We have received a tremendous amount of feedback from the community over the past year, which has been invaluable. We're excited to share our plans to strengthen the core values of the Dev Protocol with a new core development team, Aggre, Taniguchi, hhatto, Stu and Ikeda.

Core Value

The most distinctive feature of the Dev Protocol is the property token, a tokenized OSS issued by creators. Property tokens are sometimes forgotten about, as they mostly work behind the scenes, however they drive the value of the Dev token. Without the property tokens, there would be no projects to stake Dev and support.

Property tokens can prove ownership of a project, build its own economy, and provide incentives to continue the project by sharing it with contributors. With project governance and the perks system available to creators in the future, the economic value of the property token will be increased, and in a few years, it will be a rising force in the real world creator economy.

As you all know, there is a 36 billion dollar market in the OSS and a further 104 billion dollars in the creator economy, but this decentralized creator economy market is just beginning to emerge.

Treasury

The Dev Protocol treasury is a foundation to be used for protocol profitability and ecosystem expansion. With the Treasury Basket, we aim to incentivize growth of the platform while also bringing value to the Dev token.The treasury holds 5% of the Property tokens (total supply of 10 million) and Property token holders receive a pro-rata share of creator rewards, so 5% of creator rewards are stored in the Dev Protocol treasury. The profitability of the treasury is tied to the market value of the Property tokens in addition to the creator rewards described above.

Currently, the value of property tokens is still unrealized, but in the coming months it will be used as a way to bring value to the dev token. The Dev Protocol has tokenized nearly 1,700 OSS, including some of the most prominent projects, and members actively involved in the DEV ecosystem will have power over all projects through the Treasury Basket holdings.

Dev Protocol's token list url: https://stackroom.devprotocol.xyz/token-list/mainnet.tokenList.json

Tokenomics update

This is a plan to upgrade tokenomics so that the Dev Protocol can capture the growth of the creator economy and facilitate a positive feedback loop.

Treasury Basket

The Treasury Basket issues an index token "tDEV" that is a basket of Treasury's Property Tokens. tDEV is a tokenization version of our treasury and a great way to provide access to DAOs and other decentralized organizations. The treasury linearly correlates the value of the creator economy with the financial value of the Dev Protocol and now it correlates to tDev as well. Simpy, tDEV allows the value of the creator economy to be indexed and incorporated into tokenomics.

The first use case for tDEV is to return treasury revenue for providing liquidity in DEV. This creates a correlation between the growth of the creator economy and the value of DEV, and allows the Dev Protocol to obtain a system where Treasury, DEV, and the creator economy provide positive feedback to each other. In addition, tDEV can help enable many use cases that leverage the treasury, such as creator meta-governance and utility aggregation.

Long term APY

New staking mechanisms are also planned to provide temporal shading for DEV staking. The new mechanism, "long-term staking", will be an additional option for staking users, while users will still be able to choose their existing staking method. In long-term staking, staked DEVs are transferred to several reward pools where users can earn large APYs, around 200-300%. However users will be unable to withdraw their principal until the specified length of time is over. This feature rewards those who believe in the Dev token long term. The reward pools formed by long-term staking will now be used as reward pools for traditional staking users, reducing DEV inflation.

Proposal flow

The tDEV and long term APY will be discussed in the forum before being specified as DIPs and submitted to the Dev Protocol Governance. As the Dev Protocol moves to the forefront of the untapped creator economy, we expect the new tokenomics to act as a big sail, bringing momentum and new value to the Dev Protocol.

Dev Protocol is committed to supporting the challenges of all creators and working towards a future where their creativity is maximized, and will unveil the infrastructure necessary for the success of creators.

Main problem

Gas fees have been a challenge for all the projects on the Ethereum ecosystem for a long time, since 2020, volatility and fees have been known as being a big issue. Since then, many people have been trying to come up with solutions, some involve sidechains, others, L2 solutions. Either way, it’s a delicate subject, since we have to choose on each sides of the blockchain trilemma we want to be. Dev Protocol was born and grew in this environment, and now, to solve the gas fees problems we have deployed Dev Protocol on Arbitrum.

Arbitrum will allow Dev Protocol to be used as it was intended, the low gas fees - up to 100x cheaper than mainnet! - and instant transactions will improve the usage of the dApp and make Dev Protocol a much more attractive solution for many creators. We hope that this new environment will spark the growth of our ecosystem, which ultimately will impact all of the Decentralized Creator Economy, spilling over benefits for everyone involved with it.

What is Arbitrum

I don’t want this to be a boring presentation of the details of Arbitrum, so I’ll just take some parts of their documentation and paste them here just to give you an idea. If you’re still curious, please check the video at the end of this section and read their docs.

So, to understand Arbitrum, their own documentation suggests you to understand what is a rollup first, so, let’s begin:

Rollups

`Rollups are a general approach to scaling open contracts, that is, contracts that everyone can see and interact with. In a rollup, transactions are written on Ethereum (as calldata), but the actual computation and storage of the contract are done off-chain. Somebody (a validator) posts on-chain an assertion (also known as a Rollup block) about what the contract will do — a list of actions taken by the contract, such as payments made, and a cryptographic hash of its state after the contract has executed the calls that have already been posted on-chain. We can think of the assertion as “rolling up” all of the calls and their results into a single on-chain transaction.`

Arbitrum rollups

`In short, Arbitrum enables you to interact with and deploy smart contracts at a fraction of the cost of using Ethereum natively, and using all the same tooling you use to interact with Ethereum today without compromising on security or decentralization. No custom tooling is required to use the chain, but anyone can elect to validate the chain.`

Incentives

Since we want to offer the best experience for users and allow Creators to extract the maximum value from their own Creations, monetizing their projects (or even themselves) through our Ecosystem, we want to incentivize the move of Staking to Arbitrum.

To do this, Yield on Layer 2 starts at a significantly higher level, this means that active users and creators that are the first movers will receive a significant bonus compared to L1 stakers/creators. Check the image below to see, the APY is very significant at the moment.

To avoid a sharp increase in APY on mainnet, which defeats the purpose of an incentive to move staking between Networks, like we want to, we will actively use our funds to maintain the APY at the same level as before the deployment, especially if it has a sharp increase . All the rewards received by the team funds will be burned.

This way we want to keep most of the Dev Protocol Ecosystem working in a cheaper and faster environment, remove concentration of Staking in a few projects, and redistribute funds for more Creators.

Creators won’t have their pools available on Arbitrum straight away, so active Ethereum mainnet Creators should launch another pool to receive funding on this other Network. Since incentives are in place, Creators should take advantage of being first movers! Check out this article explaining how to onboard on Arbitrum!

How to Move Funds to Arbitrum

You’ll need some Ethereum on Arbitrum in order to pay for (significantly cheaper) gas fees. Simply go to the Arbitrum Bridge, connect via MetaMask, and bridge some ETH.

In order to send DEV to Layer 2, we will use the DEV Arbitrum Bridge. Start by connecting your wallet. Keep in mind, you will need DEV in your wallet in order to wrap and bridge it to Arbitrum.

You’ll need to wrap your DEV to make an Arbitrum-compliant WDEV. You can do that in the “Wrap” tab.

Once the transaction completes, you will see your WDEV balance reflected in the top right of the app. Now that we have some WDEV, we can use the L2 Bridge tab to send the funds to Arbitrum.

Bridging funds to Arbitrum usually takes about 10 minutes for the funds to appear on Layer 2.

In order for the funds to show up in MetaMask, make sure you import the token 0x91F5dC90979b058eBA3be6B7B7e523df7e84e137, which is DEV on Arbitrum Mainnet.

Keep in mind, withdrawing *any funds* from Arbitrum can take up to 10 days to complete.

Remember, you also have to send Ethereum to Arbitrum to cover for gas fees, to that, follow these steps:

To transfer ETH from Ethereum mainnet (Layer 1) to Arbitrum (Layer 2) :

Go to the Arbitrum bridge, click on ‘I agree’, then connect your wallet.

After connecting, a window showing your current balance on L1 should show up. Check your ETH balance and set the amount you want to transfer to L2.

Click deposit and confirm, all of your funds will be moved to the Arbitrum one chain, change the network on top of your wallet to Arbitrum one and proceed to stake on stakes.social

If you don’t feel comfortable enough after reading this, check out this YouTube video explaining how to do it step by step:

Arbitrum Pool and Partners

To attract investors, Patrons and Creators that already have funds on Arbitrum One, we have created a liquidity pool on Uniswap V3, you can find Dev Protocol through our token contract 0x91F5dC90979b058eBA3be6B7B7e523df7e84e137 .

This liquidity pool will be used to create our first trading pair on Arbitrum, and it’ll also be a bridge that will enable a soft transition into our new partnership that will provide active management of a Uniswap V3 pool, this will allow the Dev Protocol team to concentrate the focus and allocate more time on innovation and integrations. Details on this will come out in the next few weeks, keep an eye on it!

As we mentioned in our last Journey article, the team has been working on L2 as a top priority and it is finally here. For the last several months, the gas fees have been a major hurdle for new users to take part in the Dev ecosystem. We know this update has been highly requested and we are happy to bring it to the community. We see implementation on an L2 as a new age for the Dev Protocol as we get ever closer to making our vision a reality. We hope you are as excited as we are!

What is L2 and Arbitrum?

“L2 (Layer 2) is a collective term for solutions designed to help scale applications by handling transactions off the Ethereum Mainnet (layer 1) while taking advantage of the robust decentralized security model of Mainnet.” (ethereum.org)

Arbitrum is the earliest to launch on the mainnet and one of the most popular Ethereum scaling solutions. Arbitrum enables high-throughput, low-cost smart contracts while maintaining reliable security. It enables us to interact with smart contracts at a fraction of the cost of using Ethereum natively, all while using the same tools you use to interact with Ethereum today.

We have seen the rapid change and growth speed in this L2 ecosystem and we’re quick to start developing on it, releasing Dev Protocol L2 on Arbitrum today.

Why use Dev Protocol L2?

• Reducing fees for users

• Making staking and onboarding easier

• Fast transaction throughput

The most powerful answer as to why, is quite simple, gas fees. L2 reduces gas fees for all users to a fraction of the cost. By reducing the gas fees to a much lower level than mainnet, it will make it much easier for all of us to use the Dev Protocol on a daily basis. This alone will foster new growth for more creators and supporters to join the ecosystem.

Stakes.social L2 has launched

This is a very beginning phase and has a high earning potential. If you want to join early and get more opportunities, please try the "How to migrate to L2" section below.

* Before start using this, please understand that Arbitrum is in public beta and learn about the risks.

How to migrate to L2

This is a quick way to get started. (A detailed guide is published in Docs.)

1. Transfer tokens from Ethereum mainnet (L1) to Arbitrum (L2)

   1. Transfer DEV → Use Dev Layer Bridge

   2. Transfer ETH → Use Artbitrum One Bridge

2. Choose Arbitrum network in your wallet and open Stakes.social

3. Depending on whether you want to stake or onboard a new project

   1. If you are a creator: Please apply for onboarding. If you have already onboarded on stakes.social L1, please wait for the exact step guide from the team.

   2. If you want to stake: simply stake to your favorite creators as you did before for a fraction of the cost.

• DEV contract adress on Arbitrum: 0x91F5dC90979b058eBA3be6B7B7e523df7e84e137 (Arbiscan)

• Direct link of DEV on Uniswap Arbitrum.

In addition, the Dev Protocol L2 comes standard with the sToken, which means that everyone who stakes to creators has a chance to receive NFTs and Perks from creators in the future! Please stay tuned for more information about Perks.

Conclusion

We would like you to try out this wonderful experience on Arbitrum and give us your feedback. This is just the first step in expanding the new creator ecosystem, and there will be a series of exciting updates to the Dev Protocol after the L2 launch.

We hope that this new environment will spark the growth of our ecosystem, which ultimately will impact all of the decentralized creator economy, spilling over benefits for everyone involved. We are continuously working on developing the Dev Protocol to maximize the creativity for all creators and will continue to do so.

Stay tuned and keep an eye out for the next exciting update!