Covesting Highlights Increased Utility of COV token in 2022 Roadmap
Covesting, a European licensed DLT services provider and B2B software developer, has further highlighted the functionality and of its COV token in a new 2022 roadmap that further spells out more utility for the token.
After successful launch of its peer-to-peer copy trading module on PrimeXBT earlier in the year Covesting went on to launch the full implementation of its COV token utility and functionality for users of the copy trading module to take advantage of.
Now, as the company starts to look ahead to 2022, with a newly released roadmap, there is additional utility users can expect from the token next year.
However, the other news from the firm is that it is launching a aYield accounts service, which allows users with minimal technical expertise to participate in the DeFi staking economy and earn a variable APY interest rate on their idle crypto holdings with only a single click.
The Yield Account Service is built as a standalone software module that is available to third-party platforms for integration. This was the case with PrimeXBT, who have already implemented this service on their platform.
Covesting Future Roadmap Revealed
In the roadmap, there are certain mentions of new functionalities with COv, as well as other plans and even a look back on the growth through 2021.
Covesting mentions that firstly, it will be allowing more users the chance to take advantage of the benefits of the COV token by reducing the required amount of tokens required for membership activation.
Advanced memberships will become $250, while Premium memberships will become $2,000, and Elite memberships will drop to $20,000 equivalent in COV tokens.
Additionally, there will be the ability to create COV-denominated strategies and followers will be able to follow these COV token-denominated strategies with COV. To make COV an attractive base currency, followings and strategies denominated in COV will receive a higher profit share, with 75% and 25% respectively, explains Covesting.
PrimeXBT platform users will be able to open margin trading accounts using COV as the base currency and margin collateral, which will automatically enable 25% on all trading fees while using COV-denominated accounts. And, copy-trading platform followers will receive a higher profit distribution depending on their COV membership tier, rather than initial following equity.
Covesting also states that if COV is chosen as the preferred payout currency, the maximum profit share of 75% for followers and 25% for strategy managers will be applied. And finally, elite Covesting members will receive an opportunity to stake their COV tokens in Covesting Yield Accounts and get access to daily rewards.
Covesting have also highlighted their journey since their inception in 2017 to a fully functional feature that generates millions of dollars in profits for followers. This past year they have continued to improve and implement changes for the betterment of their users.
They have added several updates to the copy trading module aimed at creating a safer environment for all users. A max following limit was introduced as well as grades, a public margin utilization chart, and a stop-loss feature for followers.
There has also been a focus on community feedback as Covesting state they made updates based on user data, community feedback, and Covesting team innovations.For example, one update they mention to the margin allocation chart makes the data more digestible and actionable.
A verified status has also been added for strategy managers who have passed KYC and a take-profit feature lets followers lock their unrealized gains.