... pros, and the volatilities of the crypto market, there's one thing that impedes the ecosystem to flip the adoption curve.
Here's how
might provide SOLUTION to the problem. 👇
@archwayHQ
A thread!🧵
Posted via D.Buzz
... pros, and the volatilities of the crypto market, there's one thing that impedes the ecosystem to flip the adoption curve.
Here's how
might provide SOLUTION to the problem. 👇
@archwayHQ
A thread!🧵
Posted via D.Buzz
In this thread, we will take a look at the following:
1⃣ The Problem
2⃣ The Solution
3⃣ Archway, the Value Capture Chain
This will be a bit long so let's go!
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But before we proceed, let's take a look at WEB3 in General.
For those who don't know, WEB 3 is a catch-all term used to incorporate Decentralized Networks, Cryptos, and other blockchain-powered applications.
It is considered to be the Level UP of the current Internet
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Now, WHY THIS MATTERS?
Because the Global Web 3.0 Blockchain Market revenue is expected to reach a value of USD 23.3 Billion in the year 2028, according to LXA.
Grand Review Research also forecasted that metaverse will hit $678 Billion market valuation in 2030.
HUGE!!
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It's a grand vision that Web 3.0 advocates is looking forward for the future of the internet and global finance.
Exciting, right?
But one thing stands in the way:
A LACK OF PEOPLE TO MAKE IT HAPPEN.
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1⃣ The Problem
Though this write up is from 2022, this problem still exist even now.
"Blockchain has extreme potential, but if we don’t get more developers building out their dreams, that potential will never be realized," says Chris Swenor, CEO and co-Founder of Reach.
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Here's WHY...
Even with some contraction in 2023 due to slowed investment in the blockchain space, RECRUITEMENT for Web3 professions has continuously rising, especially for coding having large demands with low supply.
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A survey conducted by Versatus Labs highlighted the scarcity of decent blockchain developers..
More so, there are several reasons why developers decided to stop working on Web 3.0 projects.
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This data is supported by the a new report conducted by Electric Capital. The number of monthly active developers in the last year experience a significant drop, with a nearly 25% decrease to 22,411 compared to 2022.
That's quite a problem.
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However, there's still light despite the draw down.
The overall number of losses can be attributed to a record number of new developers in 2022 who joined but left in less than a year.
The most valuable segment of developers (2+ year tenure) continues to steadily grow.
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That being said, I think, the Blockchain Industry could still confidently raise the WAGMI banner
IF
It focuses on retaining and supporting the tenured talents in building Web3 applications
WHILE
Rallying the continuing campaign of onboarding more Devs into the space.
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This leads to our
2⃣ SOLUTION
If the retention of the tenured developers is increased year after year, it will not only sustain the current growth of blockchain protocols and applications, but it will also build more momentum attracting more devs into the space...
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✅ Incentivizing Developers more to provide additional PUSH in creating innovative DApps
If Devs are able to leverage their innovations gaining incentives whenever other DApps or projects uses their codes, they will go through lengths to create solutions in Web3
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✅ Providing Developers Easy Access to Multichain
If Developers can seamlessly bring their codes to different chains, the demand for new developers will at some point slow down a bit due to the existing ones being able to support multiple networks and DApps.
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✅ Tapping the Global Talent Pool
Crypto is Global, so should Developers, too.
The fastest way to tap new developers is to find them from different parts of the world. This will bring diverse perspectives, global expansion, and new energy into the ecosystem.
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Enter 3⃣ Archway, the Value Capture Chain
🎉
protocol reshapes how value is created and distributed across blockchain ecosystems, opening up a completely new kind of developer-centric economy.
Posted via D.Buzz @archwayHQ
Here's how it brings solution to the table
✅ Incentivizing Dapps
Historically, L1s (Layer 1 blockchains) have predominantly absorbed the generated value from DApps (decentralized applications) operating on their platforms, resulting in "fat protocols" and "skinny DApps."
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Archway disrupts this conventional model by directly compensating developers for the value they contribute to the network. This innovative approach ensures that both the network and the DApps constructed atop it mutually prosper.
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With
, developers who will build and launch impactful DApps will receive a proportional share of
📌network fees, (Gas Rebates)
📌inflation, and
📌premiums.
Posted via D.Buzz @archwayHQ
📌 GAS REBATES
Archway protocol innovatively splits gas fees, directing 50% to burn and 50% as rebates to dapp creators. Configurable through governance, this dynamic model enhances developer incentives and boosts network value.
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📌INFLATION
Archway Network's inflation aligns with Cosmos Hub, growing 7-20% yearly based on staked tokens. And they create this 'Devflation' model that allocates 25% to dapps and 75% to validators, at genesis. This distribution values are adjustable via network governance.
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📌PREMIUMS
Archway revolutionizes smart contract platforms by introducing a flexible fee system beyond traditional gas charges. Unlike existing models, Archway allows DApp devs to set custom fees, covering diverse costs like storage, off-chain processing, and more.
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