Believe has announced an update to its fee structure, increasing creator earnings to enhance community participation and platform growth.
Believe's Fee Structure Update
Effective June 1, 2023, Believe is implementing a new fee model that raises the creator earnings share to 70%, up from 50%. Payments will be made entirely in Solana. This change is aimed at incentivizing community-driven token launches and enabling greater participation in the platform's growth. The platform will retain 0.9% of fees, with 0.1% allocated to 'Scouts' who discover and promote tokens.
Impact on Solana Adoption
The revised policy significantly impacts Believe's token issuance activities. Full payment of fees in SOL could increase Solana's liquidity and usage among creators. Enhanced creator incentives make the platform more attractive. By facilitating token launches and meme coin creation, Believe could expand its market presence. Market reactions to the changes remain varied, but there is increased interest in Solana-related activities.
Current Statistics of Solana
Currently, Solana has a trading price of $157.54 and a market cap of $82.30 billion. The 24-hour trading volume has decreased by 12.09%, totaling $2.53 billion. In recent months, Solana has shown a 32.94% increase over 60 days, while experiencing a 9.51% drop in the past week.
Believe's strategy, along with the updated fee structure, may enhance community engagement and could alter market dynamics. It may also lead to increased Solana adoption in the decentralized finance sector.
