Ask Me Anything with EverEarn at ICOSpeaks: AMA Summary
February 28-th EverEarn held an Ask Me Anything session with the ICOSpeaks team at our telegram chat.
1️⃣ Block 1 – self-introduction from today’s speaker
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Dave Rahman | Co-Founder and Visionary of EverEarn | @CryptoCoinRahman
However not a big fan of titles as everyone on the team jumps in with multiple hats
I’m basically the most front facing person 🙂
I’ve been in this space a little over two years – met Trent in another project and we decided that there really had to be a better approach to starting a crypto project…and EverEarn was the result of our meeting
2️⃣ Block 2 – project introduction by speakers
First set of questions to introduce the project!
Q: What is EverEarn? How did it get started and what is it about?
A: EverEarn (EARN) is a deflationary cryptocurrency token, originally launched on the Binance Smart Chain (BNB), in January 2022. EverEarn expanded to ETH blockchain in November 2023, and is currently expanding to a third blockchain on March 10, 2023; Polygon. At a 10,000 foot view, EverEarn is a ‘rewards token’, paying 11% of transaction volume back to holders in stablecoin (BUSD/USDC).
Since its start over a year ago, EverEarn has paid out over $2 million to holders in stablcoin rewards, developed and launched dashboards, BUSD and UDSC staking apps, a secure in-browser multi-chain wallet tracker, nft minter, nft tracker, direct fiat BNB and ETH swaps, a learning academy with over 100 crypto lessons supported in over 100 languages, and the largest online crypto glossary containing over 2400 terms defined.
The core team has continued to maintain daily AMAs with the community since launch, and they are quickly approaching 400 recorded community AMAs. The team has continued to push forward over the past year despite horrible market conditions, gaining trust, building reputation, and proving their dedication to the long-term.
The key difference between EverEarn and other ‘reward tokens’ however is in their fundamental thinking regarding the utility; The utility of EverEarn is passive income generation, while all development and growth is for the purpose of continuing and increasing passive income generation.
Thus more than simply being a transactional volume reward token, EverEarn is here to develop a sustainable model for passive income generation through the development of legitimate non-trade initiatives, feeding back into EverEarn.
Q: You’ve noted expanding onto multiple blockchains. What’s the point of doing this? Why not just focus on one blockchain and put all your focus and attention on that?
A: Getting onto multiple blockchains is a forward thinking idea because it positions our project for the future in a number of beneficial ways;
First, it allows us to leverage the unique features of each of these blockchains, such as the scalability of Polygon and the robust infrastructure of Ethereum. This gives our project the ability to scale more quickly and efficiently while still having the security of a well-established blockchain.
Second, it allows us to reach a greater number of investors, as most investors stick to only one blockchain, allowing new investors to join us without leaving what they already know. This expansion of our user base helps to increase our project’s visibility and creates more awareness, which in turn drives more traffic to EverEarn
Thirdly, it allows us to take advantage of the interoperability between the BNB and Ethereum blockchains, as well as the ability to use the Ethereum Virtual Machine (EVM) to create smart contracts. This will enable us to create a more secure and reliable development for our token, as well as provide our users with a more seamless and efficient experience.
Lastly, being on multiple blockchains provides the entire project with greater insulation against market downward trends and negative contagions, while also decreasing overall operational costs. individual blockchains are affected by different events differently, and being multi-chained eliminates single points of failure. As well, the overall cost of development on a single chain is much greater than developing the same for use on multiple chains, thus costs are decreased for each chain. Costs related to marketing and advertising also drop dramatically across multiple blockchains, as the project is the core focus of advertising – thus more people become aware of the brand for less.
In summary, being on multiple blockchains is the right strategic direction that will allow us to take advantage of each chain’s unique features, reach a greater number of investors, create a more secure and reliable platform for our token, decrease costs, increase development potential, and increase marketing and advertising reach. Doing so aids to ensure the long-term continuation and success of our project by ensuring we have a more stable foundation from which to grow.
Q: Okay, being on multiple blockchains makes a lot of sense when considered, so is EverEarn a tethered or untethered token across these chains?
A: The EverEarn tokens are currently untethered on each blockchain that they exist. This means that there is no liquidity, market cap or supply link between each token, other than that each token belongs to the same project, and that the supply distribution on each blockchain is closely mirrored for continuity. Each token on each blockchain has its own listing on coin listing sites, and each has its own chart.
The purpose of keeping the tokens on each blockchain untethered serves to decrease negative contagion risk, decrease threat actor risk, and decrease external risk, while positioning the project to take advantage of surges and upswings occurring on each individual chain.
When a negative contagion in the crypto-space occurs within the crypto-space (such as a bridge being hacked, an exchange being linked to a scandal, a top alt-coin collapsing, etc), more often than not, the negative effects and impact are often limited in regards to the number of blockchains affected. With an untethered token, the effect is limited to the blockchain being affected, instead of the effect being pushed out to all the blckchains it is on.
Regarding threat actors, who repeatedly target cross-chain bridges, platforms and projects, being tethered increases the impact and effect of success breaches and hacks. Tethered tokens have repeatedly seen considerable investment value wiped out each time threat actors are successful, again because of the downstream effect that the tether spreads outwards.
Similarly, with external negative factors such as downtrends in the market, everyone feels the effect. Downward trends in global economies and increased inflationary pressure within global currency markets can (and do), widely and negatively effect markets of all types; retail, stock, real-estate, crypto, etc. However not all markets are affected equally, and some markets are often able to hold back downward trend pressures better than others, often even doing well. A tethered crypto feels the effect of downward market pressure, not only from each blockchain it is on, but then feels the added impact of spreading that effect out to its other blockchains, through its tether. This increases downward trend pressure for the entire project. Similar to negative contagions, an untethered token feels the effect only so far as each individual blockchain; it does not spread the effect out to its other blockchains.
This is why at the present time, EverEarn tokens are untethered to each other, however the option to tether in the future continues to remain and open option.
3️⃣ Block 3 – question from ICO Speaks team
Questions from ICOSpeaks team!
Q: Alright so tell us about the upcoming POLY launch.
A: The $EARNPOLY launch is occurring on March 10 @ 2pm EST. Right now we are in our marketing runup to the launch of the whitelist public presale, which starts on March 3 @2pm EST. We are using Pinksale.Finance as our launchpad, and will be hosted on QuickSwap.
To participate in the public presale, you need to register for a whitelist spot. You can visit our main site, and then click on the ‘$EARN POLY Public WL Registration link, or you can directly go to out Academy where the registration occurs at.
Important to note though is that whitelist presale registration ends before the start of the public presale, so time is running out.
In terms of the details for the public presale;
Public presale supply = 17.7 Billion total tokens (17.7% of total supply)
195.31 MATIC* = 59 Million $EARN POLY / 195.31 MATIC min / 585.94 MATIC max
15,000 MATIC SC / 58.593.75 MATIC HC
The WL Public Presale will be overfilled to ensure filling to hardcap, as we have no control over how much investors will actually spend on the day of, however we don’t ridiculously overfill as we want as many people as possible to be able to participate. Unlike other WL presales that many have seen where they are overfilled by 200%-300% or more, we generally keep within a calculated range or around 150%. Again this is because the presale will be limited to only those buyers, and if most don’t buy the max, then you dont have the option of adding more buyers in during the presale.
For transparency, there was a private whitelist presale seed raise, consisting of already existing EverEarn holders. There was two rounds; the first was an open buyin of whitelisted investors; each confirmed as limited to a single wallet per person with up to a max buyin of $750 USD; there were 59 participants in total. The second round was for whale investors, who also had to be current holders of EverEarn and also had to be vetted as one wallet per person. This round allowed for a max buyin of up to $5,000 USD, but with the condition that they would not be able to sell or transfer the tokens for a minimum of 90-days (wallets will be blacklisted within the contract during this time to absolutely guarantee sell/transfer cannot occur). Going this route for the 2nd round ensures these investors still receive their stablecoin rewards. The total number of tokens available for the private presale in 10 Billion (or 10% of the total supply), and the ratio was 195.13 MATIC = 62 Million $EARN POLY
Q: Are there any special features about the EverEarn contracts that would be of special interest to new investors?
A: Yes actually, quite a few;
We do have some standard features within the contract which are commonplace such as a max-transaction limit of 0.25% (250 million tokens), as an anti-whale feature, cooldown and sell limit features for contract sells (not investor), and we do have the ability to have max wallet limits, but to-date we have not enabled.
Beyond that, Ownership – Not Renounced. The EverEarn Team is actively engaged in growing and evolving the project, and some functionality is designed for security and operations, while others are designed for future opportunity. We have retained ownership of our contracts since the beginning (Jan 2022)
We do have a Blacklist function. This function allows the EverEarn Team to prevent a wallet from buying, selling or transferring $EARN tokens. This function is used in only two scenarios; 1) to lock project tokens while still able to access the rewards being generated for the purpose of operations. 2) to halt threat actors from harming the project or other investors – we also allow $EARN holders to request to have their wallets blacklisted as a service as a proactive security measure – in the future, this service will be available from a web interface – the blacklist feature has been critical in being able to guarantee investors that project tokens cannot be sold, as well as assisting investors in preventing their $EARN tokens from being stolen – to the communitthis is a function we’ve had in place from the beginning, and we openly post y any time the function is used.
Maximum Tax Lock. The maximum amount that taxes can be increased to, is 15%. The EverEarn Team has no ability to increase total taxes above 15%. This is a community safeguard feature, which guarantees taxes will never be greater than 15%.
Minimum Reward Lock. The minimum amount of taxes that is applied to paying out holder rewards is locked at 11%. The EverEarn Team has no ability to decrease rewards below 11%. This is a community safeguard feature, which guarantees rewards will never be less than 11%.
Change Reward Token. This function is another security feature designed to protect the longevity of the EverEarn project. If at any point in the future, the current Reward currency being paid out to holders faces uncertainty or even collapse, the EverEarn Team can switch the $EARN contract to pay out a different currency, in a matter of minutes.
External Revenue Injection. This function allows the EverEarn Team to directly move externally generated profits into the contract for direct distribution to $EARN holders as rewards, without creating additional contract selling. This function will be particularly critical in the future as EverEarn begins to launch development designed to create externally generated revenue.
As you can see, the EverEarn team, as it applies to the contract development, is really focused on providing a feature rich contract, which also provides security safeguards and controls designed to protect the community and project.
Q: What can you tell us about what is coming up after the Polygon launch? Basically, ‘what’s next?’
A: We do keep a lot of things close to the chest, because if you give away to much, you also give away all future value. But some of the things coming up immediately following launch would be;
Triple Tiara Takedown promotion – where holders have the chance to distributively split all the stablecoin rewards built up for the first 30 days (from launch date of Poly) from 1% supply wallets on each blockchain, as well as have a chance to win one of up to 25 prizes, worth up to $1,000 each, depending upon success level of the launch and promotion.
$EARN BNB v2 – we will be migrating the original $EARN BNB token over to a v2, which will bring it up to the same contract version as the POLY contract, with all the same feature – this will be a straight migration, no change in price or supply.
$EARN POLY Staking Apps – 4 separate staking apps allowing for staking of BUSD into up to 4 separate pools.
Queens Quadruple Quest promotion – this is the same promotion as Triple Tiara Takedown, but begins with the $EARN BNB v2 migration.
EverEarn XXX Rewards – this is new permanent feature focusing in on rewarding those holders who not only hold from month to month, but also continuously increase their holdings. This new feature will focus rewarding those holders with BNB, ETH and MATIC in addition to the stablecoin rewards they would already be receiving.
ReBrand and New Site – working with our real world brand partner EY Studios, EverEarn is revealing a full facelift overhaul including sale funnel designed to attract a lot of attention to the project and into the community.
$EARN ETH v2 – like with $EARN BNB, this is will be a straight migration to a v2 contract which will bring it up to the same contract version as the POLY contract, with all the same feature – again no supply or price changes
Tokenomics Exchange – EverEarn has just recently signed an NDA with a VERY large project (market cap in the hundreds of millions), which is working on a tokenomics enabled exchange – this is currently in progress, and we’ll provide updates to the community as things progress.
Beta Release of External Income Mechanism – EverEarn’s goal is the development of external revenue generation to increase rewards out to holders, and we’re working on the release of the beta version.
As you can see, there is a lot going on, and the above really only covers the next two months. Beyond that, the team really focuses on not overhyping or over promising. We’re working to build for the long term and you don’t get to being around for over a year already by revealing months and months of roadmap for all your competitors to steal. 🙂
4️⃣ Block 4 – Community Voice.
Community asks the questions they are interested in.
Q: Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy back system or token burning in the future?
A: 15% transaction tax
11% REWARDS to all holders.* Every buy, sell, and transfer of $EARN, results in 11% being directly distributed back to holders.**
Q: Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
A: Our contracs have all been audited.
In fact we have closely partnered with Rug Free Coins as our primary development partner and governance oversight to ensure ALL development is done so in a responsible manner.
As well, out token launches were and are conducted with Rug Free Coins holding owership of the contract until days after launch, ensuring no one of the core team had access to any functionality, providing a gold-standard approach to developing and launching tokens
Q: Do you have Staking?
A: We have multiple staking app available now, BUSD and USDC staking apps, where you hold EverEarn and stake stablcoin…and are rewarded back in stablecoing. Our BUSD staking app has been in operation almost a year with no issues
Q: Most of users are still not aware with Blockchain & its related projects ! So, How Your Project platform create awareness about their project with NON-CRYPTO users too?
A: The EverEarn Academy is a free-for-use educational and non-profit website aimed at increasing crypto-education to anyone wanting or willing to learn.
The EverEarn Academy boasts a growing library of over 110 Crypto Classes covering topics and knowledge levels from beginner to advanced, offered in over 100 languages, including full support for users with sight disabilities.
https://www.everearn.academy/
As well, we have a new rebranding specifically designed to attract new holders, and especially those new to crypto
Q: While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
A: Great question
We hold DAILY AMAs with the community specifically so that we are readily available, and so the community has the ability to provide feedback and suggestions
We also have a volunteer committee made up of community members specifically for feedback oversight.
Several of our initiatives, were and are as a reasult of actively listening to the community
ICOSpeaks hosted an AMA Session with the EverEarn Team. That’s all for today.
Thanks to all users who participated.
Thanks, EverEarn for being with us
Thanks, all and see you soon😉
Cheers 🥂
Wanna know more?
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