Covesting 2021–2022 Roadmap: New COV Token Utilities And Much More
As we draw closer to the end of the year, we are once again finding ourselves looking ahead, focused on what is next for the Covesting team and community at large.
Our vision remains ambitious. As such, we wanted to review the past roadmap of accomplishments and lead into the several updates and improvements we will be rolling out through the rest of the year and into the new year.
Copy Trading Module And General Improvements
Covesting has come a long way from the early copy trading concept created back in 2017 to today. The Covesting copy trading module has evolved into a fully functional feature that generates millions of dollars in profits for followers that rely on the innovative service.
The module also regularly receives updates based on user data, community feedback, and Covesting team innovations. For example, a recent update 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, a take profit feature lets followers lock their unrealized gains, and much more.
We take our role in the global finance industry seriously, especially around safety and security. That’s why Covesting has 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.
Covesting became one of the first-ever companies in the cryptocurrency industry to be granted a DLT license for a reason. We are pioneers in DLT software development who offer cutting-edge solutions that are built to service the new economy.
B2B Partnerships And Product Integration
As a B2B software developer, any and all of Covesting’s solutions can be integrated into other third-party partner platforms, wallets, exchanges, and other businesses where synergies can be found.
This business strategy allows Covesting to help other companies release ready-made, battle-tested software solutions that are proven to bolster user acquisition and retention goals, and improve overall user experience. At the same time, Covesting immediately benefits through the exposure to the existing user base of the platforms and companies we establish a partnership or agreement with.
The decision to pivot the Covesting business to a B2B provider has proven to be an effective move. Rather than investing in our own user growth, the user base grows naturally through the expansion of the partners.
Covesting has already partnered with one of the fastest-growing companies in the industry — PrimeXBT — to launch the first instance of the Covesting copy trading module. The partnership truly allowed us to bring outstanding awareness to the Covesting brand, properly test all our solutions in a live and active production environment, and receive all the necessary feedback from engaged users who helped shape the product and make it ever better over time.
Covesting Yield Account Development And Debut
Apart from our flagship product — the copy trading module — Covesting has also launched a Yield 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. Covesting Yield accounts connect users directly to popular DeFi applications like Curve, Uniswap, and Compound.
Covesting Yield accounts are also a standalone software module that is available to third-party platforms for integration. The solution caught the attention of existing B2B partner PrimeXBT shortly after development began. The integration into the award-winning platform was relatively fast, allowing a further boost to user acquisition and another unique advantage to offer to clientele.
Behind the curtains, development is a highly technological and complicated process. Our team works around the clock to improve the performance of all systems and ensure our products offer a solid value proposition and positive user journey from start to finish.
We hold our heads highest and take the most pride when our software releases show the quality, performance, and usability that the industry and its users deserve. We are excited to see what the future brings us next, and we are more eager than ever before to begin the development of exciting new tools and features going forward.
COV Token Ecosystem, Integration, And Tokenomics
The Covesting (COV) utility token is designed to be used by members of any software solution that Covesting develops. As the backbone of the Covesting ecosystem, COV offers unique incentive schemes for a new generation of investors and traders to take full advantage of.
Whether it is a trading fee discount in the Covesting copy trading module or improved staking yields within the Covesting yield account module, the COV token plays an integral role.
One of three membership plans can be activated by staking a certain number of COV tokens: Advanced, Premium, or Elite. Depending on the membership plan chosen, users will gain access to an exclusive set of benefits and utilities for use within the Covesting ecosystem of products.
In summary, the COV utility token offers multiple utilities to token holders geared toward boosting profitability across all Covesting products and services across the board — and any new services that release in the future.
Apart from the existing utilities available to Covesting users and the upcoming utilities to be described in the roadmap below, the Covesting team allocates up to 50% of all fees generated by Covesting products at randomly selected intervals. For more information about Covesting, COV token utilities, and to view all historical token burn data, please visit covesting.io.
As we stressed earlier, all Covesting B2B solutions are scalable and easily integrated into third-party platforms. Therefore, demand for COV directly correlates to the combined activity on all supported platforms.
The roadmap we are revealing below includes significant token utility upgrades that we believe going forward will bring more demand for COV tokens and greater usability. As always, the Covesting team takes inspiration from the feedback provided by the community when developing new utilities.
We listen to members’ feedback, as the community’s voice is critical for crucial decision-making. Data and analytics never lie, so we largely rely on those factors when making important business decisions as well.
It is also worth noting that the Covesting team remains the largest COV token holder, so rest assured we are highly motivated to make Covesting a successful, scalable business where COV token value represents the quality and growth of all of the products within its ecosystem.
The roadmap below will provide some visibility into the next several months of development into 2022 and how COV token utility is expected to improve over time.
Covesting Future Roadmap Revealed
To provide more transparency to our community members and clarity regarding further Covesting ecosystem development priorities, we have created this product roadmap.
Those who have been following the Covesting project from the very beginning have witnessed first-hand how we have methodically followed such a roadmap to improve our products all along. We are proud of our accomplishments, and the achievements have been all possible due to our talented team of engineers, loyal partners, and of course, the community of long-term project supporters.
For those who have recently discovered Covesting — you have found us at one of the most exciting times to become a part of our active community. The quality of our products speak for themselves with volume, and at this point, tools such as the Covesting copy trading module need no introduction.
Here is a tentative roadmap that helps to briefly understand our current, near-term future plans.
COV Token Membership Tier Adjustments
As the Covesting ecosystem continues to scale, accessibility becomes a greater focus due to a larger variety in user base, each with different levels of income and capital. To allow more users to take advantage of the incredible benefits the COV token unlocks, Covesting is working on reducing the required amount of COV 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.
COV Token-Denominated Strategies
Currently, Covesting copy-trading platform users can create a separate strategy account for each type of base cryptocurrency offered, including BTC, ETH, USDT, and USDC (depending on the partner). In the future, users will be able 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.
COV Margin Trading Accounts
Due to continued B2B partnership with PrimeXBT, 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. This unprecedented value is only possible with COV.
COV Membership Tiers Offer Higher Profits
Several new utilities are planned, each geared toward enhancing user profitability through the COV token. Copy-trading platform followers will receive a higher profit distribution depending on their COV membership tier, rather than initial following equity. Strategy managers holding COV and activating the Elite membership tier will receive a 25% profit share over the standard 20% rate.
Improved Profitability If COV Is A Payout Currency
For non-COV denominated strategies (BTC, ETH, USDC, and others) both follower and strategy manager will be able to select the payout currency for their profit share when closing out a following (or a strategy). 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.
Additional DeFi And CeFi Protocol Integration For Yield Accounts
Currently, Covesting Yield Accounts connect to some of the most popular DeFi protocols today, such as Yearn.Finance, Uniswap, and more. In the future, more protocols will be added, as well as a connection to several CeFi (centralized finance) platforms. Through greater accessibility, the highest rates and greatest amount of options for users will be possible.
Earning Interest On COV Token Holdings
And finally, Elite Covesting members will receive an exclusive opportunity to stake their COV tokens in Covesting Yield Accounts and get access to daily rewards.
Please note that if new ideas that significantly impact the business are presented, we may shift the order of priority. We never know where this dynamic industry will take us next, so it is important to know we are here for the long run and will adapt to whatever the future brings next. We also do not plan to stop development even after we finish these major development milestones.
Due to the fact that Covesting operates on a B2B model, licensing its innovative technology to third-party providers such as PrimeXBT, we are primarily dependent on partner development plans, speed, security protocols, and compliance requirements. Therefore, the release of specific features can take longer than expected. However, such partnerships bring much more value in long-term, and we believe that any third-party integration is totally well worth waiting for.
We have not included enormous tasks such as bundling a spot exchange into a B2B product because, at the moment, it is too challenging to evaluate how much time this might take. But, we will undoubtedly provide more updates about the product’s development in the future.
Learn more about Covesting, COV token, and where to buy COV at covesting.io.
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