Core launches Rev+ to authomatically reward DeFi developers
Core will automatically reward developers who contribute to activity on its platform, from stablecoins to DeFi projects.
DeFi projects and developers are a core part of any ecosystem, but so far, they have not reaped much of the rewards. For this reason, on Tuesday, June 15, Core Foundation announced the launch of Rev+, a protocol-level revenue-sharing model.
Developers who work on the Core (CORE) ecosystem, an EVM-compatible Bitcoin ( BTC ) staking protocol, will automatically earn a portion of gas fees. Stablecoin issuers, NFT collections, DeFi developers, and DAOs will earn a portion of the fees on all transactions they facilitate.
“Rev+ is designed to reward the very activity that powers our ecosystem,” Hong Sun from Core Foundation said. “More volume means more rewards—for issuers and builders alike. It’s the first time on-chain assets can monetize usage the same way web companies do.”
According to Core Foundation, this move was made to more equally distribute the rewards. Specifically, rewards are meant to go to the protocols that facilitate the transactions. This way, they won’t have to issue their own tokens to monetize their activity.
Stablecoins are a key focus in Core’s Rev+ launch
This especially applies to stablecoins, Core’s institutional lead, Hong Sun, stated. Notably, stablecoins account for over $35 trillion in annual volume across all blockchains. This activity helps generate 30.8% of all DeFi fees, up from just 4.7% earlier in the year.
“Stablecoins now account for over one-third of DeFi revenue,” said Sun. “Yet issuers do not earn revenue from transaction activity. Rev+ will change that by aligning incentives so that the projects powering Web3 actually get paid when their tokens move.”
At the same time, most of the fees that stablecoins enable don’t go to the issuers. With the new rewards system, the protocol hopes to attract more stablecoins into its ecosystem. In turn, this could contribute significantly to on-chain activity, boosting ecosystem growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. inflation remains “persistently high”! Goldman Sachs changes its stance: The Federal Reserve’s rate hike cycle is not over yet, another 25 basis points increase possible in March next year
Higher-than-expected US October CPI data released on Tuesday prompted Goldman Sachs to revise its previous forecast that the Fed’s current rate hike cycle would end in December. The Wall Street financial giant now expects the Fed to raise interest rates by another 25 basis points in March next year.
VeChain Eyes a Bullish Reversal as VET Targets $0.018 After Key Support Test
Fear is the biggest short! Morgan Stanley calls for bottom-fishing in semiconductors: land and electricity shortages are not a problem, approved projects can't meet demand
Morgan Stanley believes that the recent sell-off in the semiconductor sector has been excessive, and that market panic rather than fundamentals is the biggest risk. Driven by demand for AI infrastructure, downstream orders continue to accelerate, with semiconductor supply remaining the core bottleneck. LPS constraints actually make growth more stable. The sector may fluctuate within a range in the short term and is currently near the bottom; prospects for the computing power and storage subsectors are favorable.
Indian Rupee extends rally amid continued FIIs buying, lower oil prices
Crypto prices
More
