VERSE is a utility token and rewards token issued by cryptocurrency company Bitcoin.com that operates on the Ethereum blockchain. It is designed to be a gateway for DeFi for newcomers. Verse will be earned by users in a variety of ways, including lending liquidity to the Verse DEX, staking VERSE for rewards, and receiving cashback in VERSE.
After the token presale program is over, the VERSE token is anticipated to launch. Before that, continue reading to learn more about VERSE and its capabilities.
What is VERSE?
VERSE will serve as the foundation of the Bitcoin.com ecosystem. The team is constructing a decentralized financial utility that will incorporate the token in order to expand the Bitcoin.com ecosystem, strengthen the platform’s economy, and reward existing users and all token holders. VERSE is an ERC-20 token issued on the Ethereum blockchain; however, the team hints at future integration with other EVM-compatible networks. Bridging the VERSE token to other EVM blockchains with a relatively low-fee structure will not only provide holders with a low-fee means of accessing the token’s utility, but will also expose the token to a larger crypto audience.
As the VERSE token will be tied to Bitcoin.com, the property’s past and future developments will generate use cases for the token, similar to Binance and Crypto.com.
In addition to what similar tokens provide, VERSE supports community engagement and onboarding programs, as well as other initiatives that make cryptocurrency attractive to the average investor.
The Bitcoin.com team has announced multiple potential uses for the VERSE token, including incentivization, platform and application access, and the empowerment of investors. Bitcoin.com’s suite of decentralized applications generates similar utility functions for the VERSE token as DeFi tokens such as Trader JOE.
In addition to the VERSE token’s utility, the team will also hope to drive a healthy growth pattern through sustainable token economics that keeps the token distribution in control and maintains demand for the VERSE token, beginning from the token issuance stage.
Verse Tokenomics
According to published information, Bitcoin.com will distribute 210 billion VERSE tokens over a period of seven years. The VERSE token emission schedule will resemble the distribution pattern of native coins in that vested tokens will be released per block beginning on the day of the network’s launch. Pre-sale investors and other parties eligible to receive the VERSE token will be able to claim tokens allotted per block in divided portions.
Tokens can be claimed by interacting with the smart contract for token claims. Here is a guide on how to claim the Verse token and when to do so.
According to the team, this strategy will prevent negative effects on demand and value development caused by a sudden increase in token circulation. The gradual and uniform increase in circulating tokens against a potential exponential increase in demand from the rest of the cryptocurrency community who wish to access applications in the VERSE ecosystem will prevent the supply shock scenario.
To maintain a consistent demand for VERSE tokens, the team has revealed plans for an ongoing buyback and burn program. According to the team, a portion of all ecosystem application fees will be allocated to the buyback program, which is committed to continuously reducing the number of tokens in circulation by burning them.
The VERSE token achieves a deflationary architecture through the buyback and burn program. The deflation rate will depend on the amount generated from fees and the team’s willingness to commit a certain percentage to this program.
Regarding token distribution, the team has set aside portions of the total supply for development programs and various external and internal parties. Once the token is fully launched, these reserves and allocations will be available for gradual claim (as previously explained).
In terms of token distribution, the team has set aside portions of the total supply for development programs and allocations to various external and internal parties. These reserves and allocations will be available for gradual claiming (as previously explained) once the token is fully launched.
The core Bitcoin.com team will also receive 15% of the total supply; however, the vesting schedule for team allocation is four years, as opposed to the 1- or 1.5-year schedule for token sale participants.
34% of the total supply has been set aside for the expansion of the Verse ecosystem. The allocation from the development fund will be used to finance development proposals, strategic alliances, and other progressive endeavors. Through token pre-sale events, 16% of the token supply will be allocated to fundraising for the Verse project. This is divided into 10% for Verse Sale A and 6% for Verse Sale B. Sale A tokens will be unlocked per block over the course of one year, whereas Sale B tokens will be unlocked in full over the course of one and a half years.
VERSE Token Utility
The VERSE token is being integrated into the applications of Bitcoin.com. In each application, it serves a unique function designed to encourage cryptocurrency investors to adopt these solutions. These roles are designed to empower users, expand the VERSE token, and economically strengthen the Verse ecosystem. Here is how VERSE fulfills these functions.
The Verse DEX
The Verse DEX is a platform that enables investors to conduct routine financial transactions from the convenience and safety of their wallets. In the DEX’s Automated Market Maker protocol, liquidity providers will receive a portion of the trading fees generated by the trading pair for which they provided liquidity. The Verse DEX liquidity pool token is redeemable for VERSE tokens and can be used in yield farms to earn additional VERSE token rewards.
VERSE token holders who contribute their tokens to lending pools, borrow VERSE from pools, or use VERSE as collateral will receive VERSE rewards.
In-Platform and Merchandise Payments
VERSE will be used to make payments on the Bitcoin.com mobile application and to purchase Bitcoin.com merchandise. Users will also receive VERSE token rewards and cashback when they use the Bitcoin.com swap feature to trade their crypto assets and make payments using VERSE. VERSE tokens can also be used to pay for advertisements or publications on Bitcoin.com’s news media.
Bitcoin.com Card
When released, the Bitcoin.com card will enable holders to spend cryptocurrency on supported platforms and at accredited merchant stores. The card will be linked to the Bitcoin.com Wallet, allowing users of the wallet to spend their cryptocurrency anywhere. Investors will be eligible for rewards in VERSE when using the card to make purchases. Additionally, VERSE cardholders can obtain the premium card and enjoy a few additional benefits, including reduced transaction fees and other perks.
NFT Marketplace
Bitcoin.com integrates prominent NFT exchanges into its application. Users of the application can trade NFTs from their accounts by connecting to the marketplace via this integration. NFT enthusiasts who trade their NFTs from their wallets on these linked marketplaces will receive additional VERSE rewards.
User Incentives
The Bitcoin.com news and content platform will also use VERSE to compensate community members who contribute high-quality educational content. The bounty program is intended to encourage the general cryptocurrency community to contribute to the educational platform’s database of blockchain and cryptocurrency-related information.
VERSE holders will also have access to exclusive market insights, reports, and other useful information.
VERSE Staking Program and Referrals
The VERSE staking program will compensate VERSE token holders who stake their tokens in the staking contract. The reward is contingent on the number of tokens staked and the length of the staking. Reward for wagering will be paid in VERSE.
Through referrals, Bitcoin.com app users can also earn rewards. When the invited user makes their first fiat-to-cryptocurrency purchase through the application, they will earn rewards in VERSE.
The CEX Education Program
A series of unfortunate occurrences have exacerbated the crypto winter of 2022, primarily as a result of poor management of investor assets by custodial institutions. These incidents result in the loss of a portion or all of users’ assets in custody, price crashes due to negative news, and a tarnish on the reputation of the entire cryptocurrency industry.
If these investors had used self-custody cryptocurrency applications and platforms such as cold wallets, decentralized exchanges, and other decentralized finance (DeFi) applications, these losses could have been avoided or mitigated to some extent.
Bitcoin.com aims to introduce affected (and unaffected) investors to more secure methods of interacting with the blockchain and utilizing cryptocurrency. Bitcoin.com also intends to assist victims of failed centralized entities through the CEX Education Program’s strategic rewards.
The VERSE token is the driving force behind the CEX Education Program. 5% of the total supply of VERSE has been allocated to the program. Getverse.com is where investors affected by any of the recent incidents can enroll in the education program.
Where to Buy VERSE
The VERSE token is not yet available on exchanges, but you can still acquire it through the public sale program. As stated previously, 16% of the token supply has been allocated for fund-raising through the public sale of VERSE tokens. The sale of tokens has begun on Getverse.com. Prior to purchasing the VERSE token, interested investors can register on the platform and satisfy the KYC requirements by registering and completing the KYC requirements. Currently, residents of the United States, Japan, and other restricted jurisdictions cannot participate in the token sale.
The VERSE token sale is dynamically priced such that the higher the price per token for all buyers, up to a maximum of $0.0024/token, the more funds contributed to the sale. According to Bitcoin.com, this design is fair because early and inside buyers do not have an unfair advantage over public sale buyers. In fact, as of 2022-11-29 0:00 UTC (exactly 48 hours before the sale closes), the dynamic price was only $0.00013 per token, which is 11.7 times cheaper than the price per token paid by first-round private sale purchasers.
Contact
Website: https://www.getverse.com/
Discord: https://discord.com/invite/ZPCuDNDeK5
Blog: blog.bitcoin.com
Telegram: https://t.me/GetVerse
Twitter: https://twitter.com/BitcoinCom
Summing up
Through the above article, CryptoChill has helped you know about the Verse token and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
Please follow and subscribe to support the CryptoChill.news.
Other Articles
No Comment! Be the first one.