Gibraltar, United Kingdom, December 10th, 2024, Chainwire
New Collective Rewards feature incentivizes Bitcoin builders and enables members to earn rewards in Bitcoin by backing the projects they believe in.
RootstockCollective, first of its kind DAO on the Rootstock blockchain, launches its Collective Rewards update allowing all members of the RootstockCollective to earn token rewards, in the form of BTC and RIF, for participating in the DAO. Since its launch in September, RootstockCollective has brought the Bitcoin community together to support the funding of several DeFi projects like Woodswap, OpenOcean and Boltz. Up to today, it has over 700 members with $800k staked.
With the Collective Rewards program, both builders and stakers within the DAO can be awarded with BTC and RIF. If a builder qualifies for the builders’ rewards, which is secured following enough votes within the DAO, they can allocate awards to their backers—RIF holders who use their stRIF tokens to vote. Builders can choose to reward backers for their engagement, incentivising further collaboration between both sides and fostering the creation of exceptional products and strategies, driving community growth.
RootstockCollective’s innovative Tokenomics model is designed to capture value for builders while driving network growth. It creates a dynamic, incentive-driven environment that empowers builders and engages the entire community. This collaborative effort between builders and stakers supports the Rootstock ecosystem. Builders’ innovative contributions are rewarded with a share of DAO revenues, motivating high-quality product creation and strategic voting participation.
Sascha Goetz, Founder & Director of the RootstockCollective Foundation, commented on the new update “With Collective Rewards now available to all members of RootstockCollective, both builders and backers can now start earning token rewards paid in Bitcoin and RIF for driving innovation within the Rootstock ecosystem. This is part of our efforts to supercharge efforts to scale Bitcoin using Rootstock, the leading and longest-running Bitcoin L2. This launch marks a significant milestone for RootstockCollective and we anticipate that it will draw more users to stake RIF.”
According to the team, RootstockCollective was formed to address a critical challenge faced by Bitcoin builders; value capture. Historically only Bitcoin miners and holders benefited from the network’s growth but this changed with the introduction of the RootstockCollective. RootstockCollective is directly aligning with the Bitcoin ecosystem through Rootstock, the first and longest-lasting Bitcoin sidechain. It uses a new ERC20 token wrapped around RIF for governance, ensuring that value is captured not just by miners and holders, but by builders and contributors to the Rootstock ecosystem.
RootstockCollective is committed to creating a self-sustaining system, where everyone can benefit from fair reward distribution for the value they bring to the prosperity of the ecosystem. Utilising the $1.5 million within its treasury, the RootstockCollective can supercharge innovation in the Bitcoin L2 space by incentivising developers building on Rootstock and rewarding members of RootstockCollective who choose to support their efforts.
Alongside the update, a RootstockCollective Rewards whitepaper has launched. The report goes into further detail regarding what both builders and backers can expect to potentially earn, including an explanation of the rewards cycle and distribution methods for the rewards. The whitepaper also goes into detail on the sustainability of the program, with the aim of answering any questions that members of DAO may have. A link to the whitepaper can be found here.
To sign up to the DAO and participate in its growth as a backer or builder, users can follow the link here.
About RootstockCollective
RootstockCollective is a first of its kind DAO built on Rootstock, the longest running and leading Bitcoin L2. The DAO launched on September 19th 2024 and staked over $550,000 within its first 24 hours. The collective now has over 100 active participants and has staked $800k since its launch. The DAO has ambitious plans to release a number of initiatives designed to empower and reward Rootstock users and Bitcoin builders. RootstockCollective uses the RIF token for governance and has secured $10 million in funding for its foundations treasury. The launch of RootstockCollective marked the first important step of many in providing the Rootstock community with the power to impact the future of the blockchain and featured the first-ever Grants program in a Bitcoin DAO.
About Rootstock
Rootstock is the longest-running and one of leading Bitcoin Layer 2 Blockchain. It combines the programmability of Ethereum with the store of value and decentralization of Bitcoin. Rootstock is secured by over 60% of the hash power of Bitcoin through a consensus mechanism known as Merge Mining. Rootstock uses the Solidity programming language and is fully EVM-compatible. This means anything you can build on any other EVM chain can also be deployed on Bitcoin using Rootstock without any additional tools.
Website | X | Developer Portal | Discord | Youtube | Blog
Contact
Founder & Director
Sascha Goetz
RootstockCollective Foundation
[email protected]
