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Project Overview: Evrynet ($EVRY)

Over the last few years, developments in DeFi have begun to change the way people think about financial products and services. The success of protocols such as Uniswap and Sushiswap have illustrated the unlimited potential of blockchain technology in bringing exciting innovations to the market. Like any new industry, DeFi still has its limitations. The recent boom in DeFi was more akin to gambling as many activities were driven more from speculation and not based on any real assets or economic activities. This was further compounded by an absence of participation by institutional investors.

Most likely, this was not due to a lack of interest, but rather because current product offerings do not cater to the needs of these investors which require financial products with different yield and maturity levels. In order to facilitate and bridge this gap, the team at EvryNet aims to create the leading CeDeFi financial service infrastructure in South East Asia and beyond.

  1. An Introduction to EvryNet

Evrynet is a layer 1.5 protocol that combines a financial service portal, a contract network, and an accounting and settlement component with a full-service operation with smart contracts at the heart of its network. EvryNet also simplifies third-party integrations by providing SDKs, APIs, and basic financial templates.

The team has designed Evrynet to be an infrastructure that others can readily utilize and easily build their own dApps on. Other than the standard features such as a blockchain explorer (EvryScan), and a wallet (EvryWallet), one of the key capabilities that the team at EvryNet is launching this year is EvryHub — a platform that allows users to transfer tokens across different chains seamlessly (more on EvryNet’s products and services in a later section of the article).

There are four key areas on which the EvryNet team is focusing in the attempt to bring improvements to what’s currently available in the market:

  • Interoperability — by enabling Evrynet to work with other blockchain protocols. Initially, Evrynet will support Binance Smart Chain, Stellar, and Ethereum networks, with plans to include other major chains in the next phases of the roadmap.
  • Method for consensus — by relying on the Tendermint consensus protocol to enhance the network’s speed without sacrificing security
  • Staking models — via the proof-of-stake consensus which will also increase the use cases for the Evry token and economically secures the system
  • Transaction fee scheme — EvryNet’s gas fee model is static (Evrynet’s governance procedures make it possible for this model to be adjusted in response to changing circumstances), which allows for costs of using the network to be predictable. EvryNet’s design also allows DApps or enterprises to choose who pays the transaction fee. This is meant to make it easier to onboard new users who will not need to already have a native token

As hinted above, many marvelous features are behind EveryNet’s architecture and design. But before probing deeper and delving into the core of EvryNet’s project details, it’s also noteworthy to get some history and background of the project, by also getting to know the team and the advisors that are making EvryNet a coming reality.

  1. The Team Behind EvryNet

The idea for Evrynet came back in 2018 as a passion project of Lightnet, a layer-2 protocol focusing on improving global remittance and payment. The founders of Lightnet saw a need for open-source financial building blocks and see Evrynet becoming a critical piece in creating a CeDeFi ecosystem and liquidity network.

In 2019, Evrynet started developing its layer-1 and layer-2 protocols jointly with Stellar and Kyber Networks with the goal of providing a platform to build smart contract solutions with no boundaries and to offer interoperable CeDeFi services to achieve the future of financial inclusion and financial mobility. It was under the vision and steel-clad experience of Chatchaval Jiaravanon and Tridbodi Arunanondchai (Co-Founders and, respectively, Chairman & Vice-Chairman at EvryNet both of whom have built several companies and crypto/non-crypto startups) that Evrynet got its start. The pair of them were instrumental in building and recruiting the team that constitutes the core of Evrynet today.

Many experts and specialists are leading the development of EvryNet’s products and features. Among them, in the Development department:

  • Korapat (MBA at Georgetown University, entrepreneur and ex-VC)
  • Suvicha (CPO, previously head of innovation, solution, and enterprise architecture at major bank in Thailand)
  • Chatchai (Head of Engineer at EvryNet, manages the technical team and has invaluable expertise as a blockchain solution architect in previous leading corporate and financial institutions);

The pedigree of the professionals that are handling and developing EvryNet’s business side is just as remarkable

  • Soon (founded and worked at several micro-finance startups in Asia);
  • Matana (EvryNet’s Head of Strategy, ex-IB, and planning at a leading property developer);
  • Karan (EvryNet’s Head of Finance, 13+ years of experience as a strategic and financial consultant at several leading banks and private credit platforms);
  • Athi (EvryNet’s Head of DB, ex-VP of payment solution and business innovation at a major bank).

EvryNet’s team is comprised of people from diverse and synergistic backgrounds (technical & commercial experience in crypto, fintech, and investments). That’s also a guarantee of the project’s solid roots, foundation, and commitment.

Advisors and Investors
In addition to an AAA+ team, the project is aided, guided, and supported by first-class figures in the fintech space:

  • Mike Kennedy and James Wu from Velo (formerly Inter/Stellar),
  • Loi Luu and Victor Tran from Kyber Network
  • Jed McCaleb and David Mazieres from Stellar

providing invaluable blockchain technical insight and expertise.

In addition to the élite consultants and strategic advisors mentioned above, EvryNet also boasts

  • an exclusive advisory partnership with internationally renowned Professor Robert Townsend of MIT.
  • as well as the unique support of Paul Veradittakit from Pantera Capital and John Ng Pangilinan from Signum Capital — the latter having helped immensely with connecting EvryNet to key investors, by leading a private investment round which saw participation from several leading institutions and SEA-based family offices.

It’s easy to perceive the tremendous potential behind EvryNet’s human capital. But, lo and behold, it doesn’t stop here. What’s EvryNet’s value proposition? We’re going to answer that question next.

  1. EvryNet Features

Evrynet was built from the ground up as a fork from the Ethereum network; utilizing Tendermint Consensus protocol for Proof of Stake over Proof of Work, and the Solidity-inspired smart contract engine at its core. Evrynet uses micro-banking services on an interoperable smart contract platform that is reliable, scalable and focuses on providing a network that is ready to face any potential regulatory challenges through a well-structured platform focused on trust, governance, and audibility.

Evrynet’s SDK, APIs, and financial products and services templates enable anyone to be able to compose or customize smart contracts without needing to know any complex programming knowledge beforehand. Organizations or users developing (or using!) Evrynet can utilize the platform’s verification process to increase users’ trust and confidence in the network, as well as allowing potential new users to discover other applications through Evrynet’s network. In particular, EvryNet’s characteristics will allow for high speed & security coupled with a transparent, reliable accounting and settlement layer.

Speed and security
EvryNet is built around Tendermint. Within EvryNet’s contract network, users will be able to specify their preferences in terms of whom they allow to see and execute their smart contracts in order to preserve confidentiality and reliability. Similar to real-world contracts, users may want only specific people involved in the deal to review contracts or trusted nodes in the network.

As there might not be a sufficient number of nodes to run the specified smart contract, Evrynet will intelligently select one or more qualifying nodes to execute a smart contract according to user preferences relying upon the reputation score of individual nodes. This reputation score will reflect the node’s assets, liability, and availability. The score will be used to infer a node’s capability of honoring the contracts and safeguarding the transaction. And while in the beginning, EvryNet’s trusted institutional partners will serve as the initial nodes of the network, as the project’s development progresses and the network grows over time other stakeholders will be allowed to join.

Accounting and settlement
Another feature of Evrynet that’s important to highlight is the accounting and settlement component. This will provide the final settlement network where assets are exchanged in real-time among relevant accounts as well as a non-reputable ledger of actual asset transfers. The ability to trace all asset movements associated with each account at any moment on a distributed ledger will allow for transparency with audits, which in turn improves trust in the network.

Furthermore, Evrynet will have the ability to transfer real-world assets or their digital equivalent using cryptocurrency within a matter of seconds and with a minimal fee, thus helping to bridge real-world assets/yields to DeFi.

  1. EvryNet Products & Services Highlights

The team at EvryNet is working to bring a comprehensive, seamlessly integrated suite of products that includes EvryHub, Evry.Finance, EvryWallet, EvryScan… while more are yet to be announced. While all of them are unique and feature-worthy, in this article we’ll be focusing and showcasing the first two (EvryHub and Evry.Finance) as the most-awaited, innovative products of EvryNet’s product line.

EvryHub
One of Evrynet’s most prominent features is Evryhub. This critical component is at the heart of Evrynet’s cross-chain interoperability with other blockchains; it acts as a bridge between the Evrynet ecosystem and (eventually) the entire crypto space — truly “Evry Network”. Evryhub’s 2.0 release is intended to support ERC-20 (Ethereum), BEP-20 (BSC), and Stellar’s native token, XLM.

Now you might be wondering: “Why did you pick these three ecosystems… and why Stellar?”. As stated by the team, the first two picks were a simple decision, as both ERC and BSC are the de facto most popular platforms in the crypto space. And when questioned about the choice of Stellar XLM in a recent AMA, the team answered:

“ […] a lot of untapped potential with their core community so we’re excited to see what opening up DeFi for XLM hodlers will result in eventually. It also helps that we have a close partnership with Stellar, but that partnership grew after we’d had a look at the market and did our due diligence on the available technology, not the other way around […]”

Sounds great…but how does EvryHub work?
Evryhub uses the concept of relay servers. When a user transfers a digital asset from one chain to the other, the system will lock those digital assets from the originated chain and release the digital asset in the system’s reserve on the designated chain. In the event that there are not enough tokens in the reserve for the amount of token to be transferred to the new chain, Evryhub is designed to draw the necessary token from Evrynet’s decentralized exchange, Evry.Finance. It is also important to note that Evryhub is using a non-custodian approach for digital asset conversion between chains.

Evry.Finance

Scheduled towards Q4, Evry.Finance will bring Order Book capabilities as well as Smart Order Routing.

Besides being a proof of concept product for what can be built on Evrynet, Evry.Finance design has been conceived from the ground up with a focus on bringing institutional investors into DeFi with a simple to use yet feature-rich platform that addresses three key pain points which prevent institutional investors from joining the DeFi movement, namely:

  • The conversion of fiat into stablecoin

Through a service that provides easy access to on-chain collateral, institutional investors will be able to convert fiat into stablecoin and back without going through traditional centralized exchanges or OTC services. This will enable them to reduce the risk of slippage during the exchange as well as allow them to be able to convert large amounts of currency almost instantaneously.

  • Long-term, stable yield

You can see this as a natural response to global, real yield for bonds that is approaching zero, which has created an urgency for institutional investors to seek alternative assets to invest in and diversify their portfolios in search of higher yields.

  • Tokenisation of real-world assets

Another exciting feature that Evry.Finance is trying to make a reality is the tokenization of real-world assets — e.g., utilities, real estate, and infrastructure. This is meant to enable institutional investors to earn both long-term and fixed yield rates on their stablecoins in some interesting portfolios they would otherwise not necessarily have had access to. The team has promised more information on this exciting feature in the next future. Evry.Finance’s will be initially integrated into Binance Smart Chain (BSC). Subsequent integrations will follow on several additional chains including Ethereum and, obviously, Evrynet’s Mainnet, whose launch is planned for early 2022.

The Evry.Finance platform will use a combination of Automated Market Maker (AMM) and Dynamic Market Maker (DMM) for exchange and liquidity pool management (DMM is an exciting innovation that is more capital efficient than AMM and slippage can potentially be up to 100 times better than AMMs for more stable pairs). Integrating DMM will allow the Evry.Finance product to implement dynamic fees and a programmable pricing curve with the inclusion of a customizable amplification factor. Moreover, for Evry.Finance’s initial launch, traders will be able to exchange between a list of common coins/tokens, participate in liquidity pools, and yield farm to be also rewarded with $EVRY tokens. As roadmap milestones are hit, more functionality and features that address the needs of institutional investors will be complemented and integrated into the Evry.Finance platform (features such as a multi-sig wallet, compliance section/report, corporate log-in, etc.)

And, still, there’s much more that’s in the works… we won’t give away the store and spoil the fun of checking out EvryNet’s official articles — after all, that’s the best way to keep updated with the project’s continuous progress — but I’ll leave a hint here: it starts with “s” and ends with “ynthetics”. Got it?

  1. Token ($EVRY) and Tokenomics

Here’s some synoptic information about EvryNet’s native token $EVRY:

➡ Token symbol: EVRY

➡ Max Supply: 1,000,000,000 EVRY

➡ Token Type: ERC20 & BEP20

➡ Token Contract ERC20: 0xd7dcd9b99787c619b4d57979521258d1a7267ad7

➡ Token Contract BEP20 : 0xC2d4A3709e076A7A3487816362994a78ddaeabB6

➡ Currently listed on MEXC global, Gate.io, PancakeSwap and KyberDMM

$EVRY is a utility token for the Evrynet ecosystem and, as such, owners of the token will be able to enjoy many benefits. Among these, $EVRY will be used as:

  • Gas fee for dApps and DeFi projects on Evrynet
  • Base token for liquidity pool (yield farming)
  • Base token for swaps on decentralized exchange
  • Base collateral and asset for lending
  • Collateral stake for validator nodes
  • Delegated voting on network governance
  • Block reward for validator nodes

As for the token allocation & distribution:

  • 30% of $EVRY’s total supply will be reserved as Ecosystem, Block Reward, Gas Reserve, and Marketing Reserve
  • 10% will be allocated to Advisors and Partners
  • 10% is reserved for Early Backers
  • Another 10% for Private Sales
  • 3% for Listing
  • 4% for Liquidity Provision
  • 15% is allocated as Reserve Fund
  • And a final 18% as Team and Foundation Allocation
  1. Roadmap

In 2020 with the help of teams from Inter/Stellar and Kyber Network, the EvryNet team was finally able to launch Evrynet 1.0, which allowed for cross-chain support between ERC-20 and BEP-20 (Binance Smart Chain) tokens and was well underway to enable a solution for Stellar format tokens which has been part of the team’s driving effort in 2021.

That’s the past … and the team has quite a lot in store, just as showcased by the product roadmap below:

While version 1.0 of EvryHub and Evry.Finance have already both been launched, there are many more exciting releases coming up in the very next future and that are worth highlighting for the nearing Mainnet launch:

Evrynet 2.0: An improvement on the 1.1 release supporting an update to the Tendermint Consensus engine and some performance changes to Evrynet Core.

EvryScan 2.0: An overhaul of our blockchain explorer which won’t be the last iteration that will be implemented, but will bring a desirable, enhanced performing upgrade!

EvryHub 2.0: Expanding on the first cross-chain success with the 1.0 release, v2.0 will include Stellar format token support (initially XLM coin).

Evry.Finance 1.5: Scheduled towards Q4, will bring Order Book capabilities as well as Smart Order Routing

Also, EvryNet’s LaunchPad, Smart Auto Routing functionalities, and Mobile Compatibility features are just around the corner, while EvryNet’s Testnet has paved the way for Mainnet’s preparation launch in early 2022!

  1. Conclusion

Backed by leading and reputable investors and partners in the industry, EvryNet has all the papers in order to snatch its fair market share as an upcoming competitor in the Centralised/Decentralised Finance niche. The team’s mission — geared towards simplifying developers’ experience and enabling businesses to get on board the CeDeFi ship — could bridge a gap and a market need that still has many voids to be filled. This is built upon the central confidence that traditional institutions won’t be going anywhere (at least, not anytime soon) and that a project like EvryNet can be the link between DeFi and Centralized financial networks.

If we add to the mix a competent, experienced team led by deeply passionate, reputable founders like Chatchaval and Tridbodi, then the formula has all the key ingredients that could make EvryNet a truly successful project — definitely one worth keeping an eye on as we move forward an explosive Q4 in the crypto space and beyond.

  1. Community and Social Channels (as of November 9th, 2021)

EvryNet’s Website

For everything you need to know about EvryNet, visit the official EvryNet’s Website.

EvryNet’s Telegram

Join the conversation on Telegram to stay in the know about EvryNet.

EvryNet’s Medium

To keep up with the latest updates from EvryNet, follow them on their Medium.

EvryNet’s Twitter

Get in touch and social with other members of EvryNet’s community. Join the community on Twitter.

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