StarkWare and Starknet Foundation Launch “Devonomics” Program
Layer-2 network StarkWare and the Starknet Foundation have introduced a pilot program called “Devonomics.” The initiative aims to give developers a stronger voice in shaping the network and will distribute a 10% cut of network fees to developers.
Initial Distribution and Impact on Ethereum Ecosystem
The Devonomics program will start with an initial distribution of transaction fees accumulated from the platform’s launch until November 30, 2023. This amounts to around 1,600 Ether (ETH), valued at approximately $3.58 million. The co-founder of StarkWare, Eli Ben-Sasson, believes that this model could have a broad impact on the Ethereum ecosystem by helping developers weather the cryptocurrency bear market.
Increase in Developer Activity on Starknet
Data from venture firm Electric Capital shows a 14% increase in full-time developers on Starknet in October, while blockchain projects experienced an overall decline of 28%. The revamp of the native Cairo programming language in January 2023 is attributed to this increase in developer numbers within the Starknet ecosystem.
Supporting Established and New Developers
The Devonomics initiative aims to support both established and new developers, contributing to the expansion of the Starknet ecosystem. Currently, StarkWare is the sole operator and fee collector on Starknet, but as the network decentralizes further, this is expected to change.
Starknet’s Growth and Future Plans
Starknet is currently the ninth-largest layer-2 network with a total value locked of $137 million. The network has seen a significant increase in TVL since the beginning of 2023. In November, Starknet outlined plans to improve the decentralization of its rollup solution’s core components.
Hot Take: Devonomics Program Empowers Developers and Supports Ethereum Ecosystem
The introduction of the Devonomics program by StarkWare and the Starknet Foundation is a significant step in empowering developers and supporting the Ethereum ecosystem. By distributing a portion of network fees to developers, the initiative recognizes their contributions and provides them with fair rewards for their work. This model has the potential to positively impact the cryptocurrency industry, particularly during challenging market conditions. With an increase in developer activity on Starknet and plans for further decentralization, StarkWare aims to create a scalable network that surpasses Ethereum’s developer ecosystem. The Devonomics program is an innovative approach that encourages collaboration and growth within the Starknet community.
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