entry fees and success fees.

Utility will remain active for a period of 30 days after activation. Upon the expiration of the 30-day period, it will be disabled after which it can be reactivated again.

1. Reduced Trade Fees for Strategy Managers

Activating this utility allows Strategy Managers to reduce trade fees for all trades within a Strategy by 25%.

If you close the Strategy while the utility is still active, the utility will be retained and available for your next Strategy when you open it, until the utility's expiration date.

This utility can be activated even if you do not have an open Strategy at the moment. Do not activate this utility unless you intend to become a Manager and open a Strategy, as the activation fee would not be refunded.

2. Remove Entry Fee for Followings

Activating this utility allows Followers to receive a 100% discount on entry fees for all Followings. Any Followings which are started while this utility is active will not be charged a 1% entry fee.

3. Reduced Success Fee for Followers

Activating this utility increases all Followings' profit share by 5% in favor of the Follower by decreasing the platform's profit distribution share by 5%.

All Followings which are started while this utility is active will benefit from the increased profit share regardless of when these Followings are stopped.

In other words:

  • This utility must be activated before a Following has been started to eliminate the 1% entry fee for Followings;

  • It does not matter when you stop a Following. If it was started when the utility was active, there will be extra 5% of Profit share distributed to you when you stop the Following (provided it has been stopped with profit).

Where to obtain COV Tokens

Currently COV tokens can be bought on:

Kucoin: 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/BTC and COV/ETH.

Uniswap: 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.

Quick Purchase:

Alternatively, COV can also be bought instantly with BTC from your Wallet when activating utility (see explanation below).

How to Activate Token Utility

Navigate to the COV Token page of your account. Here you will find all currently available token utility options:

To activate a utility:

  1. Choose the utility that you wish to activate

  2. Review the conditions of utility activation

  3. Click a correspondingbutton

  4. Select payment method: - COV - redeem COV tokens directly from your COV token wallet to activate utility - BTC - instantly buy COV tokens and redeem them to activate utility

5. Click 'Activate' to activate the selected utility. Once a particular utility has been activated, its 'Active' button will be replaced with an 'Active until' date:

Upon utility activation, the fee is immediately withheld from the Covesting Wallet or regular account Wallet. Token utility will remain active for 30 days after activation.

Token Burn

Covesting aims to burn up to 50% of the fees generated within its copy-trading module at regular 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 utility and change utility duration, fee rates or any other conditions.