1/ So guys, time to talk about $ID @EverestDotOrg, a new project I’m very bullish on. Everest is a full stack fiat onramp + KYC + DeFi + L2 project that will offer a regulatory compliant solution to link the regulated fiat financial institutions world and DeFi.

2/ And this is not just idealistic fancy talk. Although the token was launched just 2 days ago, the project has been in development since 2017 and has existing partnerships with major financial institutions (more on that later), and OG crypto projects like Aave and Kyber.

3/ Not to mention that the actual Ex-President of Estonia is an advisor. And not just a headshot-in-a-white-paper advisor. The guy is actually doing Youtube videos with Everest’s co-founder and discussing the project.

4/So what will Everest actually do? It aims to be an all-in-one provider of traditional and DeFi financial services, cross border/currency payments, remittances, etc with the major innovation of using biometric id creation/verification for attaching biometrics to an ERC20 wallet

5/ This will allow them to be fully regulatory compliant, performing required KYC/AML checks, while the users’ information remains fully under their own control. Everest is also a regulated custodian with the ability to issue their own stable coin (like Paxos, for example).

6/ And in terms of scaling capabilities, transactions will be processed on Everests’ side chain, EverChain, that can support up to 300,000 tps p/s, bringing the transactions costs close to zero and addressing the scaling limitations that have been crippling DeFi lately.

7/ As a concrete example of a “fiat-to-yield” product to be offered by Everest, a user will be able to create an account and perform remote KYC in minutes, deposit fiat to their EverWallet, and select the savings or lending service and start earning yield through Aave.

8/ Everwallet will process the entire fiat->stablecoin->Aave yield->stablecoin->fiat process in the background, and the user will potentially never even be aware of the inner working of ethereum wallets, DeFi, or even that there are blockchains involved.

9/ Ok, but this is CT and we want to know about the token. So, the Everest ID token, or $ID, is a regulatory compliant virtual financial asset/token. It will generate staking rewards, give governance voting rights & enable access to the network and applications.

10/ Basically, any financial institution or partner that want access to the network will need to hold a certain number of $ID tokens, which should create a lot of price pressure once adoption picks up.

11/ Staking will give between 5% and 40% APY depending of lockup time (from 5% w/ no lockup to 40% w/ 1y lockup), and staking above certain levels (10k $ID tokens for “silver” level, 25k for “gold”, 50k for “platinum”) will give additional rewards and reduced fees.

12/ Max supply is 800M, with 116.7M (15%) in circulation and 400M (50%) currently locked (38% for team + partners locked for 6m and 12% project reserve locked for 18m). The remaining 35% of supply corresponds to future staking rewards and tokens for ecosystem development.

13/ The public sale (for 50M tokens) was held on Feb 8th as an IDO on @KyberSwap and was sold-out in less than 5h. IDO price was $0.15. And based on current price of $0.64 and current circulating supply of 116.7M, we now have a $74.6M market cap.

14/ But the thing that really makes this project stand out is that it already has major contracts and partnerships in place to bring adoption, main ones being:
- Partnership with Kinabank (2nd largest bank in Papua New Guinea) for client onboarding/KYC and cross-border payments

15/
- Pilot program with BRI, the largest bank in Indonesia and partnership with BRI Remittance for cross border payments
- Contract with Asian Development Bank (ADB) for implementing identity, KYC/AML, e-wallets and transactions through the platform in Samoa

16/
-Proof of Concept with The Global Legal Entity Identifier Foundation (GLEIF), in Switzerland w/ funding by ADB
-Partnerships with Kyber & Aave for Everest to act as the “fiat to DeFi” bridge on the platforms. FTX is also listed as a partner, so a listing should not be too far

17/ Everest also received a grant from the Ethereum foundation for its implementation of eKYC on Ethereum’s mainnet, and has a partnership with ENS (Ethereum Name Service) so that each individual or entity that enrolls into the Everest Platform will have their own .ever.eth id.

18/ All of that to say that this is very legit stuff and the project’s ambitions on reaching mass adoption are dead serious.

19/ In terms of roadmap, the mobile wallet is in testing and should be released in the coming week. Current focus is on creating bridges to more DeFi services (such as Kyber and Aave) and more partnerships with legacy Financial institutions in SE Asia, Latam and Africa.

20/ In H2 2021 and 2022 Everest intends to start offering its own DeFi services (savings, borrowing/lending, investing…), add direct debit capabilities, and expand the geography both of its partners and of its node operators worldwide.

21/ I didn’t even mention that Bob Reid, the co-founder and spokesperson for the project is a former general manager of Bittorrent, and that there are rumors that a partnership with $XRP will be announced in the next 2-3 weeks relating to cross border remittances.

22/ So there you go. I couldn’t be more bullish on this one, and I already saw the price increase by over 30% since I started writing this thread! Some useful links to finish:

23/
- Detailed project description: https://medium.com/everest-foundation/empowering-the-next-generation-economy-93f1022c47dd
- Telegram AMA roundup: https://www.reddit.com/r/EverestDotOrg/comments/lfdwlw/ama_with_bob_reid_of_everest_feb_7_qa_roundup/

24/
- Everest + Kyber AMA:
- Everest + Aave discussion:
- Everest + the EX PRESIDENT OF ESTONIA!:

Medium ( https://medium.com/everest-foundation/empowering-the-next-generation-economy-93f1022c47dd)
Empowering the Next Generation Economy
INTRODUCTION