Our Biggest Update Yet
Clear Vision/Mission, More Transparency, Token Rewards Beta, and New Designs!
Why?
After surveying our existing users and potential new users, we learned that there was a mismatch between what we saw internally as our vision and what was being perceived externally.
Covey exists because the best investment managers are NOT managing our money. Dollars are not flowing to the right people to handle our investments. High minimums at hedge funds means access is all too often barred. Decades of mediocre returns at mutual funds without innovation means trust in performance is declining. These dynamics have forced the average investor to go up against the market alone. Covey is on a mission to empower everyone to create wealth. We are changing today’s investing model from exclusive and stale to transparent and peer-powered. Because together we can make more
money than apart.
How?
We search the world, spend millions of dollars, and rely on data to find the best athletes. So why do we only look to the Ivy League and investment banks to find the best investment managers?
Covey is designed to find, reward, and train the next top investment managers — from any background — that anyone can copy, so everyone can win.
Our analyst idea data is stored on an open ledger, completely transparent to our community and accessible to anyone looking to build better investment products.
Based on our member-governed Alpha Algorithm, analysts climb the ranks of our virtual investment community using our tools and network to sharpen and share their ideas — risk free.
The top 10% of analysts earn the option to become an investment manager on Covey’s Copy Trading app (launching 2023), offering unlimited earning potential as independent investors invest alongside them.
These independent investors benefit from being able to access and copy the ideas of the best investment managers — matching their portfolio, and ultimately, their performance.
This is how we all can win: removing traditional barriers to connect investors directly to proven top performing investment managers
More Transparency
All our analyst data is visible to anyone. The way we rank analysts is called the Alpha Algorithm, and we want our community to be able to adjust it for the better. To get more community involvement, we need to be even more open with our data. You will notice the math behind the Alpha Algorithm, which dictates our monthly rewards, is even easier to understand on covey.io/aa1.
Token Beta Launch
Analysts participating in Covey’s monthly competition will be able to receive Covey tokens going forward!
Analysts contribute idea data to Covey that we know has value so we want to return value back to our Analysts for that data. Our Alpha Algorithm determines the best monthly analysts to reward, but so far we have rewarded Analysts in other protocols’ tokens. We are now testing a Covey token (CVY).
The token will have three utilities:
Governance: Vote on Alpha Algorithm, vote on assets to be considered by analysts, and vote on what blockchain we use.
Staking: Lock up tokens for a period of at least 1 month to increase your token rewards in the month. Locking tokens prevents spam from getting too many tokens and reduces excess leverage by slashing tokens from bankrupt accounts.
Discounts: Receive discounts on any investment product built off Covey data by holding tokens.
We will share much more on this soon!
For now, know that by participating in Covey’s monthly competition allows you to earn a share of the 2.5mm tokens sent each month!
Start earning tokens now, and expect tokens to hit your wallet in September after our smart contract audits.
Oh And New Designs
We have rebranded! Our messaging is much cleaner, and we hope you enjoy learning more about our dream for Covey by exploring the new site.
