Everscale is a blockchain ecosystem based on the Telegram Open Network (TON) architecture that aims to address scalability challenges and support decentralized applications and services.^[1]

Overview

Everscale is a decentralized blockchain network launched on May 7, 2020, originating from the Telegram Open Network (TON) project initiated in 2018 by Pavel and Nikolai Durov.

Rebranded on November 10, 2021, the network aims to function through the Ever Operating System (Ever OS), a distributed system that processes smart contracts across multiple nodes to promote consensus and maintain immutability. Everscale's decentralized structure seeks to enhance censorship resistance, while its governance system allows the community to participate in decision-making processes.^[2][1][3][4]

History

2017-2019

In 2017, Pavel Durov introduced the concept of the Telegram Open Network (TON), aiming to integrate the Gram cryptocurrency with Telegram Messenger. By 2018, the TON virtual machine and blockchain were partially complete.
In 2019, EverX (formerly TON Labs) launched its blockchain with a proof of authority consensus and the alpha version of TON OS. The SEC subsequently sought to block the issuance of Gram, classifying it as a security. EverX also released a testnet for TON.^[4]

2020

In 2020, Pavel Durov was questioned by the SEC about the TON ICO, with the regulator investigating the use of funds and the classification of the Gram token. Durov stated that the funds were used for platform maintenance and argued that Gram was intended as a utility token rather than a security.
Following regulatory challenges, Durov announced the end of Telegram's involvement with TON. Subsequently, EverX contributed to the launch of the Free TON blockchain, which replaced Gram with the TON Crystal token and required participants to sign the Free TON Declaration of Decentralization.^[4]

2021

In 2021, Everscale recorded a throughput of 64,000 transactions per second and rebranded from Free TON. The network aimed to transition from C++ to Rust to potentially enhance scalability and performance.^[4]

2022

In 2022, Everscale worked on the Reliable External Messaging Protocol (REMP), incorporating it into the Everscale SDK, and introduced economic measures aimed at improving the EVER token's market position. The network partnered with DA5 to launch a blockchain remittance service in the Philippines and established new development priorities focusing on central bank digital currencies (CBDCs) and enterprise solutions, with the goal of capturing market share in these areas.^[4]

2023

In 2023, Everscale established a partnership with Venom, a blockchain licensed by the Abu Dhabi Global Market (ADGM). The network also aimed to pursue further partnerships, integrations, and technical upgrades.^[4]

Products

EVER Wallet

Everwallet is a non-custodial web3 wallet designed to manage digital assets across TVM networks such as Everscale and Venom. It supports multisignature functionality and Ledger hardware wallets, along with hierarchical deterministic (HD) key management.
The wallet aims to offer secure, cross-platform access and integrates with external dApps and NFTs. It facilitates fast transactions and in-app purchases of EVER tokens, aiming to provide a secure and efficient method for managing digital assets.^[5][6]

SURF Wallet

The Surf Wallet is a non-custodial wallet that aims to enable the purchase of Ever tokens through a credit card. It also supports viewing of NFTs.^[10]

Everspace Wallet

The Everspace Wallet is a non-custodial multichain wallet that aims to support the purchase of EVER tokens using a credit card. It also provides access to various functions such as NFTs, DeFi tools, and DAO voting.^[10]

Everscan

Everscan is a blockchain explorer designed for the Everscale network, enabling users to verify transactions, accounts, and smart contracts. It provides a dashboard with network statistics and detailed pages for blocks, transactions, messages, token activities, and NFT collections. Everscan includes tools for viewing and verifying smart contracts, aiming to facilitate secure interactions within the Everscale ecosystem. The platform is continually updated to enhance its functionality.^[14]

Evercash

Evercash aims to integrate Everscale blockchain with ATMs and banking systems, connected to Pi Union's fintech ecosystem. The Evercash app enables European users to request a Mastercard with an IBAN, create wallets for Bitcoin, Ethereum, and EUPi, and fund them via Mastercard or Visa. It also facilitates crypto transfers for EVER users and provides merchants with payment options through cards, SEPA, SWIFT, and cryptocurrencies.^[15]

EverName

EverName is a decentralized domain name service on the Everscale blockchain, developed by the Blockchain Family team. It aims to enable users to register and trade *.ever domains as TIP-4 NFT tokens. Domains under 12 characters are acquired through auctions, while longer ones can be bought directly. Registration fees are paid in EVER tokens, which are burned to reduce token supply. Future plans include adding features like subdomains, further integration with Everscale services, and transitioning to decentralized governance through EVER DAO.^[13]

Ecosystem

FlatQube

FlatQube, developed by Broxus, is a decentralized exchange (DEX) on Everscale. It operates with an automatic market maker (AMM) and liquidity pools, aiming to provide efficient token swaps and high yield farming. The platform allows governance token (QUBE) holders to participate in decision-making processes and influence the distribution of rewards. FlatQube is designed to address issues such as front-running and miner extractable value (MEV) by leveraging Everscale's architecture.^[7]

Octus Bridge

Octus Bridge is a DAO-managed cross-chain platform designed to facilitate transfers between various blockchains through a unified interface. It supports networks such as Ethereum, BNB, Polygon, Solana, Avalanche, and Fantom. The platform aims to simplify cross-chain transactions by consolidating them into a single operation, thereby reducing complexity and transaction costs.^[8]

Tokstock

Tokstock is an NFT marketplace on Everscale that aims to support various types of NFTs and provide features such as detailed statistics, royalty payments, and multiple currency options. It is designed to facilitate interactions between creators and collectors.

Everscale’s technology supports Tokstock by enabling decentralized storage of NFTs through Drivechains and allows for the creation of composable and mutable NFTs. This functionality aims to enhance the applicability of NFTs in gaming and virtual environments.^[9]

EVER DAO

EVER DAO is a decentralized governance platform that aims to enable EVER (wEVER) token holders to vote on Everscale network proposals. Voting power is based on the amount of WEVER held by participants.^[17]

Architecture

Everscale’s blockchain features a masterchain and user-focused workchains, with the ability to add more workchains and shards based on network load. Validators are responsible for both masterchain and shardchain validation, with their assignments rotating periodically.

Accounts are identified by their full address and include components such as balance, code, and data. Deployment requires a positive balance. Transactions, which result from contract executions, generate both internal and external messages. The system employs the Bag of Cells (BOC) format for data storage and a Turing-complete Virtual Machine (TVM) for executing contract code, while the Transaction Executor handles validation and fee calculations.^[16]

Use cases

Everscale supports various applications across multiple domains:

• DeFi: Everscale facilitates decentralized finance by allowing Solidity dApps to run without front-running or MEV issues. It supports platforms like FlatQube for liquidity farming and asset swaps, FLEX for decentralized limit orders, and Gravix DEX for derivatives trading.
• Voting: Everscale is used in enterprise voting systems, such as DeVote, which aims to improve trust and transparency in elections. Governance on the network is managed through EVER DAO, where token holders can vote on network developments.
• Bridges: OctusBridge enables cross-chain transfers between multiple networks, while Adaever connects Everscale with the Cardano blockchain, allowing for asset exchanges and cross-chain transactions.
• Decentralized Communication: Everscale supports secure, decentralized communication through tools like Ylide's protocols and Qamon's messaging platform.
• GameFi: The platform supports cross-chain in-game transactions and aims to enhance the gaming experience through REMP, which provides quick message delivery.
• Sustainability: Everscale emphasizes low energy consumption and carbon efficiency in its operations, using carbon certificates to reduce its environmental impact.
• NFT: Everscale's TIP4 NFT Standard is designed to enable advanced NFT creation and management, supported by platforms like GrandBazar and Tokstock.
• CBDCs: Everscale is positioned to support central bank digital currencies (CBDCs) and stablecoins, given its capacity to handle large transaction volumes.
• Self-Sovereign Identity: Everscale focuses on self-sovereign identity (SSI), giving users control over their digital identities while ensuring privacy and security.
• Decentralized Domains: EverName offers decentralized .ever domains for secure hosting and easier access to decentralized applications.
• Metaverse: Everscale is designed to support metaverse applications, including tokenization, in-game economies, and peer-to-peer transactions.^[11]

Tokenomics

$EVER

$EVER is the native token of the Everscale network. It is used for transaction fees, bridging, swaps, staking, and participating in governance and voting processes. The token functions as a central element for various activities within the network.^[10]

Allocation

The $EVER token allocation is designed to support the diverse needs of the Everscale ecosystem:

• Treasury: 49.16% (1,041,981,869 EVER)
• Investment Round Allocation: 0.00% (1,009 EVER)
• Investment Round Sold and Locked: 8.10% (171,807,098 EVER)
• Farming Users: 1.07% (22,766,710 EVER)
• Voting Users: 0.69% (14,683,983 EVER)
• Staking Users: 22.76% (482,474,197 EVER)
• Trading Users: 6.23% (132,159,374 EVER)
• Burned: 0.13% (2,751,318 EVER)
• Coin Holders: 11.85% (251,141,560 EVER)

The total supply is 2,119,767,117 EVER.^[12]

$wEVER

Wrapped EVER (WEVER) is designed to facilitate the transfer of the native EVER token between Ethereum and Everscale. This adaptation aims to support interoperability and broaden investment opportunities across these blockchain networks.^[18]

Governance

Everscale's governance structure enables community members to propose and vote on initiatives using WEVER (Wrapped EVER) tokens. The Soft Majority Voting (SMV) mechanism guides decisions based on the balance between "Yes" and "No" votes, with stricter thresholds for more significant matters.
This system seeks to address low voter participation and increase the difficulty of vote manipulation, intending to promote fair decision-making within the Everscale network.^[1]