The EVER token
Utility Token of EverLife Network
The primary deployment of EVER token eventually will be on Ever Chain which is a native substrate based chain with an associated token called EVER (EVER). As EVER chain is still under development, it will be available on Stellar and Ethereum to begin with.
Deployment Network
Ever Chain
Relay Chain
Polkadot
Token Name
EVER (EVER)
Anticipated Launch
Q3 2021
Small Unit
mEVER (10^18 mEVER = 1 EVER)
Genesis Supply
500 Million
Annual Inflation
5%
Transaction Fees
80% Burned / 20% to Treasury
The EVER token serves three distinct purposes:
governance over the network,
staking and avatar economy.
Micro payments for goods and services, transaction fees, smart contract execution, hosting and storage in the EverLife Ecosystem will be powered by EVER token.
Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc.
Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run.
Token Allocation
The gensis supply of EVER tokens will be 500 million. A portion of the network tokens have been reserved as Ecosystem Reserve to be used for Protocol development and other Programs. A significant portion of the network (40%) has also been reserved for future public sale. Details are TBD, but this page will be updated as more information becomes available.
Inflation And Fee Model
EverLife targets a 5% annual inflation rate and, as such, has an uncapped token supply. The purpose of inflation in EverLife is to pay for ongoing security needs of the network. The primary security budget items are to pay for a parachain slot on an ongoing basis, and to incentivize collators to provide collation (block production) services to support the EverLife network. Of the 5% inflation, 1% will go towards incentivizing collators and 1.5% will go to the parachain bond reserve to accumulate on chain funds to pay for a parachain slot in perpetuity. The remaining 2.5% will go to users that stake their EVER tokens and help power the collator selection process. Fees on EverLife related to transactions and smart contract execution will be handled in two ways. 80% of the spent fees will be burned, which acts as a deflationary force and accrues value to existing EVER holders based on increased utilization of the network. 20% of the spent fees will go to the on chain treasury which can be allocated via onchain governance to projects and initiatives which further adoption and engagement with the network.
Token Distribution
The following diagram illustrates how EVER tokens will be
distributed among various stakeholders.
Allocation |
EVER |
% |
Description |
|---|---|---|---|
| Token Sale | 200,000,000 | 40% | Subject to 24-month vesting schedule with a 3-month cliff and equal vesting in months 4–24. |
| Team | 75,000,000 | 15% | Founders and EverLife employees. Subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter. |
| EverLife Early Backers (PreSale, AirDrop, Bounty) | 25,000,000 | 5% | These are early backers for the project |
| Ecosystem Reserve | 200,000,000 | 40% | Tokens to be used by EverLife for protocol development and other programs. |
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What are EVER tokens? keyboard_arrow_rightEVER are the token native to the Everlife network for the purpose of carrying out the key functions of the platform as detailed below.
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Is EVER an ERC20 token? keyboard_arrow_right
EVER is native to the Everlife platform. It would be available as an ERC20 on Ethereum and on Stellar network to enable cross chain interoperability.
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What are the functions of EVER within Everlife? keyboard_arrow_right
EVER will serve three key functions in Everlife, namely (i) providing governance for the network, (ii) operating the network, and (iii) creating avatar economy by exchanging EVER.
The first function of EVER is to entitle holders to complete governance control over the platform. Included in this governance function is determining the fees of the network, the auction dynamics and schedule for the addition of parachains, and exceptional events such as upgrades and fixes to the Everlife platform. These functions are not formally granted to EVER holders, but rather the underlying code of Everlife will enable EVER holders to participate in governance.
The second function of EVER will be to facilitate the consensus mechanism that underpins Everlife. In order for the platform to function and allow for valid transactions to be carried out, Everlife will rely on EVER holders to play active roles. Participants will put their EVER at risk (referred to as “staking” or “bonding”) to perform these functions, which acts as a disincentive for malicious participation in the network. EVER required to participate in the network will vary according to the activity undertaken, the duration EVER is staked for, and the total number of EVER staked.
The third function of EVER will be the ability to faciliate micro payments and power the Avatar Economy.
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What rights will EVER confer on their holders? keyboard_arrow_rightEVER holders will have certain functions within the Everlife platform, including:
- The ability to act as a validator, collator, nominator.
- The ability to participate in the governance of Everlife.
- The ability to participate in the decision-making process in relation to global upgrades and/or changes to Everlife.