First tETH Sweep: $13,561,008 Worth of $EVN Tokens were Burnt

Evolution Finance
3 min readJul 8, 2021

Evolution Finance’s tETH mechanism is the final component of our platform’s unique token economy and it went live earlier this month. The tETH mechanism allows us to gain access to all the excess liquidity below the $EVN token price floor. Check out this article to learn what the $EVN token price floor is and how the tETH mechanism works.

tETH has a ton of benefits for any decentralized token economy, but it is a very new mechanism that Evolution Finance pioneered. The entire purpose of this article is to highlight one of the first ever successful launches and use of the tETH mechanism. If you want to learn how it works then it would be best to check out the article linked above.

As a direct result of tETH, Evolution Finance gained access to millions of USD worth of $EVN tokens and over 1000 $ETH! This article will highlight all the token burns and buybacks that happened during the first tETH sweep. It will also cover all the subsequent value added to Evolution Finance as a result of the first tETH sweep.

Total Liquidity Accessed

The first tETH sweep was phenomenal due to the sheer amount of $EVN and $ETH it gave us access to. Evolution Finance gained access to 15,594 $EVN tokens and 1000 $ETH from below the price floor using the first tETH sweep. Keep in mind this is merely the first tETH sweep and there will be more in the future.

The second stage of the tETH was operational during the opening hours of May 8th, 2021, and at this time an individual $EVN token was valued at around $292 USD each. The 15,594 $EVN tokens that Evolution Finance gained access to on that day had a net worth of roughly $4,553,448 USD.

On May 8th Evolution Finance also gained access to 1000 $ETH from below the price floor, and at that time each $ETH was valued at $3493. The net value of the 1000 $ETH we gained access to on that day was $3,493,000 USD.

Token Buy Backs & Burns

All the liquidity that was harnessed by the first tETH sweeps was used to create long term value for the $EVN token economy. This value was created through a series of $EVN token burns, buybacks and more burns!

All 15,594 $EVN tokens that were collected by the first tETH sweep were burnt by May 9th, 2021 and permanently removed from the total supply. The total value of the 15,594 $EVN tokens that were burned is equivalent to $6,627,540 USD based on today’s price. The token burn also brought the total supply of EVN tokens down to 282,979 from its initial 298,573.

The original $EVN token supply was actually 300,000, but 1427 $EVN tokens were permanently burnt before the tETH mechanism was used, and brought the total supply of $EVN down to 298,573. These 1427 $EVN tokens were burnt through a different deflationary mechanism that is attached to the Evolution token economy.

After all the accumulated $EVN tokens were burnt we moved onto utilizing the $ETH that was collected to further add value to the $EVN token economy. The first tETH sweep allowed us to use 1000 $ETH to buy back 6858 $EVN tokens from the market and permanently burn them. Based on the current price of $EVN, the total value of the 6858 $EVN token buybacks and burns is $2,914,650 USD.

All the combined token burns of the first tETH sweep resulted in a net burn of 22,452 $EVN tokens. The total value of all the $EVN tokens burnt during the first tETH sweep is $9,542,190 USD based on today’s price of $EVN. Additionally, the token burns reduced the total supply of $EVN tokens down to just 276,104 from a starting 298,573.

The Beginning of Dynamic Token Economies

As this report indicates, the total value generated by the tETH mechanism is truly extraordinary. This was also just the results of the first price floor sweep done using the tETH mechanism. There were two other subsequent price floor sweeps that followed the first, and each of those were just as remarkable as the first.

Evolution Finance’s token economy has multiple layers and each of these layers is meant to add value to $EVN tokens. Evolution Finance is one of the pioneering DeFi protocols to be using such a dynamic token economy.

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Evolution Finance

A lending and borrowing platform pioneering a deflationary token model that rewards stakers and liquidity providers