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Migration Details for EverRise v2.0

Migration Details for EverRise v2.0

EverRise is a blockchain technology company that offers bridging and security solutions across blockchains through an ecosystem of decentralized applications. With our protocol upgrade to EverRise v2.0 we wanted to outline in more detail the timeline for our migration.

On November 15th, 2021 reflections will be changed for RISE v1.0 holders with 100% of the transaction fee going to holders until the migration to v2.0 on November 23rd, 2021.

  • On BSC the reflections will be increased to 11% (same as the current transaction fee on BSC).

  • This means all BSC holders of RISE v1.0 will receive 11% of every BSC transaction for the two days before trading stops, meaning they will have more to stake in v2.0.

  • Reflections to the burn address (27.6%), the liquidity pool (7.6%), the dev wallet (5.5%) and the bridge vault (1.3%) have all been disabled; this means the 11% reflections are split between the remaining 57.9% of holders.

  • On Ethereum the reflections will be increased to 6% (same as the current transaction fee on Ethereum).

  • This means all ETH holders of RISE v1.0 will receive 6% of every ETH transaction for the two days before trading stops, meaning they will have more to stake in v2.0

  • Reflections to the bridge vault (98.7%), the dead address (0.3%), the liquidity pool (0.2%) all have been disabled; this means the 6% reflections are split between the remaining 0.769% of holders.

  • As all of the transaction fee for RISE v1.0 will be going to v1.0 RISE holders, the Kraken conversion sells will completely stop on both BSC and ETH.

On November 23rd, 2021 we will begin the migration to our upgraded protocol.

  • On or before this date EverRise ($RISE) v2.0 contract will be deployed.

  • The only way to get EverRise v2.0 tokens before trading opens on Nov 29th will be to upgrade EverRise v1.0 tokens using the EverMigrate dApp.

  • There will be no-presale of v2.0 other than by acquiring v1.0 tokens. There will be no upgrade process or airdrops outside of EverMigrate. (Beware scams saying there is)

  • All three chains (BSC, ETH, Polygon) will have the same contract address for v2.0.

  • V1.0 to v2.0 has a consolidation rate of 10,000:1

  • This will also mean the price will be x10,000 at open (with some adjustments for fee differences), though the convertible value that a bag will have before and after upgrade will remain approximately the same at market open (using the BSC price)

  • The total supply of v2.0 will be 71,618,033,988 (approximately 72 Billion) as we are not bringing the already burnt tokens to v2. We will let the community decide if there is any significance to the digits after the 7, or whether we just like them.

  • The EverRise contract will be moving from a 9 decimal balance in v1.0 to an 18 decimal balance in v2.0; more in keeping with the standard amount of decimals other alt coins use.

  • The EverRise contract will maintain a holder count so it will be easy to determine the exact number of holders on each chain and keep our stats pages and tracking accurate. After all, everyone likes holder milestones!

  • The v2.0 Buybacks (Krakens) will be automatic, continuous and use a greatly improved buyback mechanism.

  • Every time the contract buys back; those rewards will immediately go to RISE stakers in proportion to (stake x monthly stake multiplier) where their stake includes the previous rewards they received if they have not withdrawn them (auto-compounding by default).

  • The EverRise v2.0 contract has anti-bot protection that will be active for the start of trading.

  • There will be no transfer fees between addresses on v2.0 tokens until trading starts. Once trading on v2.0 starts, the fees will be 6% on all chains. Take advantage of the opportunity to move your v2.0 tokens before November 29th.

  • You will be able to use EverBridge to move your RISE tokens 1:1 between blockchains it is available on as soon as you migrate and all bridges between all chains will be open and active.

  • EverRise v1.0 trading will be stopped on Binance Smart Chain.

  • EverRise v1.0 RISE/BNB liquidity is locked via DXSale until June 16th, 2022, so we will need to manually extract the liquidity by selling the exchanged v1.0 tokens.

  • This will be done by setting fees on BSC to 99% which means any trading via the swaps will be blocked as they do not allow you to set slippage that high.

  • Please do not do any wallet-to-wallet transfers with v1.0 RISE tokens after this time or you will get rekt. This also means if you are providing liquidity to the RISE/BNB LP extract it before this date.

  • However, v2.0 tokens will have no taxes until trading is started so save any transfers to either via EverMigrate (can choose different destination addresses) or after you have upgraded the v2.0 but before trading goes live.

  • EverRise v1.0 trading will be stopped on Ethereum.

  • This will be done by removing the RISE/ETH liquidity pool.

  • EverRise v1.0 holders will be able to begin exchanging their v1.0 tokens for v2.0 tokens via EverMigrate.

  • EverRise v2.0 holders will be able to begin staking their tokens in advance of EverRise v2.0 trading going live via EverStake.

  • Even though trading for v2.0 will not start until November 29th, the earlier holders begin their stake, the earlier their tokens unlock.

  • EverBridge will be open for EverRise v2.0 holders to transfer their tokens cross-chain to ETH, BSC, and Polygon prior to v2.0 going live (there are no transfer taxes to use EverBridge and move RISE v2.0 between blockchains).

From November 27th-28th, 2021:

  • We will begin the v1.0 liquidity extraction:

  • EverRise v1.0 RISE/BNB liquidity is locked via DXSale until June 16th, 2022, so to extract liquidity from that pair we will sell the v1 tokens that have been exchanged (the exchange wallet will be excluded from the fees preventing trading).

  • We also anticipate that it will take some time to convert the necessary BNB to both ETH and MATIC and get them on their respective chains. Since we are moving large amounts of money, we will not be able to convert all the necessary BNB at once. It must be done over time to ensure we are getting the best rates and that we are not dumping on the market.

  • The v1.0 Strategy Buyback Reserve (Kraken Funds) on the BSC will also be extracted when we start to sell the v1.0 tokens. The funds pulled from the strategic buyback reserves and liquidity will be utilized to supply liquidity on each chain and the starting balances for each chain’s buyback reserves.

On November 29th, 2021:

  • We will finalize the liquidity pairs based on the native coin prices of the day so that the starting prices match across chains.

  • Anti-rug protection: although people will have v2.0 tokens from the upgrade process; no one will be able to create a liquidity pool before or an alternative liquidity pool outside the official liquidity pools (and then pull the liquidity).

  • We will add the same liquidity to the three chains BSC, ETH and Polygon; so the liquidity will be balanced across all the chains.

  • The open price will be the same on all three chains.

  • The liquidity to market cap ratio will be more equitable to other tokens at the same market cap. This will be different in v2.0 making the price on any one chain more volatile; whereas v1.0 on BSC has a very high liquidity to market cap ratio making the price very stable (hard to move up or down) and v1.0 on ETH has a very low liquidity to MC ration making the price extremely volatile. The liquidity to market cap ratio of v2.0 will be more in the goldilocks zone; less than RISE v1.0 BSC and more than RISE v1.0 ETH.

  • The pairs will be BNB/RISE on PancakeSwap for BSC; ETH/RISE on UniSwap for Ethereum and MATIC/RISE on QuickSwap for Polygon.

  • Anti-bot protection: trading will not be enabled until the trading enable function is called. So no bot will be able to attach a buy to the liquidity add event as they did on the v1 ETH launch (snipers no sniping).

  • We will add coins (BNB/ETH/MATIC) to the Kraken’s Strategic Buyback Reserves which will be locked to the EverRise v2.0 contracts.

  • After taking away the amount used for liquidity pools from the combined extracted v1.0 liquidity and v1.0 krakens; all remaining will be split equally between the v2.0 Kraken’s Strategic Buyback Reserves.

  • The EverRise v2.0 contract has additional features that allows it to exchange portions of the buyback reserve for other tokens/coins and vice versa. This allows us to move some balance from the native coin to stable coins during market downswings, and then move back on the upswing.

  • These additional features aside, ultimately the v2.0 Buyback Function can only be used to buyback from the designated RISE market and pass RISE bought back to stakers.

  • Trading on v2.0 will be enabled on Binance Smart Chain, Ethereum, and Polygon.

  • 6% transfer fees will be applied (except to/from the EverRise ecosystem contracts, like EverStake and EverBridge)

  • The one way setTradingEnabled function will be called. There is no trading on/off toggle, and no disable trading function, so we can never stop trading in v2.0 the way it was stopped in v1.0. Fees are hard coded to be capped at 10% (though we only anticipate them being 6% or lower).

  • An event will be emitted to the blockchain saying this function has been called.

  • Trading Phase 1 Anti-Bot Protections (duration: several minutes):

  • Trading will not actually be enabled for several minutes after the “enable trading function is called”.

  • This means no bot can attach buys to the enabled trading transaction (snipers no sniping).

  • It also allows us to enable trading on all chains and give the EverRise community warning that trading is going live before bots try to jump in even though the contract address will be known ahead of time as we will have migrated to it.

  • Trading Phase 2 Anti-Bot Protections (duration: up to two hours):

  • Max transaction amount will be 0.05% of supply; this can be confirmed by the maxTxCooldownAmount function.

  • Multiple trades in the same blockchain block (buy or sell) from the same source are not allowed during the trading start cooldown.

On February 1st, 2022:

  • The v1.0 team wallet will be unlocked; this will be sold on v1.0, extracting further liquidity from the locked v1.0 liquidity pool.

  • This extracted liquidity will then be reintroduced to v2.0 liquidity via the v2.0 Krakens.

On June 16th, 2022:

  • The v1.0 BSC LP will be unlocked (representing the burn and any unswapped tokens), this will be split into BNB and v1.0 RISE components and the BNB brought forward to v2.0.

  • The v1.0 LP’s BNB will be apportioned between BNB, ETH, MATIC and any other blockchains we are on at this time, then it will then be reintroduced to v2.0 liquidity via the v2.0 Krakens

  • Migration will now be complete.

EverMigrate will be open for EverRise v1.0 holders to swap for EverRise v2.0 tokens indefinitely until further notice. The conversion ratio for v1.0 to v2.0 is 10,000: 1. Learn more about v2.0 here.

Please Note: We are working on getting in contact with Hotbit and Lbank to work with them on migration to v2.0 for those who are holding on those exchanges. We will release more updates on this once we have them. In the meantime, we still recommend that you assess whether it makes sense for you to transfer your from the exchanges into a wallet like MetaMask or TrustWallet, sell your v1.0 tokens on the exchange and repurchase them before migration, or wait until we have heard back from Hotbit and Lbank.

For those holding on BKEX, please assess whether it makes sense for you to sell your v1.0 tokens on the exchange and repurchase them before we begin migration or if you want to transfer to a wallet such as MetaMask or TrustWallet and handle the migration yourself. There may be taxes on the BKEX side that EverRise does not control.

For those holding tokens in exchanges, if you are removing them from the exchange you will need to do so prior to November 23rd, 2021.

Edits:

11/16/21 - Revised 11% reflections to holders date.