Bitcoin DeFi Project EverValue Raises Over $4.7M in Token Presale

Bitcoin-backed DeFi project EverValue’s token presale was an “outstanding success,” raising over 75 BTC ($4.7 million) and surpassing its initial target of 35 BTC in the first week of launch , the project said.

In a statement shared with DecryptFlor Ayala, CEO of EverValue, said the raise “underlines the strong community support and reinforces EverValue’s unique value proposition in the cryptocurrency space” as it raised 120,000 USDT in just one year. hour on the Launchpad platform of crypto exchange XT, selling for $313,000. the project’s EVA tokens.

EverValue is designed to provide Bitcoin users with an alternative to decentralized finance (Challenge) staking. It claims to allow users to increase their BTC holdings through Bitcoin mining without risking losing their initial BTC capital.

The project’s EVA token is capped at a supply of 21 million, initially backed by 75 WBTC deposited into a smart contract on the Arbitrum network. “Scarcity is built into the system,” explained a project spokesperson.

The project is growing its Bitcoin holdings through mining, with an initial investment in 555 ASIC rigs. Their production is transferred to the project’s wallet as Wrapped Bitcoin (WBTC), with the project’s Burn Vault now holding around 110 BTC (at the time of publication), growing at a rate of 6 BTC per month.

EverValue’s Bitcoin Reserves “provide substantial support for the EVA token, ensuring consistent appreciation against Bitcoin, regardless of market volatility,” a project spokesperson said in a statement shared with Decrypt.

Additionally, a token burning mechanism reduces the supply of EVA, with a deflationary tokenomics model that aims to reward long-term holders by “increasing scarcity and driving long-term demand.” When a user exchanges their EVA tokens for WBTC, the corresponding tokens are burned. This token burning mechanism is also designed to make the project “whale-proof”, maintaining the ratio between EverValue’s WBTC token holdings and its EVA token, even in the event a whale sells large quantities of EVA tokens.

The project successfully conducted a scheduled burn of 250,000 EVA tokens on October 23, “highlighting the project’s deflationary tokenomics model,” an EverValue spokesperson said.

EVA’s tokenomics is based on a smart contract audited by blockchain security services company Hacken, while EVA token holders retain full control over their assets and can store them in personal wallets.

To learn more about EverValue, visit the project page websiteand follow them Twitter And Telegram.