EverValue’s token presale exceeded expectations, raising over 75 BTC ($4.7 million) in just one week. The project, which aims to provide Bitcoin users with an alternative to decentralized finance (DeFi) staking, sold 313,000 of its EVA tokens on XT’s Launchpad platform in just one hour. The EVA token is hard-capped at 21 million and is initially backed by 75 WBTC deposited in a smart contract on the Arbitrum network.
The project’s Bitcoin holdings are grown through mining, with an initial investment in 555 ASIC rigs. Profits from the mining operations are transferred to the project’s wallet as Wrapped Bitcoin (WBTC). The project’s token burn mechanism reduces the supply of EVA tokens, aiming to reward long-term holders and make the project “whale-proof.” EverValue’s tokenomics are based on a smart contract audited by blockchain security services company Hacken, and token holders have full control over their assets.
