How does the burning of COV tokens work under PrimeXBT?

Covesting has been one of the most recognizable trends in the crypto space in recent years, as it enables its users to collaborate in a way that opens up new opportunities to reduce risk and generally leads to better results in the marketplace.

In the past few weeks, a number of radical changes to the Covesting module have been announced on PrimeXBT, with 4 new token uses for Covesting’s native cryptocurrency, the COV token, at the center of these changes.

One of these new uses of the COV token, in particular, is the ability for holders to now take advantage of a new token burning program where the COV token is regularly bought and burned on the open market to analyze the impact of this new use of the token as well as the others that were recently introduced.

What is Covesting?

Covesting is a system that allows cryptocurrency traders and investors to come together, pool their resources, and enable more experienced and knowledgeable traders to create trades that can be copied by the rest of the group.

In this way, less experienced members of the group can leverage the experience of the leading operator to reduce risk and have a higher likelihood of their capital being invested profitably in the cryptocurrency market while allowing the leading operator to generate additional income. thanks to a success rate of 20% of the other group members.

The Success Fee is applied to any profits made by the Leading Trader, also known as the Strategy Manager, on behalf of the rest of the group. This system is an efficient and optimized way to work together in the crypto room.

What is the COV token?

The COV token is the native cryptocurrency of the Covesting ecosystem. Following its launch by in 2017, the COV token quickly hit its all-time high of $ 3.28 that year.

Over the past 12 months, the COV token has seen growth of over 1,000%. This shows that it was one of the top performing altcoins in 2020, and it has made investors and analysts wonder if the token is there, COV will remain one of the best performing assets in 2021.

Now users of the PrimeXBT Covesting module can hold and use the COV token to unlock a number of benefits that optimize the use of the Covesting module and ultimately lead to higher revenue generation.

What is copy trade?

Copy trading was launched almost 15 years ago in the traditional asset market with pioneers such as eToro, who initially developed platforms based on copy trading, the acceptance and popularity of which increased rapidly during this time.

Copy trading is a practice carried out by some traders that allows others to copy the operations carried out in the market, usually with historical data on the managing trader’s performance available to potential investors and with a trade that enables others to copy your strategies to generate additional income.

While the crypto market began in 2009, it wasn’t until Covesting’s launch in 2017 that trading in copies became meaningfully available to cryptocurrency users. Covesting is now growing and will become the largest form of copy trading in the crypto market in 2021.

The recent launch of the COV usage token

A number of new applications of the Covesting COV token have recently been created and integrated into PrimeXBT’s Covesting module to enable users to unlock a number of powerful new features.

The new uses of the COV token include the possibility that followers do not have to pay a 1% participation fee to follow new strategy managers, the ability of the followers to earn more with the success rates generated Strategy managers can reduce their trading fees by up to 75 % and introduce the new program for burning COV tokens, in which up to 50% of the fees generated in the Covesting module are used to buy and burn COV tokens.

These new uses of the COV token represent one of the most exciting developments in Covesting history and have been widely and enthusiastically received by the module community and longtime COV owners.

Surprise token burning and the upcoming regular token burning

To celebrate the new use of the COV token, the team behind Covesting surprised the market by buying and burning 186,127 COV tokens with an approximate value of $ 124,000, which is almost 1% of all COV tokens in existence.

Given that such a large amount of VOC tokens are being taken off the market forever, it is no wonder that there is an immediate positive reaction in the market. The growing shortage of VOC tokens is reflected in market actions where investors wanted to look for quantities of VOC. What is related to this increase in demand with the significant reduction in total VOC present?

This has been combined with the launch of a new VOC token burning program, where VOCs are continuously and regularly purchased and burned, with up to 50% of all fees in the Covesting module for buying VOCs in the market to burn it .

in total

The 4 new uses of the COV token that will be integrated into PrimeXBT’s Covesting module have a dramatic and lasting impact on the COV shortage and the value that Covesting users can access on the platform.

The surprising burning of nearly 1% of all VOC tokens recently, combined with the launch of a new VOC token burning program that uses up to 50% of all fees generated on PrimeXBT to buy and burn VOCs on The Open Market will have a dramatic impact on reducing the supply of VOCs.

These burns for the COV token are now effective in the PrimeXBT Covesting module. For more information on the new uses of the token, see this link.

Click to rate this entry!
(Votes: 0 Average: 0)

Leave a Comment