GOAT Network, the layer-2 of Bitcoin, has announced that soon Dogecoin users will be able to stake their DOGE to earn their fixed returns in BTC.
GOAT Network: the bitcoin layer-2 allows staking DOGE and earning in BTC
GOAT Network has announced that it will allow users to earn their fixed returns in BTC by staking in addition to Bitcoin, also the memecoin Dogecoin (DOGE).
BTC and DOGE – two journeys, one essence.
Both started as memes, evolved into movements, and became The People's Coins.
Now, they evolve again.
Read our vision for uniting these communities and bringing sustainable yield to both:https://t.co/K51Z4gycn4 pic.twitter.com/PAPHYjtSMJ
— GOAT Network🟡 (@GOATRollup) November 27, 2024
In practice, GOAT Network, the layer 2 of Bitcoin wants to expand its reach to DOGE holders, offering them the same advantages as BTC holders.
At the moment, the launch date of the GOAT Network mainnet has not yet been officially announced.
In the meantime, however, the layer 2 states that anyone will be able to provide DOGE in one of its sequencer nodes, earning a sustainable yield payable in BTC, just like anyone will be able to provide BTC and earn BTC.
GOAT Network: the bitcoin layer 2 aims to provide greater gains even to holders of DOGE
The present announcement of GOAT Network also aims to represent a response to its vision, namely that both Bitcoin and Dogecoin are currencies for the people.
In this regard, here is how described its integration of DOGE staking to earn returns in BTC:
“In this way, Dogecoin investors can withstand the volatility of cryptocurrencies without having to hand over DOGE before its time has come and, in the meantime, earn digital gold, which is now being adopted by companies, institutions, and national states. By adding Dogecoin to its rapidly growing ecosystem, GOAT Network positions itself as the ‘home of the people’s coins’.”
In reality, in addition to allowing DOGE staking, GOAT Network has already stated that there will be more news in the future to provide greater earnings to the holders of the memecoin. And indeed, Bitcoin’s layer 2 has mentioned that there is also the introduction of a suite of additional financial applications based on memecoin, or dApp MemeFi.
The Bitcoin DeFi has risen in recent months thanks to several catalysts. Just a month ago, its total value locked (TVL) was close to 900 million dollars, while now it has surpassed 4 billion dollars.
The prices of DOGE and BTC
In the meantime, looking at the price charts, it seems that the crypto rally that started around November 6 is bringing its benefits especially to Bitcoin (BTC) and Dogecoin (DOGE).
Not by chance, the victory of Donald Trump in the USA presidential elections and the new entry of Elon Musk at D.O.G.E, are the two triggering factors that have seen BTC and DOGE as protagonists of the bull run.
At the time of writing, BTC is worth $95,000 and DOGE $0.40. Bitcoin is recovering after dropping to $90,000 two days ago. Its goal is now to see its price rise to 6 figures, recording its new ATH above the threshold of $100,000.
In any case, the price of BTC has recorded a pump of +34% compared to 30 days ago.
DOGE, on the other hand, has fallen from its recent high of $0.47, reached on November 23, still remaining around that threshold. A dream here too since the last time the memecoin saw these prices was in March 2021.
In the last month, the performance of DOGE has been among the best, recording a price pump of +145% compared to 30 days ago.