StarkWare to Pay 10% of Network Fees to Developers in Pilot Program

2023-12-12 15:06:54

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: Adobe StockEthereum developer StarkWare said it will pay 10% of its network fees to builders as part of a new pilot program dubbed the “Devonomics Pilot Program” incentivising the team to make the network “bigger and bolder.”

The first distribution paid to developers amounts to 1,600 ETH at $3.5 million. After several initial rounds of payments eventually this distribution will be paid in the firm’s native token — StarkNet Tokens STRK.

“It’s all about giving the hands-on builders a strong voice in shaping the network,” said StarkWare CEO Uri Kolodny, in a press release, adding “the program is about values, not just value.”

Why Incentivizing Developers is Important

By allocating a portion of the fees back to dApp builders which is provisionally set at 8%, Kolodny said he is hoping the team will “do more to make the network even bigger and bolder.”

The new pilot program is in collaboration between StarkWare and the Starknet Foundation and aims to benefit both dApp builders and core devs.

StarkWare an Israeli company said the allocations will be automated and calculated by an algorithm, based on the level of fees that each dApp generates.

In May, StarkWare said its valuation had doubled after the firm raised $100 million in a Series D funding round at an $8 billion valuation, up from the $2 billion valuation in November.

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