About a week ago, the FlatQube DEX launched QUBE, the platform’s native utility token. The token launch was intended as an experiment to gauge the community’s interest in governance and support of the platform, as a result, the team has burnt all the EVER tokens deposited in order to receive QUBE tokens.

The crypto industry is used to large-scale token fires. Binance, among other platforms, routinely burns its native BNB tokens in order to strengthen the token’s position. Binance aims to decrease the total emissions by as much as 50%, or even 100,000,000 of total supply. What happened with the launch the QUBE token, however, is quite another.

FlatQube, a Broxus powered DEX that operates on the Everscale network is for those who are not in the loop. Everscale underwent significant changes over the last few months to reposition itself within the top tier DeFi ecosystems. This is in order to realize all the potential of the network.

Everscale’s development was centered around the concept of total decentralization. This network is able to serve as a hub of financial services for large user bases and has worked hard to make its users part of the governance process and to take decisions that affect the ecosystem.

This can be seen in the first DAO protocol that was rolled out in the network’s ecosystem, the Octus Bridge DAO. Octus Bridge, a cross-chain transfer system that allows users to benefit from the Everscale network’s low transaction cost and unlimited scalability, is an example of a platform for cross-chain transfers. The platform activated its DAO protocol by releasing a BRIDGE utility coin. This token allowed users to take control of the system.

Network gets a new token, a new dawn

A similar idea was envisioned for the network’s FlatQube DEX. The team behind the platform decided to gauge the community’s interest in the DEX’s governance by launching its own QUBE utility token on EverStart, the network’s launchpad. Users will have the ability to vote for changes on the platform by acquiring and holding QUBE. They can also make their own suggestions and stake QUBE to get them. Beyond that, developers have planned for QUBE to play a central role in platform operations, potentially as a means for users to save money on platform operations and as another addition to the DEX’s staking and farming offerings.

The results of the token launch speak volumes in terms of the community’s interest in taking on more governance responsibility. The hard cap of 2,45,000,000 EVER was surpassed in less than a week. In addition, deposits to purchase QUBE topped 12,45,000,000 EVER. This is nearly five times the limit. Therefore, we can safely say that FlatQube DEX will not only have a DAO governance protocol but the FlatQube OAO is set to prosper.

In the aftermath of the launch’s success, Everscale has moved forward with the unprecedented burning of the EVER tokens used to acquire QUBEs. To be burnt, 2,450,000 EVER will equal more than $500,000. This move will increase the rate of EVER, reduce the total circulating supply and signal a new dawn in the entire network. Everscale has taken a step closer in realizing its dream of unparalleled decentralization with the DAO-governed DEX.

Users who participated in the token launch will receive their QUBE tokens, in proportion to the amount of EVER they deposited, as they pass through the platform’s vesting system. Full information on how the vesting process works can be found on the token’s launch page.

About Everscale

Everscale, a unique and innovative blockchain design, proposes a decentralized world computer that can scale with distributed operating systems. Ever OS powers Everscale, a platform capable of processing millions upon transactions per second. This platform has Turing-complete smart agreements and decentralized user interfaces.

Everscale has unique features such as distributed programming, dynamic multithreading and soft majority consensus. These properties allow it to scale, be fast, secure, and easy to use. The Soft Majority Voting Protocol is used to govern it.

Everscale offers powerful tools for developers, including compilers in Solidity, C++ and SDK, as well as client libraries that have been ported to over 20 languages and platforms. There are also a variety of decentralized wallets and browsers which enable many applications within the DeFi, NFT and tokenization domains.

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