Mr. Market has taken notice of the EverRise Token (RISE). CoinMarketCap listed the EverRise Token as the second most trending cryptocurrency on 30 June 2021.
EverRise is not a brand of yeast. Instead, EverRise’s creators call their altcoin “a proprietary hyper deflationary token.” Interestingly, they try to maintain EverRise’s Coin Price with automatic burns after every trade in the EverRise Liquidity Pool. That means they burn unused tokens to keep the price high.
Additionally, EverRise offers an automatic buyback process that buys back and burns some tokens after every EverRise transaction. In theory, that process will keep EverRise’s value higher.
What is EverRise?
Hyper deflationary means they created a gigantic initial supply of EverRise Tokens (RISE) to support an enormous market.
Incredibly the initial supply of EverRise is one quadrillion RISE. A quadrillion is a thousand trillion or a million billion. Hence, there are one thousand trillion RISE.
The EverRise Team is two designing two decentralized apps or dApps to help preserve EverRise’s value. EverOwn will maintain the ownership of EverRise contracts in order to preserve a person’s EverRise stake. In contrast, EverLock will maintain a Liquidity Pool of Custom Tokens.
Neither dApp is presently available. A dApp is a digital robot that performs a specific purpose. The hope is to keep EverRise liquidity locked and preserve the token’s value.
A Proprietary Hyper Deflationary Token
Interestingly, all EverRise tokens will be subject to four “taxes.” Those taxes are a 2% tax that will create rewards to EverRise holders. Additionally, there will be a 3% marketing tax, a 6% buyback tax, and a 13% slippage.
The buyback tax will finance the buyback of tokens EverRise will burn. I suspect the token burning is an attempt to prevent inflation and keep prices higher. Hence the term “proprietary hyper deflationary token.”
One reason for the buyback is to guarantee a market for EverRise. The hope is that a guaranteed market will create a stable price.
What Value Does EverRise (RISE) Have?
Mr. Market gives EverRise (RISE) some value. CoinMarketCap estimates that EverRise had a $43.521 million Fully Diluted Market Cap on 28 June 2021. In addition, there was $3.686 million 24-Hour Market Volume on the same day.
In contrast, CoinMarketCap gave EverRise a $0.0000000435 Coin Price on 30 June 2021. I think the low Coin Price proves that EverRise’s deflationary features work. The deflationary features deliberately lower the Coin Price to prevent inflation and drive demand for RISE with a low price.
CoinMarketCap did not offer a regular Market Capitalization for EverRise on 30 June 2021 because of its deflationary features. Consequently CoinMarketCap could not calculate EverRise’s Circulating Supply on that day. However, CoinMarketCap estimates there was a one quadrillion Maximum Supply of RISE on 30 June 2021.
There are some limits to EverRise. It appears you can only purchase RISE with Binance (BNB) or Binance Smart Coin (BSC). However, you can sell EverRise (RISE) through Pancake Swap.
Is EverRise (RISE) a good cryptocurrency?
They claim there will be static rewards for EverRise (RISE) users. Unfortunately, they do not explain what the static rewards will be.
I think EverRise (RISE) is an interesting cryptocurrency for which there could be some demand. However, I cannot think of any commercial or practical uses for EverRise.
I advise speculators and investors to stay away from EverRise because there could be no practical uses for it. Hence, EverRise could lack real value.
Originally published at https://marketmadhouse.com on June 30, 2021.