Bitcoin Layer-2 GOAT Network Will Let Users Stake Dogecoin to Earn Crypto

GOAT Community, a Bitcoin layer-2 scaling venture, introduced on Wednesday that customers will quickly be capable to stake Dogecoin (DOGE) to assist the safety of its upcoming community, providing crypto rewards in return.

Customers will be capable to accrue rewards within the type of Bitcoin, which is used to pay transaction charges on GOAT Community, in addition to GOAT Community’s deliberate token, the venture’s Core Contributor and Metis co-founder Kevin Liu advised Decrypt in an interview.

“To safe the community, we want some tokens to be staked,” Liu stated. “Bitcoin is a pure choice, however our mannequin helps a number of property.”

The venture goals to deal with Bitcoin’s scalability and yield challenges however faces questions on its technical feasibility and guarantees of sustainable returns.

GOAT Community’s resolution to carry Dogecoin into the fold was a part of a months-long course of motivated by its overarching mission for crypto’s preeminent asset: providing a sustainable yield on Bitcoin by leveraging it to supply community safety, Liu stated.

Liu claimed GOAT Community will let customers start locking up their Dogecoin in early December throughout a so-called pre-mining section.

A spokesperson for GOAT Community later clarified to Decrypt that the venture will start accepting property from would-be delegators on Dec. 2 by way of Bitcoin and Binance’s BNB Chain. This may include a “Mining Rewards Charge of 30%,” the spokesperson added.

Whereas there are numerous tasks experimenting with decentralized finance (DeFi) options within the Bitcoin house, GOAT Community claims that its so-called decentralized sequencer mannequin is exclusive.

In brief, the venture claims that its course of for organizing, batching, and executing transactions on the GOAT Community isn’t topic to a centralized entity’s management.

“As an alternative of the chain’s governing basis hoarding all operational management and income, this mannequin permits for management sharing amongst a number of people and entities,” in keeping with a press release.

As proof-of-work networks, Bitcoin and Dogecoin don’t use their respective property to safe the community and validate transactions. As an alternative, every community depends on power-hungry machines continuously crunching advanced calculations to maintain them buzzing alongside.

Liu stated that together with Dogecoin as an asset that may be delegated to the yet-to-be-launched community was motivated by Dogecoin’s decentralized nature and $59 billion valuation.

On the similar time, Liu acknowledged that tech CEO Elon Musk has been driving a resurgence in Dogecoin’s reputation by way of social media and a proposed government agency.

When GOAT Community was unveiled this spring, the venture claimed that it had 5,000 Bitcoin in commitments from establishments that will function GOAT Community nodes in a press release. The discharge additionally claimed that GOAT Community will launch with a “main” decentralized trade, amongst different decentralized purposes in lending and staking.

Previous to GOAT Community, Liu co-founded the Ethereum layer-2 scaling resolution Metis. In accordance with DefiLlama, Metis has round $60 million value of property locked in good contracts.

Regardless that it is going to take time to see how GOAT Community’s debut this 12 months performs out, the venture is raring to faucet Dogecoin holders as a supply of tokens for securing its community. On the similar time, it’s promising again income and tokens which have but to be earned.

Edited by Sebastian Sinclair