$COVAL is the utility token of the Emblem Vault ecosystem.
History of COVAL
COVAL is the native token of the Circuits of Value ecosystem. Beginning as the Ribbit Rewards token RBR in 2014 as its own blockchain and cryptocurrency, it was rebranded to COVAL in 2016. When Shannon took over RBR, he realized that the forked Bitcoin blockchain had significant issues and eventually underwent a 51% attack that rolled the blockchain back 10,000 blocks. This led Shannon to formulate a new strategy and eventually migrate COVAL to Bitcoin and undergo a redeployment. On August 7th, 2016, COVALC was minted on Counterparty, a Bitcoin Dapp, with a supply of 1,200,000,000 tokens, matching the original supply of RBR. A migration bonus of 15% was offered to any users who moved their RBR to COVALC.
During the transition, the U.S. Cryptocurrency exchange Bittrex agreed to delist RBR and list COVALC in its place, pending a smooth migration. On May 31st, 2019 COVALC was delisted from Bittrex, due to the exchange announcing the removal of all Counterparty tokens from the platform. Shannon then announces that COVALC would be migrated to the Ethereum blockchain and become ERC-20 tokens.
On December 6th, 2021 COVAL was listed on U.S. Cryptocurrency Exchange Coinbase, where it currently available to trading for Coinbase customers.
It is also available on Uniswap and Quickswap for decentralized trading on Ethereum and Polygon.
COVAL on ETH: 0x3D658390460295FB963f54dC0899cfb1c30776Df
COVAL on Polygon: 0x4597c8A59Ab28B36840B82B3A674994A279593D0
Utility of COVAL
The current utility of COVAL is utilized as a vaulting fee discount system. Users who hold COVAL will recieve a discount from from the $20 fee per vault creation.