Yield Accounts Frequently Asked Questions (F.A.Q)
Yield accounts allow you to connect to and participate in numerous DeFi yield generating applications through a mechanism called Staking.
Staking products allow for a high variable rate of return on idle crypto assets, otherwise known as an APY. The blockchain-based solution provides returns for those that lock up their crypto assets for a period of time. The more assets and/or the longer the stake period the higher the returns.
Covesting Yield Accounts do all the hard work of searching for staking opportunities so you don’t have to. This means there is no need for a technical background in the space — and you can get started with as little as $100 in just a few clicks!
Covesting Yield accounts aim to participate only in the best and most reliable DeFi yield projects with the most advantageous conditions.
Currently staking is available with
ETH can be deposited using the following networks:
- Ethereum network (ERC-20)
- BNB Smart Chain network (BSC)
USDC can be deposited using the following networks:
- Ethereum network for ERC-20 tokens.
- BNB Smart Chain network (BSC) for BEP-20 tokens.
Indicated APY% is an average value based on the APY% of all DeFI projects included in the Covesting Yield portfolio.
Actual APY% for an open staking can be higher or lower based on demand and supply, as well as other market related factors such as volatility, lending or trading volumes etc.
APY (interest) is never fixed because rates vary on a daily basis depending on demand and supply, as well as other market related factors such as volatility, lending or trading volumes etc.
PrimeXBT collects yield returns from the participating DeFi projects periodically. However, the frequency of the yield collection depends on the DeFi project rules in which PrimeXBT participates. As soon as a collection has been performed, the earnings will be added to and reflected in your Yield account.
It is important to keep in mind that the earnings reflected for open stakings is purely indicative. The initial staking amount and calculations of actual final earnings, if any, are realized and added to your Wallet only upon the closure of the staking.
No. Only new stakings, opened after upgrading COV membership, will be affected.
Additional 1% Yield generated on your stakings during the first month after the launch of Yield accounts will be credited to your Wallet in the end of the month (after November 6th, 2021).
A request to open a new staking can be placed at anytime throughout the day and will remain pending until processed. All pending requests are activated once a day, at 00:00 UTC.
A staking closure request can be placed at anytime throughout the day and will remain pending until processed. All pending closure requests and corresponding calculations are processed once a day, at 00:00 UTC.
No. Once a request to open a new staking or close an active staking has been placed, it cannot be cancelled.
The minimum staked amount for each separate currency is: 0.04 ETH, 100 USDT, and 100 USDC. The maximum staked amount for each separate currency is: 12 ETH, 50,000 USDT and 50,000 USDC.