EverRise’s DeFi Protocol Introduces a New Utility for On-Chain NFTs

EverRise, the blockchain technology startup that pioneered cryptocurrency buybacks, has released a new smart contract that supports VeNomics (a vote-escrowed token model) and on-chain utility non-fungible tokens. The EverRise protocol has been modified to include enhanced security features and a unique staking platform powered by on-chain utility NFTs. The RISE coin is available on Ethereum, BNB Chain, Polygon, Fantom, and Avalanche, all of which use EverRise’s EverBridge bridging system.

Staking contracts are now completely secure on the blockchain due to the use of on-chain NFTs. Today, the majority of NFTs are held off-chain on a centralised server, with the blockchain containing only a serial number and redirect link. The contract deployer may change these on-server NFTs in the future. By safeguarding the information required to generate NFT Stakes via The EverRise NFT Staking Lab, EverRise makes full use of the public ledger and the immutability of smart contracts.

Both the metadata and picture of the EverRise NFT Stakes are saved directly on the blockchain and do not rely on any external data source other than the blockchain. The NFT’s properties and image are generated using the precise data from each individual stake.

The RISE token and the veRISE governance tokens are held in the NFT Stake. If the NFT is transferred, the tokens are also transferred. When an NFT is bridged from one blockchain to another, all of its metadata and included coins are transferred to the other chain, where they become an NFT Stake.

 

EverRise has an autonomous buyback and stake approach that strengthens the EverRise liquidity pools and compensates stakeholders. Automatically purchased from the market and delivered to the staking rewards pool, RISE tokens are distributed to the staking rewards pool. When holders stake their tokens and interact with the EverRise NFT Staking Lab’s range of services, they can mint EverRise NFT Stakes. Along with on-chain NFTs, people that stake RISE obtain vote escrowed RISE (“veRISE”), which entitles them to EverRise protocol governance votes.

Staking is now more flexible than ever before thanks to the enhanced smart contract. Each staking contract is a non-fungible token (NFT) on the blockchain that is tied to locked RISE tokens. The critical innovation of EverRise’s novel staking protocol is that the NFT Stake, which holds the staked RISE tokens, is transferable, tradable, and bridgeable to BNB Chain, Ethereum, Polygon, Fantom, and Avalanche. While each investment represents a commitment to lock RISE tokens for a specified period of time, holders have the ability to use their assets in other ways. Apart from transferring, trading, and bridging, EverRise NFT Stake holders can use the decentralised NFT Staking Lab programme to split, raise, and extend their staking contracts. EverRise has staked over 70% of their total supply as of Monday, April 4th 2022.

Staking is now more flexible than ever before thanks to the enhanced smart contract. Each staking contract is a non-fungible token (NFT) on the blockchain that is tied to locked RISE tokens. The critical innovation of EverRise’s novel staking protocol is that the NFT Stake, which holds the staked RISE tokens, is transferable, tradable, and bridgeable to BNB Chain, Ethereum, Polygon, Fantom, and Avalanche. While each investment represents a commitment to lock RISE tokens for a specified period of time, holders have the ability to use their assets in other ways. Apart from transferring, trading, and bridging, EverRise NFT Stake holders can use the decentralised NFT Staking Lab programme to split, raise, and extend their staking contracts. EverRise has staked over 70% of their total supply as of Monday, April 4th 2022.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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