On August 31, 2021, the supporters of EverRise (and the buyback concept) applaud as the minds behind this ever-so-popular project are revealed. In a Q&A interview hosted on Twitter, Ross Macdonald, VP of Gokhshtein Media, sits down with CEO & Developer Suresh Maddineni aka Titan and Dr. Aleksi Ollikainen-Read aka Guard who serves as the Legal & Business Director of EverRise to discuss the $RISE token and the project’s future developments.
EverRise, with its hyper-deflationary, collateralized cryptocurrency $RISE, has revolutionized DeFi tokenomics with its buyback and burn system. This mechanism is designed to reward and protect the long-term holders of the token. Not only do the token holders benefit by receiving instant rewards on all transactions, but even better, they are protected from market price instability while being guaranteed price per token increases through their unique buyback-and-burn protocol.
As you might surmise, this isn’t any ordinary buyback-and-burn. Every time a token is sold, the EverRise contract stores 6% of the value into a reserve pool, which can be used to buy back tokens from the open market. This immediately transfers value to the token holders and the community. Then, the tokens are instantly burned, permanently removing them from the circulating supply. This creates a supply constriction which makes EverRise hyper-deflationary.
Many in the $RISE community see this buyback as an insurance policy. As Suresh Maddineni states:
“We started the buyback and the amount grew in the reserve system so the community started calling it the Kraken…they see that has an insurance policy for them. Now we have to make sure the Kraken is good enough to protect the people. So if someone dumps, we can’t just go and pump it, because that is our protection; we don’t want to waste it.”
Dr. Aleksi Ollikainen-Read underpins the promise of the buyback mechanism:
“It has a great potential for price stabilization and creating a safer space for investors. It essentially operates as an insurance system. People know that regardless of what happens to the token price, at least there is some reserved liquidity. People can feel a little bit safer about their investments, knowing that it is collateralized.”
Wave of Momentum
The appeal of this tokenomics was evidenced by the 1.7 million USD investor response just 2 days within their launch on June 15, 2021. On an even larger scale, the buyback mechanism has been transforming the cryptocurrency space. Dr. Aleksi Ollikainen-Read tallies some 2,000 projects that have copied their coding of the buyback concept, along with many others including a buyback function in their projects.
The EverRise team understands the importance of introducing new apps and features in a smart, deliberate way. As Dr. Ollikainen-Read points out, “there are problems and frankly, fraud within the BSC space. We want to ensure we have everything legally in order before introducing anything. And in fact, the community should demand that of their projects.”
While there are numerous projects underway for EverRise including flagship apps such as EverOwn which launched September 8, 2021, along with EverLock, EverSale, EverWallet, EverSwap, their primary focus is making sure the coin has real use. With this, they are prioritizing certain projects such as building their own bridge to Ethereum. A demo of the EverOwn dApp, their first flagship project, can be viewed on EverRise YouTube.
Their speed to market with the buyback concept is the result of the rapid pace in which Mr. Maddineni is capable of coding. As Dr. Ollikainen-Read explains with a bit of humor, “I come from a legal background, and sometimes the swiftness with which Titan (Suresh) codes is…well, I feel like a petulant child having to complain that we have to slow things down to make sure everything is legally in order and in a safe place before we launch.”
Both Mr. Maddineni and Dr. Ollikainen-Read are set on building trust within the community. Part of that is getting to know the people behind the projects. Suresh Maddineni has a 20-year background in software development, and alongside that, he’s been trading stocks for an equal amount of time. While Mr. Maddineni has only been in the crypto space for a few months, he’s been able to apply his extensive knowledge of coding and understanding of buybacks to the crypto space.
Dr. Ollikainen-Read is a legal academic who has recently joined the team within the past month. He works with a government research institution examining high concept theories of the financial systems and is now putting this knowledge into practice developing systems for the crypto space.
For CEO & Developer Suresh Maddineni and team, the hard work is really just beginning. To make this project successful, they are looking at the systems.
“The holy grail that we are building towards is finding ways to perhaps automate the buyback entirely or have a non-technology solution to it. We are talking to quantitative data analysts. We are not only building the systems and the apps, but we are also building the analytics that will help us deploy the Kraken safely and in the right way with reasoning and frankly game theory behind it. Building analytics takes years, but we are trying to do this in months.”
Taking the Myth Out of the Mythical Creature
The buyback function works like this: EverRise uses a special tax, called a strategic buyback fee, of 6% on each trade in the form of RISE tokens. These tokens are converted into Binance Coin (BNB) and are stored and locked under the EverRise contract, not through a separate bot or wallet.
These are the Kraken’s Strategic Reserves.
Here’s the hook: the reserves are independent of the price of RISE. BNB stands ready to be deployed for the purposes of buying back and burning RISE coins from the open market as the market necessitates.
When the buyback function is activated, the contract automatically buys back and burns tokens after every sale. Once the RISE tokens are bought back, the new BNB amount is added to the liquidity pool and the RISE tokens bought are immediately burned.
As a true burn, this guarantees that the price per token will increase every time the buyback is activated.
The contract of the Kraken Strategic Reserves is coded so that the BNB monies cannot be withdrawn. The EverRise developer only has access to change the buyback amount or to start/stop the buyback.
The developer explains, “The Kraken is deployed strategically at specific moments to allow EverRise to maintain a stable price floor during downward market trends, chart manipulation, and whale dumps, securing the long-term success of the project.”
The Kraken advocates for its long-term investors. As such, the Kraken will not be used to pump the price to benefit short-term traders or whales. Instead, it will be used to protect the long-term investors only when it is essential and needed.
“All investors are sitting on a Gold Mine. Think of this as your Retirement Fund. As long as you hold, your investment will grow when the buyback is used.” – Developer Suresh Maddineni
How to Join the Ranks of EverRise
Here is some steps to acquire EverRise:
1. Download Trustwallet
Download the application from Trustwallet.com
Keep your seed phrase secure and private!
2. Fund Your Wallet
Purchase BNB or BSC (Binance Smart Chain) to fund your wallet
3. Enable Trust Browser
Visit Pancakeswap.finance on your iPhone mobile browser
Click Connect (top right corner), click WalletConnect, and select Trust Wallet. This will open the app. Confirm on Trust Wallet and go back to your mobile browser.
4. Swap For EverRise
Select Exchange from the dropdown menu on the left. Click Select a currency and enter the contract address. Set your slippage to 13%.
Buy EverRise on Pancakeswap
EverRise Stats as of September 2, 2021
CREATION DATE: 6/15/2021
CIRCULATING SUPPLY: 652,731.14B
TOTAL SUPPLY: 793,352,678,980,699
MAX SUPPLY: 1,000,000,000,000,000
KRAKEN STRATEGIC RESERVES: 4,287.07 BNB
KRAKEN STRATEGIC RESERVES: $2.10 Million USDT
MARKET CAP: $30,037,933 USDT
BURNT FROM CIRCULATING SUPPLY: 25.87%
REMAINING CIRCULATING SUPPLY: 74.13%