Yield Accounts Frequently Asked Questions (F.A.Q)

What are Yield accounts? How do they work?
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! 
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What projects do Covesting Yield accounts participate in?
Covesting Yield accounts aim to participate only in the best and most reliable DeFi yield projects with the most advantageous conditions.
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Which coins can I stake?
Currently staking is available with 
ETH, 
USDT and 
USDC.
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ETH can be deposited using the following networks:
Ethereum network (ERC-20)
BNB Smart Chain network (BSC)
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USDT and 
USDC can be deposited using the following networks:
Ethereum network for ERC-20 tokens.
BNB Smart Chain network (BSC) for BEP-20 tokens.
Make sure to review our special tutorial about 'Deposits'. 
 
Is the indicated APY% guaranteed?
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. 
 
Is the APY% fixed for the duration of a staking?
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.
 
Do I book returns on staking (APY%) to my wallet daily? 
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.
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If I upgrade my membership, will this affect my APY% for currently open stakings?
No. Only new stakings, opened after upgrading COV membership, will be affected.
 
I joined the mailing list to receive additional 1% Yield during the first month. When will I receive the additional return on my stakings?
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).
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Can I add funds to an open staking?
No, however new separate stakings can be opened, as long as the maximum total staking limit is not exceeded.
 
Can I have multiple open stakings at the same time?
Yes, multiple stakings can be open at once, as long as the maximum total staking limit is not exceeded.
 
When can I open a new staking?
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. 
 
When can I close a staking?
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.
 
Can I cancel a pending staking open/close request?
No. Once a request to open a new staking or close an active staking has been placed, it cannot be cancelled.
  
Is there a minimum and a maximum amount to stake? 
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.