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.

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.

Governance

Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc.

Staking

Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run.

TOKEN STRUCTURE

Token Allocation

The gensis supply of EVER tokens will be 500 million. A portion of the network tokens have been reserved to ensure the network secures and maintains a parachain slot on the Polkadot network. A significant portion of the network (14%) has also been reserved for a future public sale, will shortly precede the public network launch. The amount for sale may change based on public demand. 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
Seed Funding 70,000,000 14% Subject to 24-month vesting schedule with a 3-month cliff and equal vesting in months 4–24.
Strategic Sale 60,000,000 12% Subject to 12-month vesting schedule with a 2-month cliff and equal vesting in months 3–12.
Public Sale 70,000,000 14% Subject to a 40-day lock with no vesting schedule. Public sale details subject to change.
Parachain Bond Funding 75,000,000 15% Tokens under Company control to be used to pay for the DOTs required for the EverLife parachain slot in years 1-6. These payments may take the form of interest payments to borrow DOTs for the required parachain bond or rewards for crowdloan participants. These funds will act as a backstop to ensure that our parachain slot is funded for years 1-6. Unused funds can be used for other Foundation protocol adoption initiatives.
Parachain Bond Reserve 250,000 0.5% Onchain funds to be used for parachain bond purposes. Part of the supply inflation goes into this fund and the idea is ultimately for this reserve to hold enough DOT to secure a parachain slot in perpetuity.
Treasury 250,000 0.5% Initial funds for the onchain treasury that can be used to fund public goods using on chain governance. 20% of fees also go here.
Long-Term Protocol & Ecosystem Development 75,00,000 15% Tokens to be used by EverLife for protocol development and other programs.
Developer Adoption Program 25,000,000 5% Funds to be used as incentives for developers and projects that are early EverLife adopters. Subject to vesting (2-year monthly linear vest). Unused tokens can be used for future sales.
EverLife Early Backers (PreSale, AirDrop, Bounty) 25,000,000 5% These are early backers for the project from 2018 and currently holding EVER tokens on Stellar
Founders and Early Employees 50,000,000 10% Founders and EverLife employees. Subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter.
Future Employee Incentives 20,000,000 4% Future employee token incentive pool. Future issues from this pool will be subject to a 4-year vesting schedule from the the network launch or grant date (whichever is later) with a 1-year cliff and monthly vesting thereafter.
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FAQ
  • What are EVER tokens? keyboard_arrow_right
    EVER are the token native to the Everlife network for the purpose of carrying out the key functions of the platform as detailed below.
  • 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.

  • 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.

  • EVER 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.
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