EverValue's Bitcoin-Backed DeFi Project Raises $4.7 Million in Successful Token Presale

Coin Prices are currently available through Decrypt’s Art, Fashion, and Entertainment Hub. Let’s dive into the exciting news about EverValue, a Bitcoin-backed DeFi project.

EverValue recently launched a token presale that can only be described as a huge success. They raised over 75 BTC, which is about $4.7 million. This amount exceeded their initial target of 35 BTC in just the first week!

Flor Ayala, the CEO of EverValue, shared a statement with Decrypt. He emphasized that this successful fundraising shows strong community support. It also highlights EverValue’s unique value in the cryptocurrency world. In just one hour, they managed to raise 120,000 USDT on the XT Launchpad platform, selling 313,000 EVA tokens.

So, what is EverValue all about? The project aims to give Bitcoin users a solid alternative to decentralized finance (DeFi) staking. They claim users can grow their BTC holdings through Bitcoin mining. And the best part? There’s no risk of losing their initial BTC capital.

The EVA token has a hard cap of 21 million. It’s initially backed by 75 WBTC, which is stored in a smart contract on the Arbitrum network. A spokesperson for the project explained, “Scarcity is built into the system.”

EverValue increases its Bitcoin holdings through mining. They started with an investment in 555 ASIC rigs. The output from these rigs goes into the project’s wallet as Wrapped Bitcoin (WBTC). Currently, their Burn Vault holds about 110 BTC, and it’s growing at a rate of 6 BTC each month.

According to a spokesperson, EverValue’s Bitcoin reserves provide substantial backing for the EVA token. This ensures consistent appreciation against Bitcoin, even when the market is volatile.

Additionally, EverValue has a token burn mechanism in place. This reduces the supply of EVA tokens. Their deflationary tokenomics model aims to reward long-term holders by increasing rarity and driving demand. When users redeem their EVA tokens for WBTC, the corresponding tokens are burned. This mechanism also helps keep the project “whale-proof.” It maintains the ratio between EverValue’s WBTC token holdings and EVA tokens, even if a whale sells a large amount of EVA tokens.

On October 23, the project successfully completed a scheduled burn of 250,000 EVA tokens. This event highlighted their commitment to the deflationary tokenomics model.

The EVA tokenomics are based on a smart contract audited by Hacken, a blockchain security services company. Importantly, EVA token holders maintain full control over their assets and can store them in personal wallets.

If you want to learn more about EverValue, visit their website and follow them on Twitter and Telegram. It’s an exciting time in the world of cryptocurrency!