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Twitter has become one of the most important social media networks for the financial world. This rings even more true for cryptocurrencies, since all the major events, news or information spread like wildfire, thanks to Twitter.
This however also applies to trading ideas and signals, which is why many traders or aspiring traders share their thoughts with their audience on the platform. While some of them are doing a fairly good job, others are not that successful. Yet, it has always been difficult to actually track who is making the right calls or who is simply faking it. But now, there is a solution for this problem, thanks to Cope.
Cope is a Solana-based cryptocurrency project that has two different phases and can thus be divided in two different parts. First and foremost, Cope is simply building a huge community of followers thanks to different tools, features or services it offers. These are, for instance, games, in which the players who are competing against each other can earn COPE tokens.
The users of this platform can also stake COPE tokens thanks to using different pools such as Raydium or Orca. Moreover, staking it in a Sollet/Phantom (on-chain) wallet is also possible. This also provides a chance to claim tokens in case of spacedrops.
The COPE token also has several other use cases. It can be used as a collateral for trading margin spot markets on Mango, deposited in Mango Markets Margin and thus earn yield or placed into trading pools in Mango. It will also be possible to buy from a merchandise store only using COPE, but that utility will come in due course.
Secondly, and according to many, the more important part of the Cope project, is the leaderboard ranking of traders. As was emphasised in the beginning, traders in the cryptocurrency world have become a bit reckless with their signals. Since crypto is still a heavily unregulated world, anything can be written or said about any trading pair almost without any consequences.
This is also possible mostly due to the fact that many Twitter users decided to stay anonymous. That means that they cannot be punished in any way for misleading tweets, pumps and dumps or trades that did not go according to plan.
And that is something that Cope is now trying to solve. Cope decided to seek to ascertain and evaluate cryptocurrency traders according to their calls. Cope will look not only at their strengths, but mostly at their weaknesses and failed trading attempts, to hold them accountable for their signals and actions.
While Cope cannot do anything about those traders per se, it can harm their credibility, which is in many cases the most important selling point that the given traders have. Cope does this via its Leaderboard, where it ranks the traders according to the accuracy of their trades and calls. The higher the trader, the higher the success rate of the calls of the given trader.
The general idea therefore is to point the newcomers as well as the more experienced traders towards the trading accounts that are consistently doing good decisions. That does not mean that they only make the right calls, but that more of their calls will be right rather than wrong.
Cope is also building its own index, which will be based on the calls of the top Cope Leaderboard traders. This index will include 20 different tokens that will be determined by the Cope Leaderboard most successful accounts and will help to diversify and allocate the funds into more assets.
The selected tokens into this index will be strictly followed and will have to satisfy different criteria such as reasonable market cap/trading volume in the past month, liquidity or active pair with USDC on Serum DEX. As with most indices, this will be rebalanced every few days to keep it updated and always as up-to-date as possible.
Profits from the Cope Index are harvested every 48 hours and are split in three ways. 80% of the profits goes to initial investors, 15% of the profits goes to buy and burn COPE and the remaining part, 5% goes to community grants programmes .
When it comes to trading pools, which are connected to the call maker (trader) on the Cope Leaderboard, the profits are shared as well. In this case, the split however is four ways. 65% of the profits go to investors, 20 % of the profits are going to the call makers, thus incentivising them to provide the best possible calls. 10% of the profits are used to buy and burn COPE tokens, with the remaining 5% going to community grants programmes.
To be able to take part in trading pools, the users need to set up a COPE wallet via COPE discord. They can then stake COPE right in their wallets, becoming an active member of the COPE community and thus also of trading pools they choose.
The maximum supply as well as the total supply of the COPE token is 50 million COPE . We have already named almost every different feature and option for which this token can be used. From staking to playing, this token has different use cases.
Yet, the investors need to stay cautious as the circulating supply, which is currently about 16 million COPE, is self-reported. This means that it is impossible to verify the actual number of tokens in circulation and it is only done by the team, which needs to be fully trusted, something that is not very popular in the cryptocurrency world. Do not trust, verify – a common rule in the cryptocurrency world, does therefore not apply in this case, which can harm the credibility of this project.
While Cope has seen its peak about a year ago, the current state of the project suggests that it is undergoing several changes. If they are successful and they catch up, Cope with its COPE token has actually a pretty solid place to start growing. On the other hand, the project is still not very well-known and does not have a huge community or market cap, which immediately puts it in the more dangerous cryptocurrency basket.
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