Suresh Maddineni (EverRise CEO &amp; Founder) is joined by Justin Tyler (Community &amp; Marketing Lead), David Gokhshtein (Brand Consultant) and Dr. Aleksi Ollikainen-Read (Director of Legal &amp; Business Affairs) presenting the EverOwn dApp to the EverRise Community live for the first time.
On the 5th OCTOBER 2021 will be launching EverBridge to both the Ethereum and Polygon networks!
In addition, EverOwn will become available to Ethereum based projects on October 5th and Polygon projects on October 8th.
The Creation of RISE/ETH and RISE/MATIC Pairs
Usually, when a bridge is created tokens are minted and burned as they transfer back and forth. EverBridge is an exception. The only time that tokens will be minted is when the contract is initially created, after the initial mint the contract will not be able to mint any more tokens. This is a security measure we are taking to protect $RISE holders. If EverBridge ever becomes compromised to a hack or exploit, the hacker will not be able to infinitely mint new tokens.
Instead, I will be creating completely new smart contracts for Ethereum and Polygon and will be minting 1 quadrillion tokens for each contract. Immediately after tokens are minted, they will be moved over to their respective bridges and locked. This allows us to keep the supply the same across Binance Smart Chain, Ethereum, and Polygon.
RISE/ETH - Tokenomics - 6% Tax
1% Rewards to Holders
2% Project Sustainability: Operations, Marketing, Development
3% Buyback Strategic Funds
RISE/MATIC - Tokenomics - 11% Tax (Same tax as Binance Smart Chain)
2% Rewards to Holders
3% Project Sustainability: Operations, Marketing, Development
6% Buyback Strategic Funds
The launch of both the RISE/ETH and RISE/MATIC pairs will be fair launched. There will be no presales. EverRise will be providing the initial liquidity for both pairs and will be locking it immediately to EverOwn.
How The Buyback Will Be Implemented on Ethereum and Polygon?
Each blockchain will have its own buyback system (or as the community likes to refer to it: Krakens). With the new smart contracts, I will be able to address the bot attack issue that we initially had with the buyback system on Binance Smart Chain right from the start.
For Ethereum, the buybacks will happen automatically after every sale that is 1 billion RISE or more. For Polygon, the buybacks will happen automatically after every sale that is 100 million RISE or more.
We have also built in a new system for the strategic buyback reserves for the Ethereum and Polygon networks. The strategic buyback reserves will be locked to the contracts and can only be utilized to buyback RISE from the open market and burn it, however, we will now have the ability to manually convert the ETH or MATIC stored in the contract to a stable coin. Even if we convert the ETH or MATIC to a stable coin, it can still only be utilized to buy back RISE from the open market and burn. The ability to convert ETH or MATIC into a stable coin will provide us greater flexibility in being able to utilize the buyback functionality to stabilize the charts even when markets are red.
How does EverBridge Work
The first thing to note, with regards to how EverBridge works, is that there are no taxes for the transfer to the bridge. There will be a small gas fee (gas fee will either be in BNB, ETH or MATIC depending on which bridge you are using).
Visit https://www.everrise.com/everown for more information.
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