Covo Finance Launches DeFi Leverage Trading on Polygon

PRNewswireFebruary 16, 20236 min

The decentralized finance (DeFi) industry has been transforming the financial sector by offering a more secure and accessible way for users to trade, invest, borrow, and lend. One of the most popular DeFi applications is leverage trading, which involves using borrowed funds to increase exposure to cryptocurrency assets.

Covo Finance, a DeFi leverage trading platform, recently launched on the Polygon network. The platform aims to provide traders with a secure and user-friendly platform to trade cryptocurrencies with leverages. By launching on Polygon, it is expected that Covo Finance will offer low-cost and high-speed transactions without compromising security or reliability.

Covo Finance offers leverage trading on various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and others, with up to 50x leverage. 50X leverage allows users to trade with 50 times the amount of capital they hold, allowing them to take advantage of market movements and potentially increase their profits. A unique aspect of Covo Finance is that traders can open long or short crypto leverage positions with zero slippage, enabling them to enter and exit positions with no price impact and avoid paying unnecessary slippage for large leverage orders.

Trade Crypto with Leverage using Covo Finance

To begin leverage trading on Covo Finance, users need to create and connect a web3 wallet, such as MetaMask or Trust wallet, to the trading platform. They can then deposit funds into their wallet either by purchasing cryptocurrency directly on the platform or by transferring existing assets from another wallet to their wallet on the Polygon network. To start trading, they need to select the leverage trading tab, choose the pair they wish to trade, select the leverage level, place an order, and monitor their position. Covo Finance also offers advanced trading features, such as stop-loss and take-profit orders, to help users manage their risk.

Features of Covo Finance’s DeFi Leverage Trading Platform

Covo Finance’s DeFi¬†leverage trading¬†platform offers a range of features to help traders maximize their returns and minimize their risks. Some key features include a user-friendly interface, the ability to trade top cryptocurrencies, advanced trading features, no third-party custodial risk, and low fees. The platform has a low trading fee of 0.10% for spot trading, which is then distributed among COVO token holders and COVOLP liquidity providers.

Polygon DeFi ecosystem has reached a milestone with its total value locked reaching USD1.42 billion. The growth has been driven by the surge in the value of the Matic token and the increasing demand for low-cost, fast, and secure transactions in the DeFi space. Polygon (MATIC) has also launched its ZkEVM, a production-ready zk-rollup solution for Ethereum, and has seen the highest NFT trading volume on OpenSea.

The launch of Covo Finance’s DeFi leverage trading platform on the Polygon (MATIC) represents a significant milestone for the DeFi industry and Polygon’s Ecosystem. With its user-friendly interface, ability to trade top cryptocurrencies, advanced features, and low fees, the platform offers traders a secure and efficient way to trade cryptocurrencies with leverage. The growth of the Polygon (MATIC) DeFi ecosystem, driven by the surge in the value of the Matic token and increasing demand for low-cost, fast, and secure transactions, makes it a promising investment opportunity for those looking to participate in the growth of the blockchain and¬†cryptocurrency¬†markets.

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