EverRise has released the first set of elaborate about the migration to V2 with a fixed timeline and a token consolidation structure.
Migration Timeline Released
EverRise has revealed details of the migration to the v2 of its protocol on Nov. 16, as announced on the protocol’s official Twitter account.
The first step in the migration to v2.0 for the protocol is the ‘V1 Reflection Tax Update’, which started on Nov. 15. These reflections will be changed for RISE v1 holders so that 100% of the transaction fees go to the holders till the migration on Nov. 23. This change is applicable for v1 holders both on the Binance Smart Chain and Ethereum blockchains.
“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,” mentioned the official release of the migration details on the impact on Binance Smart Chain (BSC) users.
The actual migration process will begin on Nov. 23, wherein the EverRise v2.0 contract will be deployed on or before that date. This process will be ongoing till June 16, 2022, where the migration will actually be completed. The conversion rate for RISE tokens between v1 and v2 is 10,000:1.
What is EverRise?
EverRise is a blockchain technology firm that provides bridging and security solutions across various blockchain networks enabled by an ecosystem of dApps (Decentralised Applications). The team consists of cryptocurrency enthusiasts that aim to make the decentralized finance (DeFi) ecosystem better. The main objective of the company’s ecosystem is to provide tools to the market so that it can self-regulate and provide assurance to the participants, which would allow DeFi to reach its true potential.
Find more about EverRise here:
Source : bsc.news
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