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What is Evrynet (EVRY)?
The world of cryptocurrency is constantly expanding with new technologies and concepts emerging every day. Within this dynamic ecosystem, one project that stands out is Evrynet (EVRY). So, what exactly is Evrynet and what problems does it aim to solve?
At its core, Evrynet is a smart contract platform that seeks to bridge the gap between the worlds of decentralised finance (DeFi) and centralised finance (CeFi). This represents a hybrid approach, often referred to as “CeDeFi“. The project’s primary goal is to build a scalable and interoperable infrastructure for financial services, specifically targeting institutional investors and businesses in Southeast Asia.
Evrynet provides a foundational layer for developers to build decentralised applications (dApps) and various CeDeFi projects. It achieves this by combining key features such as scalability, low transaction fees, and cross-chain interoperability.
Evrynet’s Core Features and Technology
There are several key features that set Evrynet apart from similar projects:
- Multi-Chain Functionality: Evrynet has a structure that enables different blockchains to communicate and share data with one another. This allows users and developers to utilise assets from various ecosystems without being restricted to a single chain.
- Predictable Transaction Fees: On many blockchain networks, transaction fees (or ‘gas fees’) fluctuate based on network congestion, which can create uncertainty. Evrynet, however, adopts a fixed transaction fee model, making transaction costs much more predictable. What’s more, it offers a flexible structure that allows a contract initiator to pay the transaction fee on behalf of the users.
- Fast Transaction Finality: The platform offers near-instant transaction finality, which provides a huge advantage, particularly in fields like financial services where quick confirmation is critical.
- Hybrid DEX: Evrynet supports a hybrid decentralised exchange (DEX) model that combines both order books and automated market maker (AMM) pools. This provides institutional investors with deeper liquidity and greater flexibility.
What is the EVRY Token For?
EVRY is the native utility token of the Evrynet ecosystem. The EVRY token’s primary functions within the ecosystem include:
- Transaction Fee Payment: All transaction fees on the network are paid using the EVRY token.
- Staking and Yield Farming: Users can stake their EVRY tokens or provide liquidity to contribute to the network’s security, and in return, they earn rewards.
- Governance: EVRY token holders have the right to vote on decisions regarding the network’s future and development. This ensures that Evrynet is governed in a decentralised manner.
- Rewards for Validators: The validators who secure the network are rewarded with EVRY tokens for their work.
Evrynet’s Vision for the Future
One of Evrynet’s most ambitious goals is the tokenisation of real-world assets. This enables tangible assets, such as real estate, works of art, or other financial assets, to be digitised and traded on the blockchain. In doing so, a robust bridge is established between traditional finance and DeFi.
With this vision, Evrynet aims to attract institutional investors to the world of DeFi. By offering features that meet institutional expectations, such as KYC (Know Your Customer) processes and multi-signature wallets, it seeks to lead the digital transformation of traditional finance.
In conclusion, Evrynet (EVRY) stands out as a scalable and institution-focused blockchain platform that brings together the best aspects of both DeFi and CeFi. With its approach to digitising real-world assets, it has the potential to play a significant role in the future of finance.
