StarkWare's Devonomics Programme Aims to Empower Developers with Network Fee Rewards
Summary:
StarkWare and the Starknet Foundation are launching a pilot program, “Devonomics”, to distribute 10% of the network fees to developers. The initial distribution will cover transaction fees accumulated from the platform's start until Nov. 30, 2023, approximately 1,600 Ether (ETH). Starknet is experiencing an increase in developer activity, attributed to the revamp of its own Cairo programming language. The Decentralized Layer-2 network aspires to host the most number of developers in the Ethereum ecosystem and be more scalable than any other Layer-2 network. Starknet is currently the ninth largest Layer-2 network with a total value locked at $137 million and has grown 2,600% since 2023 started.
StarkWare and the Starknet Foundation are beginning a novel initiative to give 10% of the network fees to its developer community, in a scheme known as “Devonomics”. StarkWare's CEO, Uri Kolodny, announced on Dec. 12 that an estimated 8% of these fees would be rewards for decentralized application creators, with the remaining 2% going to core developers and infrastructure engineers, selected through an open and unbiased voting system. The intention, stated Kolodny, is to empower those who are actively contributing to the network’s development.
The Devonomics venture is ready to start with the first stage of distribution. This will include all the transaction fees gathered from the platform's inception to Nov. 30, 2023, nearing 1,600 Ether (ETH), with a current estimated value of $3.58 million. StarkWare's co-founder, Eli Ben-Sasson, suggests that the plan might go through many revisions but could revolutionize the Ethereum ecosystem. The initiative also aims to support developers during uncertain financial times in the cryptocurrency world.
According to Ben-Sasson, the cryptocurrency ecosystem in general is experiencing a significant amount of skill departure, as skilled developers are leaving the sector due to the bearish cryptocurrency market conditions, which are negatively affecting them financially.
Initially, distributions will be made in ETH, before transitioning to Starknet's native governance token, STRK. Previous reports from Cointelegraph on Dec. 1, cautioned users about potential scams associated with the as-yet unreleased STRK token.
In the midst of these developments, Starknet is seeing an increase in the number of developers working on the platform. Electric Capital, a venture capital company, reported a 14% rise in full-time developers on Starknet in October, at a time when blockchain projects in general were experiencing a 28% fall. This uptake in Starknet developers is attributed by Ben-Sasson to the overhaul of the Cairo programming language, native to Starknet, which took place in Jan. 2023.
Ben-Sasson hails the language as a groundbreaking solution for creating smart contracts, stating its increasing popularity even outside the Starknet ecosystem. It currently doesn't reflect in statistics but the revamped Cairo language has made impressive strides in terms of its ease of use during 2023, he added.
StarkWare is set to extend its support to both established and new developers to foster the growth of the Starknet ecosystem. At present, StarkWare is the only operator and beneficiary of fees on Starknet. However, this may change as decentralisation advances. Ben-Sasson boasts that Starknet aims to host the highest number of developers in the Ethereum ecosystem. The scalability and computational capability of Starknet eclipse those of any other Layer-2 network, he said.
In November, Starknet shared its roadmap to amplify the decentralisation of its rollup solution’s core components. Starknet currently ranks ninth among Layer-2 networks, with a total value locked at $137 million, reports from industry analytic platforms suggest. In addition, Starknet has seen a 2,600% surge in total value locked since the beginning of 2023.
Published At
12/12/2023 6:00:00 PM
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