Evanesco Biweekly Report (By the end of 9.18)

Technology&Product

  • Fortress Wallet adds ‘Export Private Key’ function, ‘Export KeyFile’ function, and ‘Swap’ function which can swap ERC 20 into AVIS testnet token-AVS.
  • Fortress Stake Mining release unlimited staking nodes and support the setting of miner’s coinbase address.
  • Launched Fortress’ Lending’, and provided ‘Supply’ and ‘Borrow’ function. Users can use ‘Supply’ module to obtain liquidity income. Through ‘Borrow’ function, users can automatically complete stake and become a mining node.
  • Complete the development of Fortress Wallet SDK function
  • The development of Fortress Vault based on Zero Knowlege Proof is in process
  • Start Privacy protocol middleware’s Architecture design
  • Launched EVA official website’s AVIS testnet explorer entrance
  • Repair and improve AVIS testnet’s functions according to the feedback of first-round test nodes
  • Prepare for the Underlayer’s second round of AVIS testnet testing. The second round of AVIS testnet generating blocks time is 0:00 UTC on September 22.

Market Dynamics

Evanesco Global Leader Justine joined Decentralized Club’s AMA and released the news of AVIS testnet, updated Economic Model and Mainnet. Justine said that to keep decentralized governance of EVA and provide more incentives for miners who participate in Layer0 services, the team has modified the current economic model. Based on retaining the initial fundraising and liquidity share, EVA reduced the team’s share to 8% and unlocked it simultaneously as the mining business. EVA hopes to stand with miners’ long-term interests and merge other shares into the mining ratio.

For more information, click the AMA recap link below:

https://decentralizedclub.medium.com/ama-with-evanesco-2af5a76c1e06

Evanesco team announced an upgrade of the economic model. After the launch of the mainnet, 80% of the EVA will be generated by network nodes, and the coinage and governance structure of EVA will also be more decentralized. This economic model upgrade is for the long-term development of the EVA community, attracting more network node builders, and expanding the transmission capacity and resource scheduling capabilities of the EVA Layer0 node. Therefore, EVA community can gain more feedbacks and incentives through EVA community node’s ecological prosperity. Please refer to EVA’s official website Litepaper for detailed description of the upgraded economic model.

AVIS testnet was launched at 0:00 UTC on September 7. The mining rewards-AVS token can be swapped to ERC20 EVA in 1:1 ratio. After launched AVIS testnet, community members can staked mining through EVA’s Fortress and only need to stake 3000 AVS to become mining nodes and generate blocks through standard PCs to gain AVS rewards. From September 4 to 7, nearly 3,000 nodes participated in the advanced network, and 266 nodes successfully generated blocks. The 216,000 AVS will be distributed according to generating blocks by 266 nodes

Evanesco launched AVIS testnet’s second round of node mining.EVA team decided that the second round of testing would not set an upper limit on the number of mining nodes. The expected launching time is September 23. Also, EVA is estimated to launch ‘Lending’ function of Fortress on September 17. Users can participate in Staking and testing network nodes with a lower cost through the new ‘Lending’ function.

Evanesco will be conducting an Airdrop via CoinMarketCap worth 50,000 USDT. The activity will start from September 19 to October 4. For more details: https://twitter.com/evanescoio/status/1438684581931016192?s=20

Users only need to pay a small amount of AVS as an interest to complete lending through the ‘Lending’ function in Fortress. Once successful lending, users will automatically complete the node staking of the lending address and directly participate in AVIS testnet mining. The second round of AVIS testnet generating blocks time is 0:00 UTC on September 22.

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Evanesco Team

Evanesco Team

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Evanesco(EVA) is a unique financial protocol platform in the Web3 ecosystem that combines Layer0 network infrastructure with a private computing framework.