Bitcoin L2 Network GOAT to Allow Users Stake DOGE to Fetch Yields

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