We wanted to reach out to our community members and give some updates on some of the great things happening behind the scenes here at the Dev Protocol. We know everyone has been very patient as we continue to build and disrupt the way funding takes place. Our team is hard at work and the updates here are just a part of what we are working towards. We hope that these updates will hold you over in the meantime and feel free to join our community at the various social media platforms below.
Since the inception of Dev Protocol, maximizing the creativity of all kinds of Creators has been our goal. For the past few months we have been preparing the terrain and building all the infrastructure to expand Dev Protocol to all Creators. We felt our old website did not properly express the vision we were looking to achieve, so we have put effort into an overhaul.
Our new website will highlight the potential for change the decentralized creator economy can bring.There are three new partnerships as well, the logos of which will be on the site.We will create a post dedicated to partnerships in the near future so this is just a little teaser.
With the coming launch of our new music market, Mu-zomia, we will finally be able to offer funding capabilities to various members of the music community everywhere. For too long companies like youtube and spotify have paid artists near nothing and we hope this step is one in the right direction towards self sustainability. Musicians with a large, or simply just a small and dedicated community, can now receive direct support from their most adamant fans. Mu-zomia is just our most recent addition, but look forward to more markets launching in the near future.
If you have supported our project for a while, it is no surprise that our biggest hurdle to adoption has been gas fees while staking and supporting. We have been well aware of this problem and actively been exploring options over the last few months. In the last few weeks we have narrowed down our choices and decided to devote ourselves to being fully operable on top of Arbitrum! We are extremely excited to roll out this change and we expect that it will make supporting your favorite creators through staking to become much more efficient. We will go into much more detail in a blog post before the update goes live so stay tuned.
The way that DEV Tokens are staked has changed a bit in the past few days but this small change may be enough to expand the Dev Ecosystem in ways would not be possible without the introduction of the sTokens.
sTokens — DIP 66 — are NFTs (ERC-721) that tokenize a staking position on the Dev Protocol ecosystem. You can think of it as the first ‘Proof of Continuous Patronage’, at the time individuals stake DEV Tokens to fund their favorite project they get back an sToken NFT as a ‘receipt’.
This NFT contains all the metadata related to the DEV token Staking. The main benefits of using sTokens are:
- They are tradable, you can trade all of your staking position at once, transferring your position to another wallet, without the need to unstake;
2. You can divide your staking position into multiple NFTs;
3. Creators can offer Perks to sToken holders;
4. The metadata on the NFT can be used by Creators or other platforms to rank stakers by their impact on funding;
5. Create some sort of a ‘decentralized Patreon’ where continuous patronage will be the base for providing perks;
6. Deeper integration with other crypto projects.
One of the most important and looked forward to updates we have coming is the perk system. This system will make it possible for users who stake on projects to earn various rewards. These rewards will be provided by the project owners and can include anything from weekly updates, to exclusive NFTs. We will implement tiers as well which will allow members who support more, to gain additional perks. We’re hoping this will help build communities around different projects and is definitely a highly requested feature.
We acknowledge that many have been a bit frustrated with the lack of response and updates over the last few months, but rest assured we have been working hard to deliver on new features. Our team has been building many of our systems in conjunction with each other so we will see many big updates coming around the same time, versus one every couple of months. We also realize that many people want to know about issues like what we are doing to raise the demand of the Dev token. We have been planning and taking this very seriously and listening to everyone from the community. We hope that this update will help soothe some worries and hopefully excite many of you for the new features coming to Dev Protocol. We have another smaller update blog coming in a bit surrounding some opportunities for those who wish to help build upon our network and become part of the community.
Special contributions to this article were provided by Andrew. 💌
Dev Protocol is the core of the Decentralized Creator Economy that supports sustainable revenue opportunity and global expansion by using crypto assets. Start your own economy easily with a powerful blockchain solution designed to help grow your creator business.