What Is EverGrow? | EGC Review
May 19, 20225 min read
EverGrow is a decentralized finance project built on the Binance Smart Chain. The project entered the market in September 2021 and became the first yield farming project that rewards users in a stable BUSD cryptocurrency. Interestingly, a strong community has already formed around a seemingly very young project. According to data from BSCChain, EverGrow has already reached the mark of more than 130 thousand holders, approaching 140 thousand. Moreover, more than 30 million BUSD has already been distributed among the holders. Therefore, we suggest you discover all the nuances of EverGrow and decide whether to become part of it.
What is EverGrow?
EverGrow is a yield farming project via which holders of the native EGC coin can receive 8% remuneration from each purchase, sale, and transfer within the protocol. What makes EverGrow exceptional is that it is the first of its kind platform that rewards users in a BUSD coin that is pegged 1 to 1 to the US dollar. Thus, users do not risk the accumulated income since the problem of volatility and, consequently, a sharp price drop is excluded.
The developers have implemented a burning mechanism to ensure the project’s longevity, making the EGC token resistant to inflation and scarce. In addition, EverGrow has also implemented an anti-whale system. As a result of the anti-whale system, the protocol limits the sale of more than 0.125% of the circulating supply to avoid problems with a sharp drop in value. Moreover, part of the fees from each transaction is sent to the Pancake Liquidity Pool, which creates a stable price level for the EGC token.
How does EverGrow work?
For each transaction, whether it is a purchase, sale, or transfer between wallets, the EverGrow contract charges a flat fee of 14%. Further, this fee is divided into four parts:
1. The largest part of 8% is distributed among the EGC holders in proportion to their share. The reward is paid directly to the holder’s wallet in the BUSD stablecoin once an hour. In some cases, the time interval may increase. Mostly this happens if you are a smallholder or the trading volume has decreased.
You can start earning income by going to the “Dashboard” section on the official EverGrow page. You can use Trust Wallet, MetaMask, and some other DeFi wallets. The main thing is to make sure you use the Binance Smart Chain since the listed wallets operate on Ethereum by default.
2. 2% of the EGC from each transaction is converted into BNB and sent to a specialized BuyBack Reserve. Further, the accumulated BNB is used to activate the strategic BuyBack&Burn mechanism. Thus, the contract buys EGC tokens and sends them to the burning wallet. As a result of this process, the number of circulating tokens decreases, stimulating a positive price push, which leads to an increase in the number of rewards.
Initially, one quadrillion EGC tokens were issued, 50% of which were immediately burned. To date, the circulating supply is 492,750.00B EGC, and their number is decreasing daily.
3. 3% of EGC is sent to a Pancake Swap Liquidity Pool to provide the token with high liquidity and support for price stability.
4. 1% is used to further promote the project.
The developers of EverGrow do not plan to stop there and are going to significantly expand the ecosystem of the project, providing several unique platforms:
On April 25, the official name of the EverGrow NFT Marketplace became known. The developers chose a great, memorable name — LunaSky, and announced the promo on their official Twitter account. LunaSky is scheduled to launch in Q2 2022. This is not just an ordinary NFT marketplace where users can buy or sell NFTs. LunaSky will also allow anyone to use easy-to-use tools to create their own NFTs. Moreover, EverGrow is developing an NFT Lending platform within which NFTs owners will be able to use their tokens as collateral.
In addition, shortly, developers are planning to launch a game where users will be able to earn NFTs for battles and completing missions. Earned NFTs can also be sold on LunaSky or used as collateral on the NFT Lending Platform.
Crator is a decentralized platform that brings subscribers and their favorite creators closer together. Creators will be able to post their creations, and their followers will be able to communicate directly with them and reward them. The Crator operates based on subscriptions using both crypto and fiat payments. Content creators benefit from accepting EGC crypto payments, as in the case of other payment options, they will have to pay a fee of 5%.
Moreover, the project team is actively working on launching Staking Pools, via which partner projects will be able to receive part of the EverGrow liquidity, and pool participants will receive the number of the partners’ tokens. It is also planned to launch a multifunctional Wallet and the official EverGrow Exchange.
Where to buy and store $EGC?
Use only reputable and secure for buying your crypto! A great example of such a place is SimpleSwap, so give it a go if you haven't tried that yet!
As for sending, storing, receiving your $EGC tokens, you’re lucky to use a SimpleHold wallet that is super friendly for beginners and is always to your services as an extension within your browser (Opera, Firefox, Chrome, and Brave) or a mobile app on iOS and Android.
After analyzing the project, we can conclude that EverGrow is a whole ecosystem beneficial for each participant. Profitable conditions of yield farming, a mechanism for burning tokens, thoughtful tokenomics, as well as the development of an NFT Marketplace, and a platform to support talented individuals — seem to resemble something. EverGrow has similarities with one of the most famous cryptocurrencies, Shiba Inu. However, it is worth paying tribute. The project team places great emphasis on interaction with its community. They are not anonymous — they are verifiable personalities who communicate directly and conduct AMAs (Ask Me Anything) with their EverArmy. All this makes EverGrow a project that has a big chance of success.