What are the benefits of Covesting Yield Accounts? Covesting Yield Accounts will allow users to generate passive income through staking on cryptocurrency held in the user’s PrimeXBT account. Initially, this will include USDC and USDT, but plans are in place to offer BTC and ETH, as well as other large caps in the future.
Staking is a low-risk method of increasing your holdings. By staking through the Covesting Yield Account, your holdings will grow over time and with little effort on your part.
A significant benefit of the Covesting Yield Account is it happens through the trusted PrimeXBT platform. That way, there’s no need to dive deep on staking technicalities or do it through multiple different wallets and websites.
It costs as little as $100 to get started, and interest is added on a daily basis.
The COV token is the center of the Covesting module at PrimeXBT. The firm recently announced some updates to bring better usability and improved user experience. Just take a look at the released blog.
A summary of updates include:
- Increased profit share
- Reduced strategy entry fee
- Increased individual following limits
- Up to 30% trading fee discount
All of this is available by holding the COV token.
I believe the updates and added features will likely cause a surge in demand for the token.
A rundown of the COV tokenomics shows a low circulating supply of just 20 million, making it much scarcer than many other projects. Now is an excellent opportunity to get in, considering its profit potential.
It’s a finished working product, PrimeXBT is a regulated and licensed platform, and best of all, it has a low market cap of just under $14 million, meaning the potential to grow is massive.
In line with the staking feature on Covesting Yield Accounts mentioned before, holding the COV token gives users increased staking profits. Developers have been talking about this for a few months, but they’ve finally delivered on that.
The development team is active and working on new features and ways to improve COV.
This gives me confidence that the team behind the project has a long-term vision, plus it’s another reason to get in on COV.
Back to tokenomics and scarcity, they’ve added token burning to reduce the supply. Take a look here:
More than 500,000 tokens have already been burned using profits from the Covesting module.
You should check out the Telegram chat as well. There’s a friendly community of traders there, just like you, willing to help out and chat about what’s happening in the markets.
I foresee all of these features I mentioned converging to boost the price when everything kicks in. The team, the real-world utility, and the community make this one of the more promising projects out there.
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