VERSE: Bitcoin.com’s Ecosystem Token

Intro

VERSE is Bitcoin.com's rewards and utility token, encouraging global cryptocurrency adoption through incentives and gamification.

Bitcoin.com, a leader in introducing newcomers to crypto since 2015, offers the multichain self-custody Bitcoin.com Wallet app, 24-hour support, award winning Bitcoin and crypto news, and comprehensive educational resources.

VERSE incentivizes engagement within Bitcoin.com's ecosystem, aiming to hasten the transition to decentralized finance. It seamlessly integrates into the platform, which includes a range of unique dApps offering rewards and perks. 

Verse Explorer

Verse Explorer is a web3-enabled browser that marries convenience with access, bringing the Bitcoin.com Verse Ecosystem to your fingertips. Available on the web and integrated to the Bitcoin.com Wallet app, Verse Explorer allows for interaction with a variety of web3 features directly from the Bitcoin.com Wallet app. These include the multichain decentralized exchange Verse DEX and a collection of unique and engaging dApps that are designed to educate users on how to safely interact with web3 products.

Verse DEX

The multichain Verse DEX is an automated market maker-based decentralized exchange that was created to bring everyone permissionless and self-custodial trading access. The platform is newcomer-oriented. Verse DEX provides its users with safe crypto swapping with low fees, including cross-chain trading between blue-chip tokens such as BTC, BCH, and ETH.

Let’s find out how to earn yield by providing liquidity to Verse DEX, depositing LP tokens in Verse Farms, and by staking VERSE.

Source: DefiLlama

Available on web and in the Bitcoin.com Wallet app, Verse DEX features 0.25% fee sharing for liquidity providers, Farms, Staking, front-running protection, and more.

Verse DEX Key Features

Verse DEX offers a range of features that make it a unique and valuable asset in the world of DeFi. These features include:

• Liquidity Pools: By providing liquidity to Verse DEX, users can earn rewards in the form of trading fees and additional incentives.
• Staking: With Verse, users can stake their tokens to earn additional rewards. Staking involves locking up a certain amount of tokens in a smart contract, contributing to the network’s security and earning rewards in return.
• Farms: Verse Farms provide users with the opportunity to earn additional rewards by depositing select Liquidity Pool (LP) tokens.

Source: Bitcoin.com

Verse DEX enables permissionless and low-fee trading between dozens of cryptocurrencies. The DEX charges 0.3% of the trade volume per token swap. 83.3% of that fee is given to liquidity providers (see below) while the remaining 16.7% goes to the protocol.

Source: Bitcoin.com

Staking

Instead of holding VERSE in your wallet, you can stake your VERSE in the Verse Staking smart contract to earn rewards.

There is no penalty for withdrawing staked VERSE, and you can withdraw at any time.

Verse Staking rewards come from the Verse Ecosystem Incentives program. Specifically, 35% of the Verse token supply is allocated to rewards distributed via staking, yield farming, airdrops, and other mechanisms. 

Tokens are made available to the incentives program linearly and on a block-by-block basis over 7 years. The purpose of the program is to widely distribute VERSE and incentivize community growth in a sustainable and value-adding way. 

The VERSE Staking contract has been audited by Certik.

1. Go to Verse | Staking and connect your wallet;
2. Tap the ‘Stake VERSE’ button, enter the amount to stake, then press ‘Confirm Deposit’;
3. Confirm the transaction in your wallet and it’s ready!

Staking rewards accrue automatically and you can withdraw them whenever you want, without any penalties.

Verse Farms vs Verse Staking

Verse Farms were made to incentivize  you to provide liquidity to the Verse DEX, which is essential for enabling decentralized trading. You just need to pair two assets in a liquidity pool, and manage the specter of impermanent loss with rewarding yields that make the leap worth it.

Source: Bitcoin.com

Verse Staking, on the other hand, is the treasure trove for the dedicated VERSE holders among us. With just a single asset to deposit, your journey is streamlined, focusing on amplifying your holdings without the worry of impermanent loss.

Verse Scratcher

Verse Scratcher is a dApp, deployed on Polygon, which enables anyone to purchase digital tickets and "scratch" them to reveal the numbers. If three matching numbers are revealed, you win a prize, which is paid in Bitcoin.com's cryptocurrency VERSE. 

Verse Scratcher is accessible in the Bitcoin.com Wallet app here and on the web here.

Verse Clicker

Verse Clicker is a free-to-play game. Click for points, spend points within the game to purchase upgrades. Hold and use VERSE within the Verse ecosystem to get exclusive bonuses and dominate the leaderboard. Prizes are available during limited-time campaigns, which are offered from time to time. 

Verse Clicker is accessible in the Bitcoin.com wallet app here and on the web here.

Verse Voyagers NFT

Set to launch in April 2024, Verse Voyagers is a collection of 10,000 algorithmically generated unique space farers.  Featuring the ability to re-spin traits to customize your NFT, Verse Voyagers is the next generation of profile-picture NFT projects. Completing the quests here enters you to win one of 100 free mints.

Crypto Debit Card (Coming soon)

The Bitcoin.com Team is reportedly in the final stages of development for its long-awaited crypto debit card. The card, which will feature perks for VERSE holders, will enable people to spend their crypto and withdraw cash from ATMs globally. 

VERSE Token

VERSE aims at solving crypto's biggest challenge: onboarding new users to self-custodial and decentralized tools. The Bitcoin.com Verse team believes that the custodial model goes against the core principles of crypto by restricting economic freedom and exposing people to systemic counterparty risks.

Source: Verse whitepaper

Starting from a circulating supply of zero when VERSE launched in December 2022, tokens are released gradually over a 7-year period. The total max supply of VERSE was hardcoded at 210 billion tokens. However, as of the time of writing, over 13.5 billion tokens have been burnt, equating to nearly 7% of the hardcoded max. 

The VERSE token emission schedule mimics native coins’ distribution pattern in the sense that vested tokens are released per block (linearly), starting from the launch day. Pre-sale buyers’ tokens fully vested after one year (December 2023). Public sale buyer’s tokens will fully vest in June 2024. 

Tokens can be claimed by interacting with the claiming smart contract. Here’s a guide on how and when to claim the Verse token.

This approach, according to the team, will prevent negative effects on demand and value development caused by an abrupt increase in circulating tokens. The supply shock scenario will be averted by the gradual and uniform increase in circulating tokens against a prospective exponential increase in demand from the rest of the cryptocurrency community who wish to access applications in the VERSE ecosystem. 

To maintain a regular demand for the VERSE token, the team has implemented  a sustained token buyback and burn program. According to the team, a portion of all fees generated from applications in the ecosystem are dedicated to the buyback program which is committed to constantly reducing the number of tokens in circulation by burning these tokens.

Thanks to the buyback and burn program, the VERSE token attains a deflationary architecture. The deflation rate will depend on the amount generated from fees and the percentage the team is willing to commit to this program.

Regarding token allocation, the team has reserved portions of the total supply for development programs and allocations for different external and internal parties. These reserves and allocations are available for gradual claiming in line with the emission schedule.

According to information provided by the team, 34% of the total VERSE supply will is allocated to ecosystem incentives and rewards. 

This portion of the token supply is used to power upcoming incentivized programs and passive income programs in the ecosystem, including an airdrop program as hinted by the team. Through the airdrop program, the team hopes to reward existing users of the Bitcoin.com application and also plans to extend this reward to some noteworthy cryptocurrency communities.

VERSE Key Features

• Fair launch: The initial sale sail moment was a highly publicized multilayer token sale: 

1) The sale terms were public;

2) There weren’t  any steep discounts between rounds.

• No cliffs: VERSE tokens purchased in the sale began unlocking on day 1, and continue unlocking for 12 to 18 months. Team tokens also unlock linearly, but over a four-year period.
• Buyback & burn: There iswas an ongoing deflationary mechanism backed into Verse. Thus, a portion of all the fees generated are used for buying back and burning VERSE.
• Community-driven: The VERSE token will spearheads initiatives to accelerate growth and innovation. The Verse Development Fund (34% of total supply) will provides a pipeline of resources for DApps integrating with the ecosystem and will incubates token projects through the Bitcoin.com launchpad service.

VERSE Utility

The VERSE token is an essential part of all Bitcoin.com’s applications. Depending on an application, the token plays a unique role geared towards incentivizing cryptocurrency users to embrace these solutions. 

These roles are structured to empower users, grow the VERSE token, and strengthen the Verse ecosystem economically. For example, VERSE can be used to pay for discounted ads packages on Bitcoin.com Media. It is used as the method of payment for scratch & win tickets in the Verse Scratcher dApp, and it used to unlock bonuses in the Verse Clicker dApp, where rewarded contests are run from time to time. 

Furthermore, VERSE is the rewards token for Verse Staking and Verse Farms, as well as for the planned micro-rewards system within the Bitcoin.com Wallet app.

VERSE Governance

In October 2023, the Verse Team introduced community voting via Snapshot here. Token holders now have the right to cast votes proportional to their holdings on proposals impacting the Bitcoin.com Verse ecosystem. The inaugural vote determined the next blockchain for VERSE expansion, beyond its original Ethereum platform. The community chose Polygon PoS, leading the team to initiate the integration of VERSE and Verse dApps with the Polygon network.

Is Verse Safe?

Verse DEX has partnered with Blink to provide front running protection for Verse DEX users. To activate the protection, you’ll just need to set a custom RPC in your wallet. 

The protocol went through several reliable audits such as Certik, Chaisulting, 0xGuard, and Quantstamp. 

Source: Verse website

Besides, we keep in mind that Verse DEX is Bitcoin.com's official decentralized exchange. It provides a secure way to allow permissionless interactions with cryptocurrencies without relying on intermediaries. 

Verse and Notum Collaboration

Notum app integrated the VERSE token.

A key advantage of the integration is the ability to use the VERSE token for transactions on the Notum platform. This enables users to access a myriad of DeFi protocols and services, including lending, borrowing, and trading, all within a single platform. Furthermore, users can stake their VERSE tokens on the platform and earn rewards.

Try a strategy based on Verse protocol:

The improved user experience is another noteworthy benefit. Notum's goal is to make DeFi more user-friendly, and the integration of the VERSE token is a significant step in that direction. The platform will offer an even more intuitive interface for accessing DeFi services, simplifying the navigation of the complex DeFi landscape.

The integration of the VERSE token will also grant users access to an expanded array of DeFi services. Notum has already integrated several DeFi protocols, including Uniswap and Aave, and the addition of the VERSE token will further broaden the scope of services. This offers users greater flexibility and choice in managing their assets and participating in DeFi.

All in all, the integration of the VERSE token is poised to have a positive impact on Notum's users, providing them with a smoother and more user-friendly experience, along with an expanded selection of DeFi services.

Final Thoughts

In essence, Bitcoin.com has built Verse DEX using all the experience that they have been accumulating since 2015 in the DeFi realm. It’s a credible and reliable project that expanded its influence by creating Verse DEX and VERSE tokens for users to delve into the DeFi ocean and try crypto investing without switching between various apps and products, as Verse has everything you might like to try under one hood.

Thanks to Verse, you can swap, stake, provide liquidity, and farm. The platform itself is human-oriented and easy to interact with. As for safety, the platform was audited by the best in the area. 

Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.