New heights ahead for EGC Coin, after EverGrow’s tax-free foray into CEXs, says chairman

Evergrow coin
Image Source: Medium.com

Key EverGrow Takeaways:

  • EverGrow(EGC) Coin could peak at new heights, despite the FUD.
  • The team behind the projects announced their foray into the centralized exchange domain will be tax-free and reward-free.
  • The EverGrow chairman provides details on his point of view.

YEREVAN (CoinChapter.com) – EverGrow, a novel cryptocurrency on the market, made headlines six weeks after its launch. The team behind the token attracted much attention, as they took an unorthodox approach to crypto trading on centralized exchanges (CEXs). On Sunday, Evergrow coin announced that EGC will be tax-free but also reward-free. The decision confused the traders, who pulled back, driving a 26% drop in the token’s value.

EverGrow(EGC) Coin Price Chart

EverGrow Coin Price Chart
26% drop in EverGrow’s value. Source: CoinMarketCap.com

What’s So Controversial About EverGrow Coin?

Six weeks after EGC’s launch, the EverGrow team prepared to introduce the token to a broader audience through centralized exchanges. But there was a catch in the tokenomics that seemed to confuse the target audience.

In detail, the EverGrow project was the first to distribute Binance-pegged USD rewards. This is partially why EGC coin holders grew exponentially to over 96,000, and they received over $20 million in rewards. However, as one of the biggest coins with USD rewards, moving into a centralized exchange and maintaining those rewards could be tricky.

The main reason behind the USD reward distribution difficulty on a CEX is the underdeveloped infrastructure. CEXs are not equipped to support this tokenomics.

Since reward distribution on centralized exchanges poses difficulties, EverGrow announced that traders on CEXs can buy and sell EGC tax-free. The catch is that they won’t see any rewards, either. The decision caused FUD among EverGrow token holders and subsequent selling pressure.

Also read: Cryptocurrency exchange Unocoin hints liquidity crisis — Users complain of held up funds

However, the move could lead EGC to new heights. The team stated that they did not come to the solution lightly and carefully weighed all pros and cons.

With the tax-free approach benefit EGC Coin holders?

Sam Kelly, the chairman of EverGrow, commented on the controversial move, saying that the benefits, in the long run, outweigh the short-term misunderstanding and FUD.

We fully understand that people can become very uncomfortable when they don’t fully grasp a concept. I’m not exaggerating when I say this solution took nearly 3 weeks and hours of work and testing. In a world where new projects are plagued by doubters and FUD, an impatient investor’s inability to grasp a concept can lead to a panic sell, and this can quickly snowball. We have no concerns in the longer term.

said the executive.

He also elaborated on the benefits this approach would have for EGC holders. Mr. Kelly stated that EverGrow’s foray into the centralized exchanges exposes the token to 50 million CEX users, who will see the benefits “once the exchanges go live,” even if the process behind it isn’t “necessarily understood by all.”

Meanwhile, the reduction of reward-winning customers would increase rewards for users who get them, thus making the token more attractive.

Also read: Bitcoin (BTC), Gold shine as safe haven assets amid rising inflation

It is not yet clear whether the EverGrow coin tax-free move will get the project desired results. However, the cryptoverse has been buzzing with the word “masterstroke” for the previous few days. Once EGC goes live on centralized exchanges, the repercussions will be evident.

How useful was this post?

Click on a star to rate it!

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com