In the ever-evolving crypto market that never sleeps, new trends and coins are popping up every passing day. The recent decentralized finance explosion has only hastened the pace at which fly-by-night coins are being created.
At the same time, however, the booming bandwagon has also shed light on long-time projects coming out swinging with new life and shaking up the cryptocurrency market. Take Ethereum trading for example–the crypto asset has recaptured the bullish momentum of the ICO movement.
Another token – the COV token – born during that last significant boost to the crypto market has taken the long crypto winter to develop a strong foundation which is önow at the core of the Covesting copy trading platform, recently debuted on the award-winning Bitcoin margin trading platform PrimeXBT. Here are the five most important benefits the ERC-20 DeFi token COV brings to the copy trading platform and decentralized finance space.
Trading Fee Reduction
The COV utility token was designed first and foremost with fee reduction in mind. Fees regularly eat into trader’s profits. Each successful trade closed using the Covesting copy trading module takes a commission from the profits generated, then part of the profits go to the strategy manager and the follower. While finalized tiers have yet to be determined, increasing levels of COV tokens held can lower rates by as much as a 10% to a 100% discount.
Improving Success Fee Percentage
In addition to lowering the trading fees for strategy managers doing the trading, the more COV tokens a follower stakes, a larger share of the success fees generated from each strategy manager’s winning trades will go back to the follower. By improving the profitability for followers, followers will be more apt to consider following other strategies and reinvesting any capital