What is VERSE?
Bitcoin.com's rewards and utility token, VERSE, accelerates the global adoption of cryptocurrency in a self-custodial model through incentives and gamification.
Since 2015, Bitcoin.com has been a global leader in introducing newcomers to Bitcoin and cryptocurrency. With over 50 million self-custody wallets created (as of June 2024) in its multichain DeFi-ready mobile app (the Bitcoin.com Wallet app), an award-winning news portal with over 2.5 million monthly readers, a wide range of educational resources, and 24-hour human support, Bitcoin.com is the world’s gateway to Bitcoin and beyond.
By incentivizing and gamifying engagement in the Bitcoin.com ecosystem, VERSE aims to supercharge Bitcoin.com in its mission to onboard the world to decentralized money and increase economic freedom.
How is VERSE used?
VERSE can be earned by using products in Bitcoin.com’s ecosystem, held for discounts and perks, and used in apps and dApps.
Within the Bitcoin.com Wallet app, users can find a web3-enabled browser called Verse Explorer that allows for convenient interaction with a variety of dApps and web3 features. These include the multichain decentralized exchange Verse DEX, the Verse Voyager NFT collection and minting dApp, and a range of engaging dApps that are designed to educate users on how to safely interact with web3 products.
What key events have there been for VERSE?
Since its launch in December 2022, VERSE has achieved several significant milestones. It launched on the Ethereum network and expanded to Polygon in 2023. The release of the Verse Voyager NFT collection and the establishment of a DAO governance system have further solidified its presence and community-driven approach.
How does the buyback and burn mechanism work?
Bitcoin.com buys VERSE on the open market through its decentralized exchange Verse DEX, third-party DEXs, centralized exchanges, or in Over-The-Counter trades. This VERSE is then sent to the Verse Burn Engine, where it accumulates until a burn is triggered (anyone can trigger a burn).
What is the sustainable supply reduction mechanism?
VERSE is allocated from the Ecosystem Fund to the Verse Burn Engine in a manner proportional to a given activity in the Verse/Bitcoin.com ecosystem. This ensures that the reduction of supply is sustainable over the lifetime of the token, contributing to its long-term value and utility.