DeFi Protocol EverRise has Released a New Utility enabling On-Chain NFTs

 DeFi Protocol EverRise has Released a New Utility enabling On-Chain NFTs

 

EverRise, the blockchain technology firm that pioneered cryptocurrency buybacks, has released a new smart contract that supports VeNomics (the vote escrowed token model) and on-chain utility NFTs. Increased security features and a unique staking platform built with on-chain utility NFTs are included in the revised EverRise protocol. With one common supply, the RISE token is available on Ethereum, BNB Chain, Polygon, Fantom, and Avalanche, thanks to EverRise's bridging technology, EverBridge, individual stake.

Staking contracts are now fully secured on the blockchain thanks to the usage of on-chain NFTs. The majority of NFTs are now held on a centralised server off-chain, with only a serial number and a redirect link on the blockchain. The contract deployer can adjust these on-server NFTs in the future. EverRise takes full advantage of the public ledger and the immutability of smart contracts by safeguarding all information needed to generate NFT Stakes via the EverRise NFT Staking Lab.

The EverRise NFT Stakes' metadata and images are both saved directly on the blockchain, requiring no other data source but the blockchain itself. The NFT's properties and pictures are created using the precise data of each individual stake.

The RISE token and the veRISE governance tokens are held in the NFT Stake. The tokens move with the NFT if it is moved. When the NFT is bridged from one blockchain to another, all of its metadata and included tokens are transferred to the new chain and become an NFT Stake.

EverRise uses an automatic buyback and stake approach to strengthen the EverRise liquidity pools while also rewarding stakers. The staking rewards pool is automatically purchased from the market and distributed with RISE tokens. When holders stake their tokens and interact with the EverRise NFT Staking Lab's features, they can mint EverRise NFT Stakes. Those that stake RISE receive vote escrowed RISE ("veRISE") in addition to on-chain NFTs.

Staking has never been more flexible thanks to the upgraded smart contract. Each staking contract is an on-chain NFT tied to RISE tokens that are locked. The NFT Stake, which contains the staked RISE tokens, is transferrable, tradable, and bridgeable to BNB Chain, Ethereum, Polygon, Fantom, and Avalanche, which is a crucial feature of EverRise's new staking protocol. While each stake represents a commitment to lock in RISE tokens for a specific amount of time, holders have the freedom to do more with their funds. In addtion EverRise NFT stakeholders can split, raise, and extend their staking contracts using the NFT Staking Lab decentralised programme, in addition to transferring, trading, and bridging. EverRise has staked over 70% of their total supply as of Monday, April 4th, 2022.

Time-locks, constrained permit approvals, the ability to mass-revoke operator approvals, and auto-timeout are among the primary features EverRise has added to secure the RISE token and RISE assets. These new security measures protect against exploits that are widespread in the DeFi and NFT worlds.

EverSwap, EverRise's multi-chain swap interface, allows projects to collect transaction taxes in native cryptocurrencies rather than project tokens, removing sell pressure created by the usual "swap and liquify" function.