Some days ago, I read that the whitelisting for the VERSE token sale is already ongoing. The sale is said to happen this June and the accepted payments will be BTC, BCH, ETH, USDT or USDC according to the information on the GetVerse site.
But wait, what is VERSE?
It is a cross-chain token built on the ERC-20 token standard with a focus on expanding into low-fee EVM chains. It will be a rewards and utility token distributed to users who contribute to and participate in the Bitcoin.com ecosystem.
It has a fixed supply of 210 billion tokens, distributed over seven years on a block-by-block basis (no cliffs).
210 billion tokens will be minted at launch and unlock over a period of up to seven years. Tokens are unlocked on an incremental and continuous block-by-block basis, ensuring gradual dispersion into the market (ie. no oversupply shocks). Source
And this is how it is compared with other utility tokens (i.e. CRO, BNB FTT, NEXO, CEL, UNI and JOE)
How does one get rewarded with Verse?
- by providing liquidity to the Verse DEX
- by staking VERSE
- Through cash back (There
- Use VERSE as collateral in lending pools
- by trading VERSE on Verse DEX
- Earn VERSE when referrals make their first purchase using fiat.
- Earn VERSE when referrals trade on Bitcoin.com Exchange.
- Earn VERSE when you trade on select integrated NFT Marketplace(s)
- Contribute to earn. VERSE bounties for community members to write quality educational content.
Sources: GetVerse & Whitepaper
Apparently, the first round of the token sale was completed in which the project raised about $33.6M from "strategic buyers."
Token allocation and distribution will be as follows:
- Presale A: 10% (Completed)
- Presale B: 6% (June)
- Team: 15%
- Ecosystem Incentives: 35% (LP, farming, airdrops)
- Development Fund: 34%
VERSE token sale is not available to accounts of users located in, established in, or a resident of the following countries:
- Afghanistan
- Belarus
- Burma
- Central African Republic
- Cote D'Ivoire (Ivory Coast)
- Crimea region of Ukraine
- Donetsk People’s Republic and
- Luhansk People’s Republic regions of Ukraine
- Cuba
- Iran
- Iraq
- Japan
- Lebanon
- Liberia
- Libya
- Nicaragua
- North Korea
- Mali
- Somalia
- Sudan
- Syria
- United States of America
- Venezuela
- Yemen
- Zimbabwe
Source
I was thinking of participating in the token sale so I started the sign up process only to find out that it was actually requiring a full KYC verification.
And here's an overview of how one would go through:
Personal Data (Full name and birthdate)
Document Type (I guess this is country-based). For this experiment, I ticked off the driver's license.)
Both front and back page of the identity document is required to be uploaded.
And yes, even proof of residence is required. This might be so because of the restrictions in other countries or regions.
And yep, a selfie too!
And because there's no way I could get pass this process without uploading my face, I didn't push through so I don't know what else follows. It is indicated though that there are questions to be answered and additional documents may be required too.
I have participated in other token sale in the past but was never required any KYC so this is a little turn off for me.
If you are interested, you can check out more details HERE and the whitepaper can be accessed there too.
NOTE: This is not an endorsement of the VERSE token, nor a financial or investment advice. Do your own research before parting with your moolah.
Photos and screen captures were obtained in the GetVerse website. LeoFinance Divider from LF interface. No copyright infringement intended. 030206/11:00ph