In one of the previous articles, we covered the history of the LEVER token and its significance for Everscale. This time, we have another digital asset in the spotlight, Wrapped EVER (WEVER), which also plays a major role in our blockchain. Read further to learn about the ways to obtain this token, what its core features are, and how you can leverage them for the better.
Using WEVER for Farming Liquidity
In short, WEVER token has two primary functions within the Everscale ecosystem:
- It acts as a substitute for EVER in liquidity pools on FlatQube.
- It is used for voting in Ever DAO.
FlatQube is Everscale's main decentralized exchange (DEX), operating similarly to popular platforms like Uniswap. On FlatQube, you can swap one token for another using liquidity pools composed of two assets. These pools accumulate cryptocurrency from various users. You can contribute your crypto to these pools, becoming a liquidity provider. In return, you earn trading fees and additional income from the farming mechanism.
Observing the list of liquidity pools on FlatQube, you'll notice that most involve WEVER. In fact, WEVER is the most popular digital asset on FlatQube, boasting the highest locked value (TVL). Therefore, WEVER is an excellent option if you search for opportunities to earn from DeFi in Everscale.
WEVER as the Governance Token
Everscale’s main community governance tool, Ever DAO, utilizes WEVER for voting. The rules are simple: one WEVER token equals one vote, so the more tokens you use for voting, the greater your voting power and influence.
Despite the introduction of a new governance system in Everscale, this decentralized autonomous organization remains the primary platform for decision-making within our blockchain, with about 120 proposals considered to date.
The voting process in Ever DAO is designed for maximum transparency, providing general statistics on voting addresses and their corresponding voting power, along with details on participants for each proposal. At the time of writing, the DAO had more than 14.5 million WEVER tokens reserved for voting, spread across approximately 180 addresses.
How to Obtain WEVER
There are two ways to get WEVER: either by wrapping it using the official WEVER web3 app, or by swapping EVER for WEVER on FlatQube. We will guide you through both scenarios. It is worth noting that WEVER’s price is pegged to EVER, allowing a 1:1 exchange rate (excluding transaction fees).
If you decide to use the Wrapped EVER website, go to its page and connect your EVER Wallet (it must be installed as a Chrome extension) with some coins in it. Then, specify the amount of EVERs you want to wrap, and click “Send:”
Confirm a transaction in the pop-up window. Done!
To unwrap WEVER and receive your EVERs back, simply navigate to another tab on the same page.
Swapping to WEVER on FlatQube works almost the same. Connect your EVER Wallet’s extension to the DEX, enter the app and go to the “Swap” page. There, select the native EVER in the upper field, and WEVER in the lower one, and specify the amount, like on a screenshot below:
Finally, click “Wrap EVER,” and confirm a transaction. Same way, you can exchange WEVER back to the native EVER.
Farming Liquidity with WEVER
Let us now explain how you can apply EVER to providing liquidity to FlatQube. Proceed to the list of pools and select a pool of your choice. In our example, we will use the pool with StEVER and WEVER.
To become a liquidity provider, you’ll need LP tokens. On the pool’s page, click the button “Add liquidity,” which will bring you to another page:
There, pick two tokens from the pool (you must also have them in your wallet) in the window. Then, click the button “Connect pool,” and confirm a transaction in the pop-up window initiated by your wallet. You should get a small message from FlatQube about a successful operation.
Now, stay on the same page but refresh it. If you connected to the pool successfully, the text on the lower button will change to “Deposit StEVER” (the ticker of the asset will be whatever you picked first). Specify the amount of one token, and FlatQube will automatically calculate the corresponding amount of another cryptocurrency you need for adding liquidity. Confirm operation by clicking the “Deposit…” button.
Next, do the same operation for the second crypto asset.
How to Use WEVER for Voting in Ever DAO
Unlike farming on FlatQube, participation in Everscale’s governance DAO is a pretty straightforward process. Go to the Ever DAO website and select the tab “Staking” in the upper menu. After landing to the staking page, connect your wallet, and the page will display some new elements, as on the screenshot:
In the window titled “Stake,” enter the amount of WEVERs you want to use for voting, and confirm the operation in the pop-up window. Now, you can participate in voting for new proposals. Just don’t forget to subscribe to Everscale’s Telegram channel to stay up to date with new initiatives.
Final Thoughts
We showed what a pivotal role WEVER plays in Everscale, driving both DeFi and governance. Firstly, it unlocks the main technique of Everscale's most popular DeFi protocol, FlatQube. Secondly, it grants voting rights in Ever DAO, allowing each WEVER holder to directly influence our blockchain’s development. Whether you're seeking to optimize DeFi earnings or shape Everscale’s future, WEVER is your go-to asset.
