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.
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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.
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