How Covesting Yield Accounts Beat Popular DeFi dApps

Covesting Yield Accounts are a new innovative yield-generating experience coming to PrimeXBT in partnership with Covesting – the team behind the Covesting copy trading module that also lives on the award-winning trading infrastructure.

Covesting modules are some of many ways PrimeXBT differentiates itself in the crypto market, taking one-of-a-kind experiences and adding them alongside some of the most advanced trading tools in the industry.

A four-level referral program and a unique product called Turbo are two more ways traders can tap into other revenue outside of traditional trading. Copy trading is yet another way, and soon, Covesting will bring even more ways to profit on PrimeXBT through Covesting Yield Accounts, coming in Q3 2021.

Covesting Yield Accounts are poised to disrupt DeFi by letting users access today's most popular DeFi dApps and do so without all the technical expertise, wallet connecting, and other aspects of the daunting process.

What Is DeFi And What Are dApps?

DeFi stands for decentralized finance and is a new way for crypto investors to make money outside of regular price appreciation or even trading. DeFi lets users earn interest on crypto assets through an APY.

Popular “decentralized apps” or dApps include automated market-making platforms like Uniswap, which lets users not just trade assets like the COV versus ETH trading pair but also enables users of the DeFi platform to stake tokens and pool them as liquidity – earning an APY from the trading platform fees.

This works very differently from traditional exchanges but has led to APYs that are tens to hundreds of times better than conventional savings accounts. It has also created a surging demand for crypto assets and for DeFi in general.

What Are Some Popular DeFi DEX?

Take Uniswap or PancakeSwap, for example. These platforms rely on users because there's no third-party involved, staying true to crypto's decentralized roots. Unlike regular crypto exchanges that supply all the liquidity necessary, Uniswap must get it from users who are pooling tokens together.

These protocols are hard coded to distribute earnings from fees across token holders, but these rates can vary depending on trading activity, overall liquidity, and market related factors.

DEX stands for decentralized exchange. That means that no crypto assets are ever stored on the platform, but it requires a direct connection to an Ethereum or BSC wallet interface to navigate and connect properly.

There are also all kinds of "gas" fees to be aware of when messing around with DeFi apps like Uniswap. Although these blossoming brands are all doing their best to serve users and meet demand, there are still barriers for newcomers.

How Covesting Yield Accounts Beat DeFi

Not just newcomers, but DeFi takes time and expertise to pull off and connect wallets properly. These potential challenges and the confusion surrounding them often puts off new users and deters them from ever taking full advantage of DeFi.

However, that will soon change as Covesting and PrimeXBT are teaming up once again, this time to launch Covesting Yield Accounts that deliver industry-best variable APY.

Covesting Yield Accounts are offered through the easy-to-understand PrimeXBT dashboard so that it is only a few clicks and as simple as possible to take advantage of the best DeFi coin has to offer and then some.

Accessibility isn't the only way Covesting Yield Accounts trump what DeFi has going for it; rates are even better also thanks to PrimeXBT generosity and Covesting COV token innovation and integration.

Firstly, anyone registered to PrimeXBT can access a 1% early bird APY boost that gets activated the entire first month. Secondly, but certainly not least, Covesting's COV token staking can activate up to a 2x APY increase on top of the 1% initial launch boost.

When combined, these rates are much higher than anything DeFi can produce and absolutely crushes anything offered from traditional finance savings accounts.

Covesting Yield Accounts Come To PrimeXBT In Q3 2021

Covesting Yield Accounts will launch in Q3 2021 exclusively on PrimeXBT, with COV token staking coming months before it in May of this year. When the new Covesting Yield Accounts go live later this year, PrimeXBT will expand to its most remarkable feature set yet.

In addition, the COV utility token will become in even higher demand due to even more regular usage and benefits on PrimeXBT, which unlock up to three different levels of membership status – each with an increasingly better APY boost.