Everett

 Basics

• Founded in:
• Mainnet release:
• Based in:
• From this report by Chorus One (6-2020):

"Everett was a project that aimed to issue synthetic staked tokens pegged to the original staking token. It consists of its own blockchain that can control so-called interchain accounts on other blockchains through the usage of inter-blockchain communication (IBC)."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From this report by Chorus One (6-2020):

"Users are able to deposit staking tokens into the externally owned account to open overcollateralized liquid staking positions (LSP) and mint tradable synthetic staked tokens for the respective network on the Everett blockchain. LSPs work similarly to Maker vaults and use overcollateralization to account for slashing penalties.

The Everett team, who have in the meantime started other ventures, asserted there will be a peg that will hold between synthetic staked tokens (e.g. “bAtoms”) and the original staking tokens (e.g. ATOMs). The basis for this remains unclear. The two instruments have very different properties.

It seems likely that synthetic staked tokens would fluctuate with DeFi demand, whereas the LSPs are much easier to value and likely to be price stable concerning the underlying staked token. The other issue we see with Everett is around the security risk. The Everett chain would be in control of a large number of PoS staking tokens, so the market capitalization of the Everett tokens would need to be high too, to ensure that an attacker cannot easily take control of the network. To attain a high valuation they would need to have high fees and a high volume of transactions. Potentially, some model of shared security (where they borrow security from other PoS chains) would reduce this risk."

Interoperability

• From this report by Chorus One (6-2020):

"Everett’s approach is powerful as it provides a unified experience across all Proof-of-Stake chains. Issued generated synthetic staked tokens are fungible on a per-network basis, increasing their liquidity. This cross-chain approach could create powerful network effects if DeFi services start to use their bonded tokens as collateral."

Governance

• From this report by Chorus One (6-2020):

"There is also a big unknown around governance. If the Everett model was successful, and a high percentage of staked PoS tokens are used to issue LSPs, then a high percentage of voting power would end up with these LSP holders. It is not clear who would hold these LSPs - possibly only specialized financial institutions will be able to accurately price the slashing risk. So over time, this could change the distribution of voting rights, potentially creating a centralizing effect."

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Pros and Cons

Pros

• From this report by Chorus One (6-2020):

1. "Potential to build a unified liquid staking experience across all PoS networks with powerful network effects. 
2. The liquid tokens are fungible. 
3. High liquidity would make liquid tokens ideal for use as DeFi collateral."

Cons

• From this report by Chorus One (6-2020):

1. "Prone to security issues if the Everett token value is low.
2. PoS governance is in the hands of LSP issuers. 
3. Concerns remain on whether a price peg from synthetic to staked tokens can hold."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• From this report by Chorus One (6-2020): "The Everett team have in the meantime started other ventures."