PrimeXBT Brings DeFi to the Masses with Covesting Yield Account Launch

These days you can’t have a full conversation about the cryptocurrency industry without DeFi coming up. DeFi references the wide-sweeping category of decentralized finance and can refer to just about anything it covers.

This can be permissionless lending and borrowing or staking assets to receive a return in the form of passive income and an APY.

But DeFi isn’t always easy for those new to crypto, and even those who have been around might not feel like jumping through those extra hoops to access top market rates when their assets are booming in value anyway.

However, the new Covesting Yield Account module on PrimeXBT makes DeFi accessible so that any type of user, regardless of expertise or time, can get involved in the emerging digital finance sector.

Here is a closer look at Covesting Yield Accounts and what it can do for users eager to make money passively with DeFi.

Defying The Roadblocks in DeFi For Passive Income

PrimeXBT offers several ways for active traders to make money. Synthetic contracts on crypto, forex, and commodities are available along with CFDs on stock indices, all from a single account.

There is a robust referral program for those who actively promote their referral link to their social network and beyond. And Covesting copy traders can make money by following or by becoming a strategy manager.

But for those who were looking for more passive income, through staking or DeFi, for example, have not only had to go elsewhere and juggle several accounts, but it also means connecting to the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and decentralized applications to access the automated market-making platforms that offer users the APYs they desire.

For example, such platforms, like Uniswap, ask users to provide Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for trading pairs, and the protocol rewards users with a variable APY reward. APY stands for annual percentage yield, or the rate of return rewarded for staking idle crypto assets.

Covesting Yield Accounts Offer Industry-Best APY Rates Up to 10%

The new Covesting Yield Account system offers access to these same high-performance APY rates, oftentimes 10x to 20x more profitable than traditional savings accounts, all right from within the PrimeXBT dashboard.

Users can stake ETH, USDT, or USDC and can also stake COV tokens to unlock exclusive utilities that increase the variable APY rates by as much as 2x.

Rates reach as high as 10% depending on market conditions, and the module itself offers regularly updated rate estimates. Hence, users always know what they are getting and can make decisions on their capital based on the data and the market.

Covesting Yield Accounts are the newest member of the Covesting ecosystem, which includes the peer-to-peer copy trading community, and the COV utility token.

PrimeXBT, Covesting, And The Latest Updates To Pay Attention To

It is also the latest in PrimeXBT’s roadmap of continuous updates. The award-winning trading platform just listed seven of the most popular altcoins in crypto: Cardano, Chainlink, Uniswap, Solana, XRP, Polkadot, and Dogecoin.

Just when you think they are done, another announcement comes out of nowhere and shakes up the industry once again. Covesting Yield Accounts could change the face of DeFi for good.