Dogecoin Holders to Earn Yields on Bitcoin Layer-2 Network
The post Dogecoin Holders to Earn Yields on Bitcoin Layer-2 Network appeared on BitcoinEthereumNews.com.
GOAT Network announced users can stake Dogecoin (DOGE) to secure its upcoming network, extending beyond the staking of Bitcoin. The network aims to offer a scalable yield to Bitcoin users, with over 5,000 BTC pledged by major external sequencer node operators. GOAT Network, a Bitcoin (BTC) Layer-2 scaling project, announced on Wednesday that users will soon be able to stake Dogecoin (DOGE) to secure its upcoming network, while users will earn crypto rewards. This strategic move extends the network’s offerings, which previously only allowed the staking of Bitcoin. Currently, the network allows users to lock up BTC to earn rewards, a process known as staking. The forthcoming mainnet will enable Bitcoin holders to engage in various decentralized finance (DeFi) activities, such as lending or trading, without relinquishing ownership of their assets. The platform is still in development, with its full ecosystem on the horizon. A Sustainable Yield Model for Bitcoin Holders The network’s main concern is BTC holders and sustainable yield opportunities. GOAT Network is the first to offer a decentralized sequencer model, which is different from the centralized methods found in traditional system designs. Every sequencer node operator is instrumental in the security of the network. Their reward will be the network’s fees plus block production and transaction ordering. GOAT Network aims to bring scalable yield to Bitcoin users by offering rewards in the form of BTC for securing its decentralized Layer 2 network. This model differs significantly from other Bitcoin Layer 2 solutions, as users will receive real BTC rewards in exchange for their contributions. GOAT’s design promises sustainability through its gas token model, where wrapped BTC fuels network transactions. As the Bitcoin DeFi landscape grows, GOAT Network’s unique model capitalizes on the increasing demand for scalable, secure yield-generating platforms. The network is quickly gaining traction, with over…
Filed under: News - @ November 29, 2024 7:20 am