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DAO Everscale approved the economic reform of the project

The decentralized autonomous organization (DAO), which manages the Everscale ecosystem, has voted for a reform that is designed to improve the quality of project management and mitigate the effects of the “crypto winter” for it. The proposed initiative consists of several directions.

Payments to key participants and partners

The total liability for decisions made by the DAO is about 50 million EVER, according to the accompanying note to the project.

The release of this amount into free circulation during the execution of decisions will lead to additional pressure on the price of the Everscale native coin. However, it is wrong to freeze funds until the end of the crisis in the cryptocurrency market, the authors of the initiative believe.

To mitigate the impact, they proposed the creation of a LEVER token backed by EVER at a ratio of 1:1. At the same time, the asset will have a two-year lockup period, during which the tokens will be locked in staking. At the end of the lockup period, the funds can be received along with the profitability accumulated over two years.

LEVER is planned to be distributed among the members of the DAO Everscale. Tokens will also be received by members of the project founders’ council and partners.

Introduction of KPIs for DeFi Alliance and EverX

Under the terms of the vesting and decisions made by Everscale’s board of founders prior to the launch of the DAO, the key project participants, DeFi Alliance and EverX, should receive 170 million EVER each. This is a significant part of the current turnover (1.24 billion coins).

To avoid price volatility when issuing such a significant amount at a time, DeFi Alliance and EverX decided to establish a joint KPI: EVER’s entry into the TOP 100 cryptocurrencies by capitalization in the short term, and in the TOP 10 in the long term. At the time of writing, the asset ranks 245th on CoinMarketCap and 238th on Coingecko.

The vested coins will be unlocked for DeFi Alliance and Everscale gradually as the target is reached.

Decentralization of the protocol development process

A few months ago, EverX, which is the main developer of the Everscale architecture, committed to open source its solutions and involve third-party developers in the development of the protocol core.

The first step towards the new model was taken in June 2022, when the Everscale Technical Architecture Committee was created, which included the main experts from the community. The group has already held three meetings.

In the future, Everscale’s protocol development priorities will be determined in a decentralized manner, the draft reform says. In the absence of internal consensus, proposals will be put to a vote by the DAO.

Starting in July 2022, the development of the core will be funded by the Everscale Foundation, the code of all solutions received with these funds will be open source.

Grants and partnerships

Most of the grants and partnerships awarded did not bring value to Everscale, the authors of the reform stated. Although this mechanism will remain the main way to develop the ecosystem, the approach to its implementation will change.

As stated in the draft reform, from now on, partners will receive awards from Everscale only after they can prove their contribution to the development of the project. Each decision to issue another award to a partner can only be made by the DAO. Grants from Everscale’s treasury will only be issued in fiat currency so as not to jeopardize EVER’s price stability.

Each of the directions indicated in the draft reform will be detailed and submitted to a separate vote. The purpose of this initiative is to outline a set of measures that need to be taken, its creators emphasized.

Earlier, the Everscale DAO voted to stop payments to 30 partners and founders due to their lack of activity. A decentralized organization, in which all EVER holders can participate, was launched in March 2022.

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About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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