PrimeXBT is launching Covesting Yield Accounts
Covesting Yield Accounts allows users to participate in the DeFi boom by earning staking income on cryptocurrency held in their PrimeXBT account. At first, cryptocurrencies on offer are USDC and USDT. But large caps are coming soon.
Like Yearn Finance, it connects different DeFi yield protocols to give the highest possible returns on your crypto. But there’s no manual adding of liquidity pairs or any need to deal with liquidity provider tokens. All of this takes place under the hood to give users an easy click and forget method.
Doing this is preferred to traditional banking with its meager rates of interest, which typically less than 1%. What’s more, there is no lock-in period, and you can withdraw funds anytime with interest added daily.
The COV token is a utility token that unlocks benefits such as trading fee discounts and profit-sharing. In a bid to increase demand for COV, developers have introduced new features to benefit token holders.
Take a look at the blog.
The first change is the addition of staking. Users can now earn additional tokens by staking their COV holdings. Payouts depend on the membership tier of the user.
COV staking used in conjunction with a Covesting Yield Account will generate a massive APY boost of up to 2x above standard variable rates.
For more advanced users, COV liquidity pairs will open up on Ethereum’s UniSwap and Binance’s Smart Chain network. To facilitate interoperability between the two chains, a bridge will be built between both platforms to switch ERC-20 and BEP-20 tokens easily.
Add to that a burn program that has already captured and burned $500,000 COV tokens, and the team expects the deflation aspect to increase the value of COV. You should also pay a visit to the Telegram chat as well. There’s a friendly community of traders there, just like you, who are willing to help out or chat about what’s going on in the markets.
With the addition of these changes, COV token holders now get multiple benefits, discounts, and account enhancements that significantly boost profitability and improve the Covesting experience.
The thinking behind the improvements is to reinforce utility and foster increasing demand as the Covesting ecosystem develops with a long term view on providing value for token holders.
With everything combining, the team, the real-world utility, and the community, I can see big things happening for the Covesting platform. Now is an excellent time to look into the benefits for yourself.
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