Ethereum scaling, lower gas fees, and lowering the barrier to entry in the ecosystem

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!