Dev Protocol was launched in 2018 with the mission to bring funding sustainability to all creators. Since Dev’s token launch in 2020, the Ethereum network has been undergoing major changes faster than we could ever imagine! This means that many of the problems we had while creating the token, have new solutions and brings us to reevaluate some of the choices we made in the past.
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.
