Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Layer-2
GOAT Network Will Let
Users Stake
Dogecoin to Earn Crypto
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Layer-2 GOAT Network Will Let Users Stake Dogecoin to Earn Crypto
GOAT Network said that Dogecoin holders can lock up their meme coins to help
secure the yet-to-be-launched Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin layer-2.
By André Beganski
Nov 27, 2024 Nov 27, 2024
3 min read
Dogecoin is the leading meme coin on the market. Image: Shutterstock
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GOAT Network, a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin layer-2 scaling project, announced on Wednesday that
users will soon be able to stake Dogecoin (DOGE) to support the security of
its upcoming network, offering crypto rewards in return.
Users will be able to accrue rewards in the form of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, which is used to
pay transaction fees on GOAT Network, as well as GOAT Network’s planned token,
the project's Core Contributor and Metis co-founder Kevin Liu told
Decrypt in an interview.
“To secure the network, we need some tokens to be staked,” Liu said. “Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
is a natural selection, but our model supports multiple assets.”
The project aims to address Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s scalability and yield challenges but
faces questions about its technical feasibility and promises of sustainable
returns.
GOAT Network’s decision to bring Dogecoin into the fold was part of a
months-long process motivated by its overarching mission for crypto’s
preeminent asset: offering a sustainable yield on Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin by leveraging it to
provide network security, Liu said.
Liu claimed GOAT Network will let users begin locking up their Dogecoin in
early December during a so-called pre-mining phase.
A spokesperson for GOAT Network later clarified to Decrypt that the project
will begin accepting assets from would-be delegators on Dec. 2 through Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
and Binance’s BNB Chain. This will come with a “Mining Rewards Rate of 30%,”
the spokesperson added.
While there are countless projects experimenting with decentralized finance
(DeFi) solutions in the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin space, GOAT Network claims that its so-called
decentralized sequencer model is unique.
In short, the project claims that its process for organizing, batching, and
executing transactions on the GOAT Network isn’t subject to a centralized
entity’s control.
“Instead of the chain’s governing foundation hoarding all operational control
and revenue, this model allows for control sharing among several individuals
and entities,” according to a statement.
As proof-of-work networks, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Dogecoin don’t use their respective
assets to secure the network and validate transactions. Instead, each network
relies on power-hungry machines constantly crunching complex calculations to
keep them humming along.
Liu said that including Dogecoin as an asset that can be delegated to the
yet-to-be-launched network was motivated by Dogecoin’s decentralized nature
and $59 billion valuation.
At the same time, Liu acknowledged that tech CEO Elon Musk has been driving a
resurgence in Dogecoin’s popularity through social media and a proposed
government agency .
When GOAT Network was unveiled this spring, the project claimed that it had
5,000 Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin in commitments from institutions that would operate GOAT Network
nodes in a press release . The release also claimed that GOAT Network will
launch with a “leading” decentralized exchange, among other decentralized
applications in lending and staking.
Prior to GOAT Network, Liu co-founded the Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum layer-2 scaling solution
Metis. According to DefiLlama , Metis has around $60 million worth of assets
locked in smart contracts.
Even though it will take time to see how GOAT Network’s debut this year plays
out, the project is eager to tap Dogecoin holders as a source of tokens for
securing its network. At the same time, it’s promising back revenue and tokens
that have yet to be earned.
Edited by Sebastian Sinclair
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