EverGrow Coin EGC

What you Need to Know about EverGrow (EGC)

The EverGrow project is a cryptocurrency initiative on the BNB Chain that seeks to develop a distinct ecosystem centered around its native token, EverGrow Coin (EGC). The project employs a tax mechanism aimed at distributing rewards to token holders in the form of passive income. In this article, we will examine the key aspects of the EverGrow project, including its tokenomics, utilities, team, and more. 

How EverGrow Originated?

EverGrow was launched in September 2021 by Praveen Rai and Ajeet Singh. They held a presale of the EGC tokens, which sold out in 7 minutes. By the end of 2021, EverGrows recruited investor and entrepreneur Sam Kelly and over the course of the following weeks they completely rebuilt the project's roadmap and goals.

So far, EverGrow has a functioning swap and NFT marketplace. The project continues to be developed with various new products planned within the roadmap.

EverGrow Coin (EGC)

EGC is the native token of the EverGrow platform. The intended use case of the token is to provide supposed passive income for its holders and entitle them for a share of revenue generated by the EverGrow ecosystem.

Tokenomic structure

EverGrow Coin (EGC) has a unique tokenomic structure designed to reward its holders and encourage long-term investment. Each transaction containing EGC (buy, sell, transfer) will be charged with 14% fee. This fee is later distributed accordingly:

• 8 % is redistributed back to EGC holders in the form of BUSD stablecoin (Reflection)
• 2 % transferred into liquidity pools on DEXs
• 2 % used to buy back EGC, which is subsequently burned
• 2 % dedicated to the founding team, developers, and marketing expenses

After the development of the EverGrow ecosystem reaches a certain level, 100% of the revenue generated will be used to buy back and burn ECG tokens, lowering the total supply. The initial mint contained 1 quadrillion ECG tokens, half of which was burned right after deployment.

Utility

The EGC token serves as the primary medium of exchange within the EverGrow ecosystem, with its utility distributed across various services and platforms. Users can purchase and trade NFTs on the EverGrow NFT marketplace, will be able to participate in staking programs to earn additional rewards, and eventually, access decentralized applications (dApps) developed within the ecosystem. 

It is important to say that while the ecosystem is developing to bring some utility to EGC, the primary utility remains trading and speculation.

Ecosystem and Features

The EverGrow ecosystem is designed to provide a range of utilities and services to its users, leveraging the EverGrow Coin (EGC) as the primary medium of exchange and value. The ecosystem is centered around providing sources of revenue, which can be later transformed into a price increase of EGC. 

A big part of the EverGrow ecosystem is still in development, below are the top features available for users at this time.

Passive Income Generation

By holding EGC tokens, investors automatically receive a share of the transaction fees, known as reflections, in proportion to their holdings. Additionally, when the EverGrow ecosystem is advanced enough, the revenue from various sources will be used to buy back EGC and burn them. This is supposed to create a positive price action for EGC holders.

Part of the rewards from holding EGC will come in the form of the BNB-native stablecoin BUSD.

EverGrow Swap

The swap serves mainly as a way to purchase EGC without a centralized exchange. It supports BEP-20 tokens on BNB chain, offering low fees and fast transactions.

LunaSky NFT Marketplace

LunaSky is the first utility of the EverGrow ecosystem. This visual-oriented marketplace offers features like the creation and later selling of original NFT collections. Exhibition of trending collections allows for effective price discovery and financial support of the creators.

Users can also purchase mystery boxes with random NFTs of 1 - 3 pieces. The marketplace is still in beta and will have additional functions later on.

Risks and Criticism

EverGrow has been subjected to a fair share of criticism, pointing out its lacking utility and ponzi-esque tokenomics. So far the said passive income depends only on whether more users decide to buy EGC. With the ecosystem in its early phase of development, the revenue from it is limited at least.

Always be cautious when researching speculative trading projects like EverGrow and make sure you understand all the underlying mechanisms and risks stemming from them.