EverRise Adds New Utility for On-Chain NFTs

EverRise V3 NFT Staking

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 V3 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.

EverRise on-Chain NFTs

With the 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 images of the NFT are generated from the exact data of each individual stake.

EverRise Introduces New Utility for On-Chain NFTs

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.

ALSO READ: What is EverRise (RISE) and How to Buy EverRise Coin

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 the flexibility to do more with their assets. In addition to transferring, trading, and bridging, EverRise NFT Stakeholders 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 its 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, the 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.

About EverRise

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.

Website | Twitter | Telegram | Discord | Reddit | Facebook | Instagram | YouTube

Hope You like our article “EverRise Adds New Utility for On-Chain NFTs” Do leave your comments and suggestions in the comments below.

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on these websites does not constitute investment advice, financial advice, or trading advice. innoGriti does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial advisers before making any crypto investments. 

Leave a Reply

Your email address will not be published.

You May Also Like