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Since February 10th, we have been hard at work securing the EverRise staking contracts and ensuring an exploit does not happen again in the future. We identified several solutions to fix the issue and have done a thorough risk assessment with all potential options. Rather than release a short term patch to the staking pool, we are embracing this opportunity to release groundbreaking changes that we are extremely excited about.
EverRise v3 is a protocol upgrade to combine a multi-chain token and utility NFT contract with the same contract address. We are currently finalizing the new contracts to send to our audit partners, and we plan to begin the migration process in March on a date to be determined.
There are some significant security upgrades to the EverRise v3 smart contract and staking protocol. The improvements will bring more visibility to each holder with regards to their staking contracts while providing multiple security measures.
With the improved staking protocol, RISE tokens will never leave your wallet while staked. Instead, the tokens will be locked for however long you decide to stake for. This way, the staked token value will remain visible within your wallet.
Additionally, the v3 contract allows for the creation of time-locks for your RISE tokens and utility NFTs. During the time-lock period, the tokens cannot be moved or transferred. However an alternate wallet address can be assigned when the time-lock is created to access and unlock the tokens early.
After seeing the recent exploit with OpenSea from signature approvals, we are implementing a feature that will allow you to revoke all approvals related to the RISE token and EverRise NFTs in a single transaction. If a DEX or NFT marketplace experiences an exploit, holders will be able to immediately revoke the approval to all platforms.
The EverRise v3 contract also includes an auto-timeout feature that RISE holders can leverage for their RISE token or EverRise NFT approvals. After a user-defined amount of time between 1 hour and 7 years, any outstanding approvals are revoked and any future token interactions will need to be approved again. This feature will only apply to new approvals and can be turned off, any approvals already granted will need to be manually revoked. Users can choose to use this on a case by case basis by turning the feature on or off before making any approvals. This is a measure we are taking to help users protect themselves from ice phishing attacks in the DeFi space. Read more about ice phishing here.
The governance process with EverOwn will be altered with the move to the v3 contract. RISE will be vote-escrowed (ve) with the governance votes coming from staked RISE weighted based on the length of the stake. This aligns with giving more power to those committed to the project long term and a significant step in further decentralizing the EverRise protocol.
We also will be blocking the ability to send RISE tokens to the EverRise contract address, which will be the same across ETH, BNB, MATIC, FTM, and AVAX.
Altogether, these improvements are key to EverRise having one of the most secure smart contracts in the DeFi space.
Staking contracts will be on-chain utility NFTs that we are calling EverRise NFT Stakes. The staking process is now greatly optimized to reduce gas fees when creating a new stake. The EverRise NFT stakes will have unique serial numbers per chain and be held directly in your wallet.
The EverRise NFT stakes are OpenSea, among other NFT marketplaces, compatible which means they can be bought and sold or transferred to others. If the NFT moves, the staked RISE moves with it. These NFT transactions will have a royalty fee featuring tokenomics to return value to the token.
The EverRise NFT stakes will also be bridgeable. There will be a fee charged based on the size of the stake. After bridging to the target chain and paying the fee, the EverRise NFT stake will begin earning rewards on the target chain. A portion of the fees collected from the NFT bridging tax will also be used to burn RISE tokens on either a monthly or quarterly basis.
The fees for bridging an EverRise NFT Stake will be paid in unstaked RISE tokens. This fee is paid in RISE from the source chain and then bridged by the protocol to be distributed to those already staked on the target chain to compensate them for their stake being diluted. If the holder does not have unstaked RISE on the source chain, they will need to purchase tokens from the market.
Upon completion of the staking duration, the NFT Stake will allow you to claim a reward NFT and the NFT Stake will continue to earn rewards at the same weight. Unstaking will destroy the NFT and unlock the corresponding RISE tokens.
Another new feature being introduced is the ability to increase the staking period while the stake is still in progress. If you decide to stake longer, you do not need to wait until the end of the current period but the countdown will restart. It will be possible to stake for 24 or 36 months in addition to between 1 and 12 months.
Along with the changes to the EverRise contract and staking protocol, we are making two changes to the EverStake platform itself.
We are making big changes with EverRise v3. We do not take transitioning to a new smart contract lightly and are only doing another migration because of the level of improvement we are able to make to the protocol. The development team is currently putting the finishing touches on the smart contracts. Once completed, we will submit the upgraded v3 contract and staking contracts to our audit partners in preparation for a full transition to v3 sometime in March.
The migration process to v3 will be slightly different than the migration to v2. Here are the key things you need to know:
RISE holders with unstaked tokens will be able to use EverMigrate to upgrade their tokens. At some point during the migration process, we will close EverMigrate for moving from v2 to v3 and airdrop all v3 tokens to all holders still holding v2. We are not disclosing when this will occur to mitigate against airdrop scams.
As we get closer to beginning the migration process, we will release more details.
For us here at EverRise, we are committed to security and innovation in the DeFi space. As we all know, DeFi is still incredibly early. We are constantly pushing boundaries and will continue to do so. The ingenuity of the development team we have here at EverRise speaks for itself. We hope that you all are as excited about EverRise v3 as we are.