Cryptocurrencies have a high volatility which makes it difficult for investors to adopt it quickly. Stability mechanisms like BuyBack and token burn assist many crypto projects to tackle the slow uptake of cryptos. These mechanisms ensure that market drops don’t affect the token’s price and keep it constantly rising. In a tweet EverRise announced it will be adding $100,000 to KRAKEN’s TUMMY.
What is the Kraken by EverRise?
One of the most popular crypto platforms that use the BuyBack and token burn mechanism is EverRise. It uses these mechanisms to ensure that the price of its native token, RISE, remains stable. Token burn decreases the circulating supply of a token, increasing its demand and price.
The Kraken is a BuyBack contract used by EverRise to manage and initiate periodical BuyBacks automatically. This makes it more lucrative for investors to hold RISE tokens. Through this system, it creates the most effective and optimized rewarding mechanism for token holders.
How Does the Kraken Work?
Kraken charges a 6% transaction fee to act as a safety net for RISE token holders. It collects this fee to buy back and burn tokens from the circulating supply. This reduces the number of tokens available, increasing the demand and price of the RISE tokens.
Through BuyBack contracts, EverRise can stop crypto whales from initiating massive token dumps that cause prices to plummet. The Kraken stores a part of the transaction fee within the contract to use it in the event of an extreme market crash.
The fees stored by Kraken are strategic to ensure RISE’s floor price remains stable. Kraken’s BuyBack contract eliminates the high volatility associated with cryptocurrencies, making investing in crypto more lucrative and secure.
EverRise – the Hyper-Deflationary Token
EverRise is a hyper-deflationary token that reintroduces the BuyBack concept into cryptocurrency. The platform can create a lucrative investment opportunity for token holders through its static rewards and automatic burns. The foundation of the EverRise ecosystem is the RISE token, which helps the platform establish new standards for decentralized finance (DeFi) tokenomics.
The platform incorporates BuyBack, a stock market concept, into The Kraken, its BuyBack contract to manage token inflation. Token inflation and price management helps crypto investors relax about their investments. They don’t have to worry about market crashes or whale manipulation.
Through EverRise’s platform, investors get the tools and knowledge to boost confidence in their investments. This will ultimately help to promote the mass-scale adoption of cryptocurrencies. Multiple auditing platforms audit the EverRise platform, ensuring the smooth functioning of all underlying protocols.
Upcoming Decentralized Apps (dApps)
EverRise improves the platform’s utility by developing its ecosystem. This helps it to accommodate more decentralized applications (dApps) like EverOwn. The platform will introduce EverWallet, EverSwap, EverLock, and EverSale later on.
Through EverOwn, a dApp, owners can temporarily renounce their ownership and reclaim it with their community’s vote. With the rapid increase of the EverRise community, the platform will continue becoming more popular within the crypto ecosystem.