DeFi Protocol EverRise Introduces New Utility for On-Chain NFTs
EverRise, the blockchain technology company that brought the buyback to crypto, has upgraded to a new smart contract that supports VeNomics (vote escrowed token model) and on-chain utility NFTs. The upgraded EverRise protocol introduces increased security features and an innovative staking platform built with on-chain utility NFTs. The RISE token is available on Ethereum, BNB Chain, Polygon, Fantom, and Avalanche with one shared supply, made possible with EverRise’s bridging solution, EverBridge.
With use of on-chain NFTs, staking contracts are now fully secured on the blockchain. Most NFTs today are stored off-chain on a centralized server, with just a serial number and redirect link on the blockchain. These on-server NFTs can be changed in the future by the contract deployer. EverRise makes full use of the public ledger and the immutability of smart contracts by securing all information needed to generate NFT Stakes via The EverRise NFT Staking Lab.
Both the metadata and the image of the EverRise NFT Stakes are stored directly on the blockchain and require no external data source besides the blockchain itself. The attributes and image of the NFT are generated from the exact data of each individual stake.
The NFT Stake is the container of the RISE token and the veRISE governance tokens. If the NFT is transferred, the tokens move with it. When the NFT is bridged from one blockchain to another, all of its metadata and contained tokens move to the other chain, becoming an NFT Stake of the new chain.
EverRise implements an automatic buyback and stake model which fortifies the EverRise liquidity pools and rewards stakers. RISE tokens are automatically purchased from the market and distributed to the staking rewards pool. Holders can mint EverRise NFT Stakes when they stake their tokens and interact with a suite of features in the EverRise NFT Staking Lab. In addition to on-chain NFTs, those who stake RISE receive vote escrowed RISE (“veRISE”) which gives them governance votes for the EverRise protocol.
The improved smart contract introduces unprecedented flexibility to staking. Each staking contract is an on-chain NFT tethered to locked RISE tokens. The key innovation with EverRise’s new staking protocol is that the NFT Stake itself, which holds the staked RISE tokens, is transferable, tradable, and bridgeable to BNB Chain, Ethereum, Polygon, Fantom, and Avalanche. While each stake is a commitment to lock RISE tokens for a set period of time, holders have flexibility to do more with their assets. In addition to transferring, trading, and bridging, EverRise NFT Stake holders can split, increase, and extend their staking contracts using the NFT Staking Lab decentralized application. As of Monday, April 4th 2022, EverRise has over 70% of their total supply staked.
EverRise has also introduced key features to provide protection to the RISE token and RISE assets including time-locks, bounded permit approvals, ability to mass-revoke operator approvals, and auto-timeout. These new security features guard against exploits commonly seen in the DeFi and NFT space.
The upgraded RISE token is available through EverSwap, EverRise’s multi-chain swap interface that allows projects to collect transaction tax in native cryptocurrencies rather than project tokens, eliminating sell pressure caused by the common “swap and liquify” function.
EverRise is a blockchain technology company focused on increasing accessibility to decentralized finance by bringing security solutions to the space. Through an innovative ecosystem of decentralized applications, EverRise provides investors and developers the tools to access the widest possible market with the maximum level of security. They are working towards the mass adoption of safety protocols across Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom networks and currently offer 5 security dApps: EverBridge, EverOwn, EverMigrate, EverStake and EverSwap, with more on the way.
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