Evernode PriceEVR

What is Evernode?

Evernode (EVR) is a layer-2 DePIN and smart contract platform for the XRP ecosystem. Its Evers are issued on the Xahau Network, a sidechain of the XRP Ledger, which implements Hooks.

Key Takeaways

Evernode is a layer-2 DePIN and smart contract platform for the XRP ecosystem, enabling scalable dApp development. Its Evers are issued on the Xahau Network, a sidechain of the XRP Ledger, which implements Hooks. The EVR token is the native utility token used for paying hosting fees to node operators and for governance within the Evernode network. With a fixed max supply of 72,253,440 tokens, EVR is designed to incentivize a decentralized network of hosts. Evernode dApps can be written in almost any language and deployed at almost any scale; each dApp runs as a bespoke mini-blockchain (an AppChain) across its hosts, so developers do not need to invent their own consensus mechanism.

Key Specifications & Tokenomics

Evernode is a decentralized platform that provides a scalable smart contract execution layer on top of the XRP Ledger, leveraging its speed and low-cost transactions.

Who created Evernode (EVR)?

Evernode was founded and developed by Evernode Labs Pty Ltd, an Australian-based company led by co-founders Scott Chamberlain and Richard Holland, in close collaboration with contributors to the Xahau Network. The team's primary goal was to create a scalable, efficient layer-2 solution that allows developers to build complex decentralized applications (dApps) on the XRP Ledger without compromising its core benefits of speed and low cost.

How does Evernode (EVR) work?

Evernode operates as a second-layer network on top of the XRP Ledger. Its functionality is powered by the Hooks feature, which are small, efficient programs that run directly on Xahau accounts. Here's how the system works:

Layer-2 Architecture: Smart contracts (called "EApps") are deployed and executed on the Evernode network, a separate layer from the XRPL main chain. This keeps the main ledger fast and uncluttered. Evernode dApps run inside a UNL consensus engine called HotPocket, which provides a consensus-as-an-operating-system environment. Hosting is handled by the Sashimono daemon, which lets a host provide secure hosting to multiple dApp instances, each isolated in its own jail. Node Credit Consensus: The network is secured and operated by hosts (nodes). These hosts stake EVR tokens to earn "credits," which grant them the right to host EApps. Execution and Settlement: When a user interacts with an EApp, the computation happens on an Evernode host. Evernode dApps run as AppChains on independently operated hosts, while a Hook-enabled account on the Xahau Network coordinates the canonical registry of hosts and the emission of Evers rewards. The EVR Token: The EVR token is central to the network's economy. Developers use EVR to pay hosting fees to node operators for running their EApps. Hosts are incentivized with EVR rewards for providing reliable computation and storage resources.

Membership and Hosting NFTs

To join Evernode, hosts buy a Membership NFT from the Evernode Registry Hook, which identifies the host and confirms network membership; it can be redeemed at any time for 50% of the unrebated registration fee. Hosts also mint Hosting NFTs that represent an exclusive lease of a hosting slot in exchange for hourly hosting fees in Evers.

What makes Evernode (EVR) unique and valuable?

Evernode's value proposition is tightly linked to its integration with the XRP Ledger and its novel technical approach.

Built on XRPL's Strengths: Evernode is built on the XRP Ledger ecosystem, which offers fast transaction settlement (3-5 seconds), low fees, and a decentralized, energy-efficient consensus mechanism. This provides a robust foundation for dApps. Hooks-Powered Smart Contracts: Unlike bridged sidechains, Evernode uses the native Hooks functionality. This allows for tighter, more secure integration with the main XRPL, reducing complexity and potential bridge-related risks. Scalability Solution: By moving smart contract execution off the main chain, Evernode addresses potential congestion, allowing the XRPL to remain optimized for high-speed value transfer while supporting a dApp ecosystem. Developer Familiarity: Evernode dApps can be written in almost any language and deployed at almost any scale; each dApp runs as a bespoke mini-blockchain (an AppChain) across its hosts, so developers do not need to invent their own consensus mechanism. Fixed Supply Tokenomics: EVR has a fixed max supply of 72,253,440 tokens, and the emission and circulating supply of Evers is openly governed by a Hook on the Xahau Network. Its value is tied to the demand for hosting services on the network, creating a direct incentive alignment for hosts and developers.

What is Evernode (EVR) used for?

The EVR token and the Evernode platform have several core utilities that drive its ecosystem.

Paying for Hosting Services: This is the primary use case. Developers who deploy decentralized applications (EApps) on Evernode must pay node operators in EVR tokens for the computational and storage resources their applications consume. Network Governance: Governance is handled by hosts, who vote to update the rules for registration, rewards, and governance, including deregistering bad hosts; the emission and circulating supply of Evers is openly governed by a Hook. Host Staking and Incentives: Individuals or entities who run Evernode host software must stake EVR tokens to participate in the network and earn credits. They earn EVR rewards for reliably hosting EApps, securing the network. Enabling XRPL dApps: The platform's ultimate purpose is to enable a wide range of decentralized applications on the XRP Ledger, including DeFi protocols (DEXs, lending), NFTs, gaming, and enterprise solutions, all using EVR as the fuel.

How to buy EVR Coin?

EVR is tracked on major data platforms and listed on several exchanges, including CoinGecko, Crypto.com, Kraken, Binance, BitMart, Phemex, MEXC, and Coinbase. To acquire EVR, use an exchange that lists it, complete verification, deposit funds, and place a spot order. Note that crypto asset prices are volatile and trading, especially with leverage, carries the risk of losing your capital.

Crypto asset prices are highly volatile and can fall sharply; trading, especially with leverage, can result in the loss of your entire capital. This article is for informational purposes only and is not investment advice.