Core Foundation Launches Rev+ Protocol to Share 30.8% of DeFi Fees with Developers

Core Foundation has introduced Rev+, a protocol-level revenue-sharing model designed to automatically reward developers who contribute to activity on its platform. This initiative aims to address the longstanding issue of developers and DeFi projects not receiving adequate rewards for their contributions to the ecosystem. Rev+ is set to distribute a portion of gas fees to developers working within the Core (CORE) ecosystem, an EVM-compatible Bitcoin (BTC) staking protocol. This includes stablecoin issuers, NFT collections, DeFi developers, and decentralized autonomous organizations (DAOs), who will earn a portion of the fees on all transactions they facilitate.

Hong Sun, from the Core Foundation, emphasized that Rev+ is designed to reward the very activity that powers the ecosystem. The more volume there is, the more rewards there will be for issuers and builders alike. This model represents a first in the on-chain asset space, allowing these assets to monetize usage in a manner similar to web companies.

The move to implement Rev+ is part of a broader effort to more equally distribute rewards within the ecosystem. Specifically, the rewards are intended to go to the protocols that facilitate the transactions, eliminating the need for these protocols to issue their own tokens to monetize their activity. This approach is expected to attract more stablecoins into the Core ecosystem, thereby contributing significantly to on-chain activity and boosting overall ecosystem growth.

Stablecoins are a key focus of Core’s Rev+ launch. According to the Core Foundation, stablecoins account for over $35 trillion in annual volume across all blockchains and help generate 30.8% of all DeFi fees, up from just 4.7% earlier in the year. Sun noted that stablecoins now account for over one-third of DeFi revenue, yet issuers do not earn revenue from transaction activity. Rev+ aims to change this by aligning incentives so that the projects powering Web3 actually get paid when their tokens move.

With the new rewards system, the protocol hopes to attract more stablecoins into its ecosystem. This could significantly boost on-chain activity, contributing to the growth of the ecosystem. The introduction of Rev+ marks a significant step forward in the decentralized finance space, providing a more equitable distribution of rewards and incentivizing developers to continue contributing to the ecosystem.