The cryptocurrency community’s favorite opponent and nemesis is inflation. Many investors are likely to be familiar with infographics showing how much value the Dollar has lost since 1993 when the Federal Reserve gave up the Gold Standard. Advocates of hard money believe that the deflationary properties of cryptos bring with them an inherent assurance of long-term value.
For a majority of cryptocurrencies, inflation is hardly discernible against the background of everyday price volatility. But, for many blockchain networks, it is run-of-the-mill to generate new tokens to reward mining or staking nodes. It is understandable that any currency will lose value if its supply exceeds demand. Many cryptocurrencies overtake this situation of inflation by destroying tokens.
Some token burns go to extremes and cause their supply to shrink over time. However, does this make these coins valuable? Not always. In the world of digital assets, there is one token model with unique mechanisms and features and that is the deflationary model.
One such project that promises considerable opportunities to its users is EverRise – a proprietary hyper deflationary token that combines static profits and automatic burns with every trade from within the liquidity pool.
What is EverRise?
In principle, EverRise is a hyper-deflationary token that rewards investors for holding tokens. It also amalgamates the buyback approach which is functional usually in stock markets. This feature makes it the first cryptocurrency in the cryptoverse to include automatic Buyback. For the uninitiated, it is important to understand the concept of Buyback to apply it here. Consider a stock that has low value in the current market. The stock has a potential bright future and could do better later, hence companies usually announce the buyback of stock in the open markets. When this happens, investor confidence in the stock surges and they end up purchasing more and holding them.
EverRise has taken a step forward to apply this to cryptocurrency so that the token is attractive to hold.
How is BuyBack Beneficial?
EverRise has a very simple yet powerful mechanism behind the concept. The crypto organization will collect a 6% buyback tax on each transaction that is stored inside a contract. Hence, when a selling action happens, a portion of the buyback amount will be used to buy tokens from the Liquidity pool. These tokens are burned immediately after purchase. This has 3 unique advantages:
- When the tokens are purchased from the liquidity pool, the new BNB amount is automatically added to the pool. This leads to a reduction in the amount of tokens resulting in an increase in price.
- Once the tokens are burnt, it equals adding free BNB to the pool. As a result, there are no tokens to sell in the future.
- Bearish markets can be scary for investors, but the automatic buyback that EverRise proposes fosters trust. 98% of the time, investors will not witness more than 2 sells in a row.
The token holders will benefit from static rewards and through the automatic buyback process which is in-built in the contract. When this function is turned on, the contract will automatically buy it back and burn the tokens after every sell action.
Breakdown of the transaction fee
2% | Rewards redistributed on every transaction |
3% | Marketing Tax |
6% | Buy-Back Tax |
The Buy-Back tax will be used by the team to keep the price of the token in control by buying back the tokens and burning them. The platform already is garnering appreciation and success from the community. Recently it took to its Twitter to announce 60k holders addressing their community as #Risearmy.
https://twitter.com/everrise/status/1412551076218277894?s=20
EverRise future endeavors
The dev team at EverRise is building plans to create novel Dapps that will address major problems within the DeFi industry. Currently, it is focusing its energies on two major solutions:
EverOwn
The solution focuses on the problems within the DeFi industry. It has been observed that many projects, particularly the new ones, forgo the ownership of their contract to gain the trust of communities which can hinder the growth of the project as exchanges require some minor tweaks in the contract to list.
EverOwn will allow the community to vote to give back the contract to make the adjustments. As a result, the developers will gain 100% community trust without renouncing the contracts.
EverLock + EverSale
In order to run pre-sales and lock liquidity pools, EverLock and EverSale are the Dapps that will make it happen in the future.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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