Bitcoin-backed DeFi project EverValue’s token presale was an “exceptional success,” raising over 75 BTC ($4.7 million) and surpassing its initial target of 35 BTC within the first week of launch, the project said.

In a statement shared with Decrypt, EverValue CEO Flor Ayala said that the raise, “underscores the strong backing from the community and reinforces EverValue’s unique value proposition in the cryptocurrency space,” as it raised 120,000 USDT in just one hour on crypto exchange XT’s Launchpad platform, selling 313,000 of the project’s EVA tokens.

EverValue is designed to provide Bitcoin users with an alternative to decentralized finance (DeFi) staking. It claims to enable users to grow their BTC holdings through Bitcoin mining without the risk of losing their initial BTC capital.

The project’s EVA token is hard-capped at a supply of 21 million, initially backed by 75 WBTC deposited in a smart contract on the Arbitrum network. “Scarcity is built into the system,” a spokesperson for the project explained.

The project grows its Bitcoin holdings through mining, with an initial investment in 555 ASIC rigs. Their output is transferred to the project’s wallet as Wrapped Bitcoin (WBTC), with the project’s Burn Vault now holding approximately 110 BTC (at the time of publication), increasing at a rate of 6 BTC per month.

EverValue’s Bitcoin reserves “provide substantial backing for the EVA token, ensuring consistent appreciation against Bitcoin, regardless of market volatility,” a spokesperson for the project said in a statement shared with Decrypt.

Additionally, a token burn mechanism reduces the supply of EVA, with a deflationary tokenomics model that aims to reward long-term holders by “increasing rarity and driving long-term demand.” When a user redeems their EVA tokens for WBTC, the corresponding tokens are burned. This token burn mechanism is also designed to make the project “whale-proof,” by maintaining the ratio between EverValue’s WBTC token holdings and its EVA token even in the event of a whale selling large amounts of EVA tokens.

The project conducted a successful scheduled burn of 250,000 EVA tokens on October 23, “underscoring the project's deflationary tokenomics model,” an EverValue spokesperson said.

EVA’s tokenomics are based on a smart contract audited by blockchain security services company Hacken, while EVA token holders retain full control over their assets and are able to store them in personal wallets.

To find out more about EverValue, head to the project’s website, and follow them on Twitter and Telegram.

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