We often heard about ERC in the Ethereum standard but we never associated it with the term Ethereum Request For Comment or in short ERC which is referred to as a standard for Ethereum. Many standards like ERC20, ERC404 and ERC7621 are one of them. Plenty of well-known digital currencies use the ERC20 standard including Maker, Basic Attention Token, Augur and OMG Network.
Today I'm talking about its new standard ERC7621 is surprisingly going to be used by many other projects to offer their native token and ALVARA Protocol is launched under the ERC20 standard though working with the same. Alvara’s protocol is heavily structured around bringing utility to the new ERC-7621 token
standard, created by Alvara’s developers. The ERC-7621 is a new token standard that facilitates the implementation of investment
funds on the blockchain, also known as a BTS (Basket Token Standard). A BTS can hold any
number of underlying assets within it, providing they are tokenized and available on a
supported EVM blockchain or via an integration with Wormhole or similar ERC-7621 will become the go-to standard for on-chain fund management. In the beginning, it'll launch with ERC20 standard, the token will also be deployed on other chains BNB, Fantom, and Avalanche C-chain. In addition to Ethereum, the protocol will run on several major EVM-compatible
chains.
ALVA has a maximum total supply of 200 million tokens, within the specific parameters set in the smart contract the tokens can be both minted and burned. The minting features will maintain the requirement of the tokens in the market while burning features will assist in raising its value. The token has 3 significant use cases in the platform. First, users can access voting power by staking their ALVA to obtain veALVA. This veALVA can be used within the Alvara DAO to vote on proposals. Second, users can stake their ALVA and get a decent reward. The last and third one is every BTS minted on Alvara will contain ALVA token at a minimum weighting of 5% and later this ALVA will be purchased from the open market. This feature will put upward pressure on ALVA's market price each time a new BTS is launched as well as additional BTS LPs created by platform users on the other hand it'll reduce a percentage of ALVA token's supply from the circulating market.
https://coinmarketcap.com/currencies/alvara-protocol/