Are you a crypto-lover with no idea what to do? HODLing can be fine but you may not be able to take advantage of the market fluctuations. You might also like to make a profit from your crypto, but not take all the risks associated with its volatility. Yield accounts are the answer. Luckily, the derivative trading platform PrimXBT has launched its own Covesting Yield accounts through its copy trading platform COvesting.
What are Covesting Yield accounts?
You might have forgotten about staking if you are a beginner in the crypto space or if you haven’t been paying much attention to decentralized finance ( DeFi) aspects of it. Two types of staking can be used to generate rewards.
The first lets users secure a limited amount of funds in a blockchain ecosystem. This allows them to make decisions and earn rewards. Most ecosystems have a high threshold to become a validator or decision maker. You can therefore stake your funds in another person’s name and make them the validator, while you are the delegator. This will allow you to receive part of the rewards but not the same responsibilities.
Another form of staking involves providing liquidity for decentralized exchange ( DEX) protocols. Users are awarded a variable annual percentage yield (APY), based on fees earned by the protocol. Market conditions such as demand and trading volume will affect the APY. This type of staking is done by Covesting Yield accounts. Covesting Yield Accounts have attained a rate of 10.5% so far. However, rates tend to be lower than that.
How do I participate?
The Covesting Yield accounts are intuitive and simple to use. On the platform’s dashboard, there is now a Yield Account tab. This displays the current estimated rates and users can calculate a more precise expected rate of return by using the calculator tool. This tool is accessible to all, regardless of whether they have an account on PrimXBT. This will help potential users determine if this opportunity is suitable for them. You can stake on Ethereum (ETH) or Tether (USDT ), or USDCoin.
Additional perks can be obtained by users who stake COV alongside other coins, such as an APY increase of up to twice the current one. They will also receive trading fee discounts, higher success fees, and other perks.
It is important to remember that your funds can never be fully locked away. While you can withdraw your stake at any time, you will not be able to receive future rewards. Multiple stakes can be opened at the same time. However, you must not exceed the limit of 4 ETH, 10,000 USDT or 10,000 USDC. If you are just starting out, the minimum stake you need is 0.4ETH, 100 USDT or 100 USDC. Your initial investment could be as low as USD 100 in fiat.
Navigate to the Yield page and select the token that you wish to stake. Click Stake now. This window displays the current APY for each asset. The Current Staking section shows all active and pending stakes. This page contains more information about COV staking and how to increase your APY.