A new era in cryptocurrency is unfolding with the launch of GOAT Network, a Bitcoin Layer 2 solution by ZKM. This development is poised to revolutionise the crypto space, promising decentralisation and shared ownership. Scheduled for launch later in Q3, GOAT Network aims to integrate seamlessly with Bitcoin and Ethereum, providing enhanced functionality and security.
GOAT Network’s launch signifies a major step in ZKM’s mission to unify the fragmented Web3 ecosystem. Co-founder Kevin Liu expressed excitement about the project, emphasising the importance of decentralisation. Unlike other Bitcoin Layer 2 solutions, GOAT Network will operate with a decentralised sequencer model. This allows sequencer node operators to secure the network while earning yield on their bitcoin.
The decentralised sequencer model will set GOAT Network apart. Unlike centralised models, GOAT will enable the entire community, including small holders, to stake their BTC and earn sustainable yield. This inclusivity is expected to drive widespread participation and support.
GOAT Network will use ZKM’s proving service for its ZK prover. The success of this service will determine the decentralisation of the Proof Network. This system orders and batches multiple off-chain transactions, reducing the risk of single points of failure.
The network plans to launch with seven node operators. It has already secured 5,000 BTC in commitments from institutional operators. This ensures sufficient liquidity for its bitcoin-yielding and DeFi ecosystems. The yield will come from gas fees in BTC, mining rewards in GOAT tokens, and returns generated by stBTC.
Launch day will feature leading DEX, borrowing and lending, and perpetual swap platforms. These platforms will enable the trading of BRC-20 and other Bitcoin-native assets. The network aims to solve fragmented liquidity issues by enabling seamless connections between Layer 1 and Layer 2 networks.
GOAT Network’s tokenomics reveal a significant allocation for community involvement. 42% of the GOAT token supply is reserved for sequencer and community mining. Additional allocations include 6% for airdrop activities and 1% for influencers, with the remaining 49% for community contributors.
Ahead of its mainnet launch, GOAT Network introduced the “GOAT Club” rewards program. This initiative encourages bitcoin holders to whitelist 0.001 BTC or more for future rewards. The network also plans to open a Series A round to raise $5 million at a $100 million valuation.
ZKM was incubated by Metis DAO, which supports Ethereum scaling solutions. In March, Metis launched an alpha version of its decentralised sequencer, furthering plans to decentralise its infrastructure.
The launch of GOAT Network is a milestone for the crypto community. With its innovative approach to decentralisation and shared ownership, it is set to make a significant impact on the market. The crypto world eagerly awaits the launch of this groundbreaking solution.
