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Bitcoin The layer 2 GOAT network will soon allow dogecoin (DOGE) users to stake their tokens to earn fixed returns in BTC.
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DOGE prices have more than doubled in the last 30 days on a transaction linked to Elon Musk.
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Bitcoin DeFi has surged in recent months thanks to various catalysts. Just a month ago, the total value locked (TVL) in the space was approaching $900 million, which has now surpassed $4 billion.
The GOAT layer 2 Bitcoin network will soon allow dogecoin (DOGE) users to stake their tokens to earn fixed returns in BTC, with plans for additional memecoin-based financial applications later for users to earn “rewards even more important” on DOGE holdings.
GOAT Network, whose mainnet has yet to be released, has so far allowed users to lock BTC to earn network rewards in a process colloquially known as staking. The network ecosystem, once built, will allow Bitcoin holders to participate in various decentralized finance (DeFi) activities, such as lending or trading, without relinquishing ownership of their assets.
DOGE prices have more than doubled in the past 30 days due to a trade linked to Elon Musk and the virality of the non-governmental agency Department of Government Efficiency (DOGE).
Besides its “long, colorful and extremely successful history,” the GOAT Network team said they chose dogecoin for its strong “community vibe that now has a U.S. government agency called DOGE named after it” and that the coin is “ready for the next one.” phase of his journey.
“This way, Dogecoin investors can withstand the volatility of crypto without handing over DOGE paper before its time has come and, in doing so, earning digital gold, which is now being adopted by businesses, institutions and nation-states,” the team said in a shared statement with CoinDesk. “Thus, by adding Dogecoin to its rapidly growing ecosystem, GOAT Network is positioning itself as the “home of the people’s coins.”
Bitcoin DeFi has surged in recent months thanks to various catalysts. Just a month ago, the total value locked (TVL) in the space approached $900 million, which has now surpassed $4 billion, according to data from DefiLlama.
GOAT Network uses a system (called a sequencer) in which transactions are sorted and grouped off the main blockchain before being sent there for final processing. To operate a node in this system, an entity must block at least 100 BTC. However, those with smaller farms can still link their assets to a sequencer to help them manage the network and generate returns.