The total value of all EverGrow Coin (EGC) in circulation topped $1 billion Sunday (Oct. 31) after an 18,000 percent spike in the past month, according to data from Coingecko.com cited by Newsfile Corp in a Yahoo report.
The EverGrow Coin cryptocurrency debuted in September. All 60,000-plus EGC digital coin holders earn 8% rewards — sent to the user’s wallet as stablecoin Binance — from every purchase or sale, and users have earned $10 million in rewards so far.
Half of the EGC token supply was burned and taken out of circulation when it launched, and another 2% of the supply has since been burned. Another 5% of the EGC supply is in the Airdrop and Team Wallet but is locked and doesn’t earn rewards. Rewards go to the remaining 44%.
Each buy and sell involving EverGrow coins sends 4% of the transaction to PancakeSwap, which settles the common liquidity issue with decentralized exchanges employing the concept of liquidity pools. All buy/sell trades involving EGC are also matched with liquidity pools.
Every EverGrow transaction also triggers a 3% collection, which is converted to Binance and sent to the BuyBack Wallet, which buys EGC from exchanges and removes the purchased tokens permanently from circulation.
EverGrow Coin also has an anti-whale program in place with a 1% additional charge is added to all sales. The EGC smart contract also won’t allow simultaneous sales that exceed 0.2% of the crypto’s total supply.
The team that developed EverGrow is also working on several products to increase the coin’s viability, including a Binance Smart Chain-based NFT marketplace and content subscription platform.
Related: Blockchain App Bridge Alchemy Raises $250M, Powers Adobe NFT
Blockchain and Web3 developer platform Alchemy, which enables developers to create applications on top of blockchains, recently raised $250 million at a $3.5 billion valuation and is also the backbone of Adobe’s non-fungible token (NFT).
Andreessen Horowitz led Alchemy’s Series C funding round, while new investors Lightspeed, Redpoint and a16z also participated along with existing investors Coatue, Addition, DFJ and Pantera.
