Covesting Development Update 2021

To provide more transparency to our community members, and bring clarity regarding further Covesting module development priorities, we have put together this roadmap.

This roadmap should serve as indicative plan / rough vision of where we want to take Covesting module in the near future. It should not be treated as a development obligation of any sort.

We may discontinue development or remove any of these features from this roadmap in case we face certain difficulties during early development stages, or we simply may decide that one feature or another is not be efficient business wise to continue supporting/developing it. Certain regulatory environment changes may also affect the provided roadmap and available features/tools on the Covesting platform.

Therefore, do not treat the provided roadmap as something that is “set in stone”. As always, we will adapt to ever-changing cryptocurrency space and will apply best industry practices. We want to make Covesting a safe place to trade and follow your favorite strategies, while always prioritizing risk management, and preventing fraud as well as market manipulation by any possible means.

Dev Roadmap

All upcoming features provided below are not listed in any specific order. Priorities will largely depend on statistical data that we gather, observations, community demand, market conditions and development schedule of our partner platforms.

Due to the fact that Covesting runs on B2B model, licensing its technology to third party providers such as PrimeXBT, we largely depend on their development plans as well as development speed, security protocols and compliance requirements. Therefore, development of certain features may take longer than expected.

Released features (Aug-Dec, 2020)

• Fully re-developed following/copy-trading mechanics to reduce rollover and allow instant following/unfollowing — see more
• Dynamic margin utilization chart
• Trading and risk management related metrics such as success rate, drawdown etc.
• COV token dedicated page and utility integration
• COV token treasury operations — secure deposits and withdrawals
• COV token utility activation from BTC balance
• COV token burn mechanism
• COV utility 1% entry fee removal
• COV utility trading fee discount (up to 75%)
• COV utility success fee improvement
• Rating/star system based on multiple metrics
• Basic filter/search functionality
• Stop-loss feature for followers
• CPA and referral program integration
• Public pages of all strategies for sharing and marketing purposes
• Risk management — max. following limits, or caps
• Risk management — grades introduction
• Historical performance column charts for months/days
• Responsive interface for mobile devices
• ‘Verified’ status for managers who passed KYC
• Improved performance and security features and behind the scenes improvements

Upcoming features

• COV utility — staking as alternative to flat fee in COV for all existing utilities
• Support of stable coins, other crypto and possibly even FIAT as a collateral for trading and following subject to global support of other currencies at PrimeXBT
• Uniswap widget integration for COV staking and easy purchase on-chain
• Rating improvement — favorites tab
• Managers — show all trading history to their followers optionally
• Managers — custom margin setup during strategy creation
• Traders blog — one-way communication with followers/announcement channel inside the strategy
• Take profit feature for active followings
• Additional risk metrics: growth rate, max daily draw down, standard deviation, calmar ratio, sharpe ratio, volatility ratio, recovery factor
• Additional transparency metrics — pie chart with most traded assets of the strategy
• Appropriateness test / verification for strategy managers
• Custom strategy offers allowing for adjusted success fees proportions between follower and a strategy manager during strategy setup
• Custom margin settings allowing for adjusted max leverage during the strategy setup
• Periodic profit distribution once per quarter/month/week — preset during the strategy setup
• Advanced search/filter functionality
• Covesting as a plug-n-play module
• Additional COV token utilities depending on users’ feedback, observations, possible use cases etc.

At Covesting we never stop moving forward and adopting to whatever this dynamic industry brings us. As you can see — there has a lot been done to improve the Covesting module since the day it was fully launched in August 2020.

We have finally introduced long awaited COV token utilities, we introduced multiple risk management features and limitations to protect our users and make business more sustainable. Our engineers have massively improved performance of the Covesting front-end as well as backend (copy-trading engine) to facilitate significant amounts of orders and there is still much more to be done in order to make users experience even better.

Covesting is only few months old since its public launch, and we are extremely excited about how things developed during this short period of time. Business development-wise, once the product is fully developed and time-proven/tested, we will aim to get more B2B partners such as PrimeXBT on board.

If you have any feedback regarding the Covesting module or any ideas/suggestions that you believe would improve Covesting even further — feel free to join our Covesting community telegram group and share!

Yours truly,
Covesting