What Is Traverse (VERSE)?
Traverse is the first of its kind Interoperable Reserve Currency protocol currently available on the Avalanche Network based on the VERSE token. Each VERSE token is backed by a basket of assets (e.g., DAI.e, VERSE-AVAX LP Tokens etc) in the Traverse treasury, giving it an intrinsic value that it cannot fall below. Traverse also introduces economic and game-theoretic dynamics into the market through staking and minting.
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Traverse Storage Key Points
|Circulating Supply||100,000.00 VERSE|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
What is the point of Traverse?
Traverse goal is to build a policy-controlled currency system, native on the Avalanche network & beyond, in which the behavior of the VERSE token! In the long term, they believe this system can be used to optimize for stability and consistency so that VERSE can function as a global unit-of-account and medium-of-exchange currency.
In the short term, they intend to optimize the system for growth and wealth creation. They intend to achieve price flatness for a representative basket of goods without the use of fiat currency, in order to allow the cryptocurrency industry to detach once and for all from the traditional finance world.
How can I benefit from Traverse?
The main benefit for stakers comes from supply growth. The protocol mints new VERSE tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price, stakers would make a profit.
The main benefit for minters comes from price consistency. Minters commit a capital upfront and are promised a fixed return at a set point in time; that return is given in VERSE tokens and thus the minter’s profit would depend on VERSE price when the minted VERSE matures. Taking this into consideration, minters benefit from a rising or static price for the VERSE token.
Who created Traverse?
Traverse a spoon of wonderland on the Avalanche Network. Traverse team is mostly anonymous, born from the DeFi Community. We aim at becoming a Decentralized Autonomous Organization, and we are actively working towards that goal. Further down the line aim to reveal some of your key developers identities & Share your stories with you.
Who runs Traverse?
Currently most of the decisions are taken by the core team & administered by Lydia finance through a multisig, but Traverse expect to be able to turn this into a DAO-governed model as soon as possible. There are two main strategies for market participants: staking and minting. Stakers stake their VERSE tokens in return for more VERSE tokens, while minters provide LP tokens or MIM tokens in exchange for discounted VERSE tokens after a fixed vesting period.
Why Traverse and not other OHM forks?
This company is more than just a reserve currency protocol; It aims to enhance the protocols use of Treasury funds through an extra Cross-chain Optimization Layer. This will be done through a unique approach of bridging Liquid assets over its multiple chains in order to provide an even more discounted bond prices, higher staking rewards & stabilizing prices when it’s doomsday. Simultaneously, this will have little to no effect on outperforming Chains.