Recently, it was launched a series of new utilities related to the Covesting module's own cryptocurrency, the COV token (COV token), which has been developed and integrated into the Convesting module, as well as the use of COV is offered to users of the module to achieve a series of powerful new benefits.
One of these benefits is the ability for strategy managers to reduce transaction costs on the Convesting module by up to 75% and we were able to achieve this, as well as forking other COV token utilities as well. has been included in PrimeXBT's Convesting module.
Recently, it was reported that one of the most important developments in the Convesting story has been released, this is for the new COV token utilities that have been integrated into the Convesting module on PrimeXBT to allow users to PrimeXBT users can access a host of powerful new utilities.
The goal of the new COV token release has been announced by the team behind Convesting as a way to provide greater value to COV token holders, to assist users in achieving optimal results. on the market, and to increase the scarcity of COV tokens over time.
Both long-term COV holders and Covesting module users look forward to the new issuance of 4 new COV token utilities as an important step in the project's roadmap and an opportunity to access a range of exciting benefits. new.
Convesting is the world's first crypto-based copy trade and it was introduced into the crypto market in 2017 with the launch of the world's leading crypto copy trading platform. Covest.io, where in that year the project saw a high demand for proposed copy trading services Covest.io was able to raise $18 million in funding.
The basic principle of Convesting is that experienced traders called "strategy managers" create the strategies and trades they want to execute and then create investment funds. peer-to-peer that the strategies are directly linked and allow others to copy the same transactions by investing in the fund.
This allows other users, called “followers”, to easily and quickly compare and analyze different strategies on the Convesting module on XP Basic to PrimeXBT to find out. strategies that best fit their investment profile and then allow them to easily and quickly invest capital in those funds.
Between 2017 and 2019, Covest.io worked on developing a series of tools and software infrastructure that will be used to bring copy trading into the crypto space for the first time, however in In 2019, it was announced that Covest.io will be partnering with the world's largest multi-asset margin trading platform, PrimeXBT, to develop a module that will be integrated into the platform.
In April 2020, the beta version of PrimeXBT's Convesting module was first launched and integrated into PrimeXBT, giving users a first-hand look at investing and access to the tools that will be core core of the Convesting module when it's released.
After a 4-month beta period, it was announced as a success after more than $1 million worth of equity was provided into various funds over the course of 4 months and the full version of the Convesting module on PrimeXBT follows. which was released in August 2020.
What are the advantages of the COV Token Utility?
Success Fees Improved
Whenever a successful and profitable trade is completed by the strategy manager, there is a success fee generated between them, their followers and the platform itself, where the success fee This is divided between the parties.
With the use of the new COV token for the first time, followers can earn a balance in their favor in relation to the success fee, getting more than the success fee for themselves and in turn increasing the revenue they generate. from their successful investments on the Convesting module.
No 1% Entry Fee (No 1% Entry Fee)
The second new utility of the COV token that is particularly beneficial for followers is the ability to eliminate the 1% participation fee that all followers are required when they select and follow a strategy manager for the first time. Firstly.
Across various trackers, this 1% reduction in participation fees can have a significant impact on overall profitability and can be an important advantage for followers using COV tokens.
New COV Token Burn Program (New COV Token Burn Program)
Up to 50% of all fees generated on the Covesting module will now also be burned as COV tokens, which have been introduced by the Covesting team to increase the value and scarcity of the new COV token.
This initiative offers COV token holders, whether they are long-term holders or Convesting users, the ability to derive greater levels of value from COV as they hold it over time.
Trading Fee Reduction
Strategy managers on PrimeXBT's Convesting module can reduce their trading fees by 25%, 50% or 75%.
This reduction in transaction fees can provide a significant advantage to strategy managers and can allow them to retain more of the revenue they generate when they use the Convesting module, which represents a significant advantage. significant advantage for strategic managers.
Now, users on PrimeXBT's Convesting module can enjoy a range of different COV token utilities that have been introduced and can be activated with COV tokens.
Any of these to new COV token utilities provide benefits and opportunities for strategy managers and followers, and all of these also work to increase scarcity. of the COV token.
MULTIPLE ORDER TYPES
Execute a variety of advanced order types such as market, limit, and stop orders, as well as take profit, stop loss, and OCO orders (one cancels the other).
EASY TO USE
The user-friendly graphical interface and tutorials makes PrimeXBT easy to use for anyone, new or experienced.
LIVE TRANSPARENT PORTFOLIO REPORTING
Access real-time portfolio metrics and position performance data right at your fingertips, from anywhere in the world.