GOAT Network has secured 5,000 BTC in commitments from institutional node operators, with plans to open a Series A fundraising round soon.
Interoperability protocol ZKM has unveiled plans to launch a Bitcoin Layer 2 solution called GOAT Network later in Q3.
“GOAT Network is the first Bitcoin L2 to share network ownership and fees, by decentralizing its sequencer,” the GOAT Network team told The Block. “GOAT is also unique in enabling the entire community to stake their BTC into sequencer nodes and earn sustainable yield.” Additionally, contrasting Bitcoin’s existing state channel decentralized Layer 2, the Lightning Network, GOAT Network is also Ethereum Virtual Machine-compatible and enables smart contract functionality. GOAT Network claims it has secured 5,000 BTC in commitments from five institutional node operators to date.
The GOAT Network also plans to become a “Universal Layer 2,” with Bitcoin being the first ecosystem it intends to integrate, followed by Ethereum, TON, Cosmos and others. “The goal is to solve fragmented liquidity issues in the blockchain world by enabling any L1 to seamlessly connect to any L2, without the vulnerabilities of a traditional third-party bridge. No other L2 can say that,” the team said.
A further 6% is allocated for airdrop activities and 1% for KOLs , with the remaining 49% reserved for community contributors.
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