- 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 5,000 BTC already pledged by several external sequencer node operators, including major names like Hashkey, Amber Group, and RockX.
Through the establishment of its mainnet, the GOAT Network will be a construct for a DeFi cosmos where a premiere decentralized exchange (DEX), derivatives, and a zero-gas platform are the main stables. These dApps will empower users to exchange Bitcoin-native assets like BRC-20 tokens, borrow and lend assets, and take part in a vibrant DeFi ecosystem.
GOAT Network Fuels Dogecoin Growth
Dogecoin has seen a tremendous increase in value recently, soaring over 100% due to an Elon Musk transaction and the initiation of the Department of Government Efficiency (D.O.G.E.), a non-governmental organization. Beyond the community, GOAT Network preferred DOGE due to its dynamic followers and connection with D.O.G.E.
GOAT Network believes that Dogecoin offers a unique “community vibe, ” making it an ideal candidate for staking. This strategy aims to help Dogecoin investors ride out the volatility of the crypto market without having to sell their assets prematurely. Instead, they will earn rewards in Bitcoin, which has grown in institutional and national adoption.
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