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Introducing EverBridge

Introducing EverBridge

FROM SURESH MADDINENI, EVERRISE CEO/LEAD DEVELOPER

Hi everyone,

Before we jump in, I'd like to clarify that we will not be doing a burn event today. This may be disappointing news to some of you, and the purpose of the poll that was posted was to do research on the sentiment of the community with regards to a burn activity. I cannot express how happy I was to see the community engage in critical conversations during the last few days and there were so many valid points in both directions.

The project has evolved so much in the past 3 months that sometimes even I am speechless at what an incredible project you all have been able to turn this into and what the team has accomplished. EverRise is here to stay, and I know that we have a long road ahead of us that is going to be filled with twists, turns, speed bumps, potholes, and maybe some uneven surfaces. Today, I am excited to announce that we are on our way to enter into new territories by crossing some bridges.

Earlier this month, I announced that we had completed construction on our bridge to Ethereum. Today, I am excited to announce that on October 5th, 2021 we will be launching EverBridge to allow RISE to bridge to both the Ethereum and Polygon networks.

In addition, EverOwn will become available to Ethereum based projects on October 5th and Polygon projects on October 8th.

The Creation of RISE/ETH and RISE/MATIC Pairs

Usually, when a bridge is created tokens are minted and burned as they transfer back and forth. EverBridge is an exception. The only time that tokens will be minted is when the contract is initially created, after the initial mint the contract will not be able to mint any more tokens. This is a security measure we are taking to protect RISE holders. If EverBridge ever becomes compromised to a hack or exploit, the hacker will not be able to infinitely mint new tokens.

Instead, I will be creating completely new smart contracts for Ethereum and Polygon and will be minting 1 quadrillion tokens for each contract. Immediately after tokens are minted, they will be moved over to their respective bridges and locked. This allows us to keep the supply the same across Binance Smart Chain, Ethereum, and Polygon.

RISE/ETH - Tokenomics - 6% Tax

  • 1% Rewards to Holders
  • 2% Project Sustainability: Operations, Marketing, Development
  • 3% Buyback Strategic Funds

RISE/MATIC - Tokenomics - 11% Tax (Same tax as Binance Smart Chain)

  • 2% Rewards to Holders
  • 3% Project Sustainability: Operations, Marketing, Development
  • 6% Buyback Strategic Funds

The launch of both the RISE/ETH and RISE/MATIC pairs will be fair launched. There will be no presales. EverRise will be providing the initial liquidity for both pairs and will be locking it immediately to EverOwn.

How The Buyback Will Be Implemented on Ethereum and Polygon?

Each blockchain will have its own buyback system (or as the community likes to refer to it: Krakens). With the new smart contracts, I will be able to address the bot attack issue that we initially had with the buyback system on Binance Smart Chain right from the start.

For Ethereum, the buybacks will happen automatically after every sale that is 1 billion RISE or more. For Polygon, the buybacks will happen automatically after every sale that is 100 million RISE or more.

We have also built in a new system for the strategic buyback reserves for the Ethereum and Polygon networks. The strategic buyback reserves will be locked to the contracts and can only be utilized to buyback RISE from the open market and burn it, however, we will now have the ability to manually convert the ETH or MATIC stored in the contract to a stable coin. Even if we convert the ETH or MATIC to a stable coin, it can still only be utilized to buy back RISE from the open market and burn. The ability to convert ETH or MATIC into a stable coin will provide us greater flexibility in being able to utilize the buyback functionality to stabilize the charts even when markets are red.

How does EverBridge Work?

The first thing to note, with regards to how EverBridge works, is that there are no taxes for the transfer to the bridge. There will be a small gas fee (gas fee will either be in BNB, ETH or MATIC depending on which bridge you are using).

EverBridge Diagram

As I mentioned earlier, outside of the initial minting of the RISE/ETH and RISE/MATIC pairs there is no minting or burning of tokens. The way the bridge functions is simple.

For example, if you have RISE on BSC and you'd like to transfer it to ETH using EverBridge:

  • You send 100 million RISE/BNB tokens to the BSC Bridge and specify which network you'd like to bridge to
  • The BSC Bridge then lock 100 million RISE/BNB tokens sent
  • Then ETH Bridge would then send you 100 million RISE/ETH

Note: Transfers will happen immediately pending network speed.

EverBridge For All

When I was developing EverBridge, I wanted to think outside of the box and create a tool that could be used by everyone without having the complications of developing a bridge from scratch. So we will be opening up EverBridge for all projects on the Binance Smart Chain, Ethereum, and Polygon networks.

If you're a project developer and are interested in utilizing EverBridge, please email us at partnerships@everrise.com or get in touch via Telegram.

The team is incredibly excited to bring this product to market and I hope you guys are too.

With EverRise, we all RISE together.

Thank you,

Suresh Maddineni
EverRise CEO/Lead Developer