Bitcoin layer-2 [L2] network GOAT is all set to allow Dogecoin [DOGE] users to stake their tokens to fetch fixed yields in BTC.
Background
- GOAT Network’s mainnet is yet to be released
- Until now, users have been able to lock up BTC to earn staking rewards
- Once built, the network’s ecosystem will let BTC holders take part in DeFi activities including lending or trading
- They can do so without giving up ownership of their assets
Why should you pay attention?
- The team also plans to roll out additional memecoin-based financial applications going forward
- They will help users to earn “even greater rewards” on DOGE holdings
- Chalking out why Dogecoin was chosen, the team said that its “long, colorful, and wildly successful history” was an appealing factor
- Alongside, its “community vibe that has now a US government agency called DOGE named after it,” and the asset being “ready for the next phase of its journey” were other contributing factors
Who said what?
- Outlining the essence of the DOGE staking, team members said,
“This way, Dogecoin investors can weather the volatility of crypto without paper-handing DOGE before its time has come and, in the process, earn digital gold, which is now being adopted by corporations, institutions, and nation-states”
- They added,
“So, by adding Dogecoin to its rapidly-growing ecosystem, GOAT Network is positioning itself as: The Home of The People’s Coins” - The project's core contribuor Kevin Liu clarified,
"To secure the network, we need some tokens to be staked. Bitcoin is a natural selection, but our model supports multiple assets"
Zooming out
- Users will be able to lock up their DOGE in early December during the ‘pre-mining’ phase
- The project will start accepting assets from would-be delegators on December 2, 2024 via Bitcoin and Binance’s BNB Chain
- This will come with a mining rewards rate of 30%
- The price of DOGE has shot up over the past few weeks
- The traction of the Department of Government Efficiency (DOGE) has played a pivotal role in bumping the meme’s traction
