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What Is Verse (VERSE) And What Is It For?

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Verse (VERSE)
Savl
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You may have been hearing some chatter about this new token from Bitcoin.com. You might also be forgiven for failing to see its value given the number of zeros following the decimal point (we counted three zeros today). However, from small beginnings come great things…

So, What is VERSE?

VERSE, the dedicated rewards and utility token in the Bitcoin.com ecosystem, launched in December 2022. It's now being integrated across their suite of products, including their Wallet app supporting various blockchain networks and their news platform.

VERSE rewards users for activities like buying, selling, swapping, spending, and staying informed about crypto news. VERSE tokens offer benefits in the Bitcoin.com ecosystem and beyond, including tier-based rewards, use as payment, and access to exclusive services.

VERSE aims to overcome a key obstacle in cryptocurrency: simplifying the use of self-custodial and decentralized solutions for beginners. Bitcoin.com asserts that relying on third parties to hold crypto assets contradicts the core values of cryptocurrency, which stress economic autonomy and reduced dependency risk.

VERSE motivates people towards self-custodial options by offering rewards for use of their services, making the shift from centralized exchanges more appealing and user-friendly.

Why VERSE?

Since 2015, Bitcoin.com has been a leader in introducing novices to cryptocurrency. They aim to promote economic freedom, interpreted as the ability for people to freely manage their resources. They create products and services that allow individuals to create wealth without limits.

VERSE, through a mix of rewards and practical use, aims to expand decentralized finance (DeFi) access, enabling more people to safely enjoy the benefits of economic freedom and democratized financial opportunities.

VERSE Tokenomics

VERSE, an ERC-20 token, operates on Ethereum and Polygon PoS blockchains. Bitcoin.com aims to make VERSE accessible, thus planning to integrate it across low-fee blockchain networks. 210 billion VERSE tokens will be created over seven years from December 7, 2022, with 69% allocated for community and ecosystem development.

The economic structure of VERSE tokens is strategically designed to ensure their long-term sustainability and to foster growth.

  • Fair Launch of VERSE: VERSE's launch was transparent, with a publicized token sale that had consistent pricing and openly shared terms to prevent price disparities.
  • Continuous Unlocking Without Cliffs: Tokens purchased during the sale began unlocking on day one, gradually over 12-18 months. Team-allocated tokens also unlock gradually over four years.
  • Deflationary Strategy through Buyback and Burn: Verse ecosystem integrates a deflationary mechanism, using a part of transaction fees to buy and burn VERSE tokens, thus reducing the total supply.
  • Focus on Community Development: The VERSE token, with 34% of total supply allocated to the Verse Development Fund, promotes ecosystem growth. It aids DApps integration and stimulates new token projects via the future Bitcoin.com launchpad service.

What can VERSE be used for now?

The integration of VERSE into the Bitcoin.com ecosystem is an ongoing process. You can explore the various use cases for VERSE online at https://branch.wallet.bitcoin.com/N3TXBeOJqAb.

Savl Wallet supports VERSE as well, offering access to both the ETH and Polygon versions. Here, you can send, receive, and store your VERSE.

How can I buy or trade VERSE?

You can buy VERSE with cash via the web here. You can trade VERSE in the app, via Bitcoin.com’s decentralized exchange Verse DEX, and through a range of third-party exchanges and service providers like Savl Wallet.

Stuff you can do with VERSE, now

Verse dApps via WalletConnect

You can also enjoy the first wave of Verse dApps:

  • Verse Scratcher: Buy digital scratch cards and reveal the numbers by "scratching" them. If you uncover three matching numbers, you win a prize, which is awarded in VERSE tokens. Click here for more details on Verse Scratcher.
  • Verse Clicker: A free game where points earned by clicking are used for upgrades. Having and using VERSE tokens in the Verse ecosystem grants players exclusive bonuses and leaderboard advantages. Prizes are available during special events. Click here for more.
  • Verse Burn Engine: The "burning" of VERSE tokens removes them from circulation permanently, reducing their total supply in the Bitcoin.com ecosystem. For more on the Verse Burn Engine, click here.
  • Verse Lounge: An exclusive community for VERSE token holders who want to connect. Click here to connect.

Verse DEX

VERSE utility provides liquidity and yield farming on Bitcoin.com's Verse DEX, a decentralized, low-fee exchange. Liquidity is crucial for Verse DEX's operation, incentivized through rewards. Total value locked (TVL) is a measure of this liquidity. Learn more about Verse DEX here.

Earn VERSE by providing liquidity on the Verse DEX

You can start earning VERSE and other cryptocurrencies by adding liquidity to any VERSE pool on the Verse DEX. The current rewards for Verse DEX pools, measured in APY, can be viewed here. A step-by-step guide is available to explain how to contribute to liquidity pools and earn yield on Verse DEX.

Earn rewards in Verse Farms

Anyone can deposit certain Liquidity Pool (LP) tokens into Verse Farms and begin to earn rewards. To understand more about Verse Farms, including how to start earning Annual Percentage Yield (APY), the origins of the yield, and to find answers to other common questions, you can consult the guide.

Stake VERSE to earn rewards: Now, earning VERSE rewards has become more straightforward. By depositing your VERSE tokens on Bitcoin.com’s decentralized exchange, Verse DEX, you can start receiving rewards automatically. To begin staking and to make the most of this opportunity, use this guide.

Conclusion

Bitcoin.com's VERSE token integrates into their ecosystem to enhance user engagement with rewards for crypto activities. It embodies their mission since 2015 for economic freedom and innovation with a commitment to transparency and fairness.

VERSE's growth in the Bitcoin.com ecosystem, along with its features like liquidity provision, yield farming, and participation in decentralized apps, positions it as a significant promoter of decentralized finance. Its tokenomics offer a unique mix of rewards and utility, potentially reshaping user interaction with crypto assets.

DISCLAIMER: Cryptocurrencies are risky investments and could result in total loss. This blog post is for information only, not financial advice. Savl doesn't give investment recommendations. Remember, investing in cryptocurrencies always risks capital.

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