Verse, a rewards and utility token for the Bitcoin.com ecosystem, has been announced by the Bitcoin.com team. Since 2015, Bitcoin.com has been a trustworthy doorway to Bitcoin and beyond, delivering timely and impartial news and instructional resources, the most secure and easy-to-use non-custodial multi-coin wallet, accessible fiat-to-crypto bridges, and much more.
“With over five million monthly active users and 29 million wallets created, it’s time to launch a mechanism to reward the Bitcoin.com community for buying, selling, spending, swapping, investing, and staying informed about crypto – and that mechanism is Verse,” said Dennis Jarvis, CEO of Bitcoin.com.
The Verse is a cross-chain currency based on the ERC-20 standard that aims to extend onto low-fee, EVM-compatible networks.
Sixty-nine per cent of Verse tokens are set aside for community growth and ecosystem incentives and rewards. Staking awards, airdrops, and yield for liquidity providers on the soon-to-be-launched Verse DEX are among the latter. These incentive tokens will be released in seven years, block by block, from a fixed quantity of 210 billion.
The token distribution and emission schedule are designed to maximize network effects and token demand, while buyback and burn, staking, and other measures strive to reduce the circulating quantity over time.
Anyone who uses Bitcoin.com’s beginner-friendly goods and services may earn Verse tokens. Verse token holders will be able to earn additional perks and discounts across many tiers. Verse establishes a powerful loyalty mechanism that encourages retention in the Bitcoin.com ecosystem by unlocking additional benefits throughout the user experience.
Anyone may use VERSE and other crypto assets in liquidity pools on the Verse DEX to earn a percentage of trading fees, and staking VERSE, and LP tokens can yield further benefits. Verse will serve as a vital onramp to decentralized finance for newbies, as many Bitcoin.com users would have never interacted with tokens of such usefulness.
“By exposing more individuals to DeFi, where they may deploy their funds permissionless and benefit from an increasing choice of high-yield options,” Jarvis continued.
A part of the Verse tokens are earmarked for sale at getverse.com, with the development of the token and its integration with Bitcoin.com’s portfolio of products and services now well underway. Details on the token sale will be released in the following weeks.
“By releasing Verse in a public sale, we’re giving consumers early access to a token with broad usefulness while also allowing them to join Bitcoin.com, a brand with global awareness, strong foundations, and one of the fastest-growing ecosystems in crypto.”