DEV token is a crypto asset designed to support the next generation of creators, such as Open source developers.
Dev Protocol was created with the use of blockchain technology as a system to realize continuous support for all creators. DEV token is a crypto asset issued by Dev Protocol. Staking is like depositing your money to banks. As you may know, you’ll get interest for your deposited money. For DEV, if you deposit DEV token (money) to OSS (banks), you’ll get interest. The interest will be shared with developers, which means, interest for developers (reward) will be a donation for developers.
A system for continuous support
Staked DEV token is in the condition of being deposited. It doesn’t neither decrease or diminish because it’s deposited. You can also withdraw it whenever you want to. While DEV token is deposited, both supporters and developers get interest. In other words, you’ll get more benefit from depositing it rather than owning it. Once you withdraw your DEV token, the increase of interest stops. Therefore, for supporters, they get more profit by depositing instead of withdrawing. In addition, the interest will be added for developers, which result in a donation for them. Dev Protocol realizes continuous support for developers with this system.
A system that rewards developers
The mechanism for earning interest on supporter and developer tokens is realized by dividing the interest earned from the supporter’s staking between the developer and the supporter. In other words, if both the supporter and the developer have an annual rate of 30%, the supporter’s staking will generate 60% interest, which will be divided between the developer, and the supporter equally (which in this case equates to a rate of 30% each).
Interest for supporters will be given at the interest rate of approximately 30% per year (as of June 12th, 2021)†1. Reward for creators is donated at the interest rate of about 30% per year (as of June 12th, 2021)†2.
You can see how high DEV’s interest rate is compared with that of banks.
How to stake
When you start to stake, you need to find projects that you want to support at Stakes.social. Find projects that you want to support from Project List Page.
To find your favorite projects, you can just search with key words of OSS names, or check the profiles of OSS at OSS introduction page (In this page, you can also find a link to Github, and it might be a great idea if you read README file there.)
When you find a project that you want to support, press “Stake” button, and then a screen of staking is displayed. You can find an application form to input the amount of staking in the modal, so please input the number of DEV for staking. After you’ve completed to input and double-checked the amount, please click “Stake” button. If you press “Stake” button, your wallet will be activated to check the status of transaction and gas fee to process transaction.
At the platform on Ethereum, you’ll need a commission for transaction (gas fee) to complete it. Since Dev Protocol is designed on the platform of Ethereum, you’ll need a commission. Please prepare the fee for it beforehand.
After the transaction is done and your staking is completed, you can see a message, “success staking!”.
This message means that your DEV is deposited to the OSS project that you want to support. Deposited DEV receive interest at the interest rate of around 30% per year (as of June 12th, 2021)†1, and Developers receive DEV token at the interest rate of approximately 30% (as of June 12th, 2021)†2.
The longer you continue staking, the longer developers with your support can devote themselves to their development much more than before, which results in your profit as one of their supporters and in continuous support for developers. We’d highly recommend you to stake as long time as possible for their continuous development.
†1 Since the interest for supporters always fluctuate, please check STAKER APY at the following website if you want to know the current rate per year. https://stakes.social/stats
†2 Since the interest for creators always fluctuate, please check CREATOR APY at the following website if you want to know the current rate per year. https://stakes.social/stats