As a researcher with a background in blockchain technology and decentralized finance, I’m excited about ZKM’s announcement of GOAT Network, a Bitcoin layer-2 network set to launch in Q3, 2024. The unique approach taken by this project, where decentralized ownership allows for sequencer nodes to earn yield while securing the network, is a game-changer in the world of L2 solutions on Bitcoin.
ZKM, a protocol that seeks to extend Bitcoin via its zkVM protocol, has announced the launch of a Bitcoin layer-2 network called GOAT Network.
As a crypto investor, I’m excited to share that ZKM made an announcement on crypto.news this week. According to their statement, GOAT Network is set to launch in Q3, 2024, marking the debut of the first universal Layer 2 (L2) solution in the market. What sets GOAT Network apart is that it will be the initial L2 built on Bitcoin, with network ownership being shared decentrally among its users.
The latest L2 solution is being driven by ZKM’s Entangled Rollup technology. This innovation brings the robust security of the Bitcoin network directly to users.
“GOAT Network’s introduction of a Bitcoin Layer 2 solution marks a significant initiation in ZKM’s mission to bring together the fractured Web3 community,” expressed Kevin Liu, a key member of GOAT Network’s team, in the official statement.
GOAT Network’s unique approach
As a Bitcoin L2 (Layer 2) analyst, I’ve noticed that unlike other projects in this space, GOAT Network takes a unique approach to its operations and revenue generation. Instead of having a central Foundation controlling these aspects, GOAT Network employs a decentralized sequencer model.
The ZKM team welcomes applications from various sectors, including Bitcoin miners, BTC holders, Web3 entities, and Traditional Finance (TradFi) institutions, to manage sequencer nodes. This setup is described as a collaborative ecosystem led by participants and investors.
GOAT Network to launch with 5 institutional nodes
As a researcher studying the GOAT Network, I’ve discovered that five institutional node operators have committed to contributing 5,000 bitcoins towards strengthening the network’s security. The GOAT Network team recently announced this development. At launch, there will be seven node operators in total, and the team plans to add more to enhance network liquidity.
At the onset of the mainnet’s official debut, multiple decentralized applications (dApps) are anticipated to become operational. Among these will be a decentralized exchange (DEX), a perpetual swaps protocol, a borrowing and lending dApp, and a zero-gas platform designed for facilitating BRC-20 token transactions as part of the offerings.
Eyeing a series A funding round
GOAT has introduced a new incentive scheme for Bitcoin (BTC) owners. In the upcoming stages, the platform will grant benefits not only to those who whitelist a minimum of 0.001 BTC but also to:
Prior to the launch of its mainnet, GOAT Network is planning to initiate its Series A funding round. This funding round aims to secure additional investment following the successful completion of its $5 million pre-A fundraiser in November the previous year.
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2024-07-08 21:10