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Ontology Upgrades dApp Incentive Plan

Ontology Gas | 08.14| 47

Renaissance 2.0 will boost the development of Ontology’s DeFi ecosystem

Decentralized finance, better known as “DeFi”, has become a buzzword in the cryptocurrency industry in recent weeks. According to Defi Pulse, the total value locked in the DeFi sector hit an all-time high of $5.21 billion as of August 14, 2020.

Many developers have already been exchanging ideas and developing DeFi dApps in Ontology’s ecosystem. In the coming months, a range of new decentralized finance applications will be launched, as DeFi capabilities expand to reach more mainstream audiences.

In order to encourage pioneering DeFi developers to build on the Ontology blockchain, we’ve updated our Ontology dApp Incentive Plan to the new “Renaissance 2.0”, with the aim of boosting the DeFi ecosystem on the Ontology network. The Ontology Foundation will give the plan a 3-month trial period — from August 15th, 2020 to October 15th, 2020.

A summary of the DeFi-exclusive Renaissance 2.0 plan is as follows:

1. Active DeFi transaction fee rebate. 100% of all transaction fees (ONG) generated by dApps listed in the Top 10 Ontology dApps on DappRadar on Dappreview will be returned to developers.

2. Developers can get DOUBLE the transaction fees returned if they integrate and use ONT ID in their dApp.

3. High performing developers will be provided with technical, marketing, and operations support from the Ontology team.

Following evaluation processes, accepted applications will receive coaching from experts to help chosen dApps with marketing and development.

Example

John and his team developed a DeFi dApp on the Ontology blockchain that utilizes ONT ID. They submitted their dApp to DappRadar and it became very popular, rising into the Top 10 Ontology dApps list.

With the new Renaissance 2.0 plan, John and his team will receive

  • 200% of all transaction fees (ONG) generated by the dApp. That is,
1) 100% of all transaction fees (ONG) generated by the dApp for being a DeFi dApp.
2) Another 100% of all transaction fees as a reward for integrating and using ONT ID in the dApp
  • Technical support and guidance on protocols, SDK, coding support, and auditing of smart contracts.
  • Marketing support on all Ontology’s social media platforms and 29 communities, as well as event planning (such as an AMA in Ontology’s community telegram groups), graphic designs, news releases and proofreading, real-time community maintenance, and feedback.

Don’t miss out! The earlier you apply, the earlier you can start to earn rewards. The application review normally takes around 1 to 2 business days.

How to apply?

Develop a DeFi dApp on the Ontology blockchain first and then submit your dApp to either DappRadar or DappReview. The Ontology team will check the dApp ranking and announce the rewards distribution status on Twitter on the last week of each month.

Are you a developer? Make sure you have joined our tech community on Discord. Also, take a look at the Developer Center on our official website. There, you can find developer tools, documentation, and more.

Find Ontology elsewhere

Ontology website / ONTO website / OWallet (GitHub)

Twitter / Reddit / Facebook / LinkedIn / YouTube / NaverBlog / Forklog

Telegram Announcement / Telegram English / GitHubDiscord


Ontology Upgrades dApp Incentive Plan was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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