Mainnet set for Q3 2024, 5,000 BTC pledged to date, Series A fundraise opening soon
GEORGE TOWN, CAYMAN ISLANDS / ACCESSWIRE / July 8, 2024 / ZKM is announcing the coming launch of GOAT Network, the first Universal Layer 2 network, and the first Bitcoin L2 to share network ownership. GOAT Network will launch its Bitcoin L2 in Q3 2024.
GOAT Network is powered by ZKM's Entangled Rollup technology, enabling native security from Bitcoin's Layer 1.
Unlike other Bitcoin L2s whose network operation and revenue are controlled by their Foundations, GOAT Network will launch with a decentralized sequencer model, in which each sequencer node operator helps secure the network while earning sustainable yield on their BTC, plus fees for activities including block production, transaction ordering, and MEV opportunities.
Bitcoin miners and holders, as well as Web3 and TradFi institutions, are invited to apply to run sequencer nodes and become full partners and stakeholders as GOAT Network builds a unique, dynamic ecosystem of robust dApps.
To date, GOAT has secured commitments from five large institutional node operators, totaling 5,000 BTC pledged. GOAT will launch with seven node operators, targeting thousands more BTC at launch to enable deep liquidity to power its BTC-yielding and DeFi ecosystems. Day 1 dApps will include a leading DEX, leading borrow/lend, perpetual swaps, a zero-gas platform that enables trading of BRC-20 and other Bitcoin-native assets, and more.
"GOAT Network's launch of a Bitcoin L2 is a powerful first step in ZKM's quest to unite the fragmented Web3 universe," said GOAT Network Core Contributor Kevin Liu. "We believe strongly in decentralization, and we're excited to enable a shared-ownership model from day one."
BTC holders won't have to wait until mainnet launch to participate, as GOAT Network today announced the launch of its GOAT Club rewards program.
GOAT Club will enable future rewards for:
any BTC holder who whitelists 0.001 BTC or more
Day 1 dApp launch partners
sequencer node operators who lock BTC to secure the network
Furthering its commitment to shared network ownership and community contributions, GOAT Network also unveiled the first sneak peak at its tokenomics today. To power sustainable yield for node operators that lock BTC, GOAT is reserving 42% of its lifetime token supply for sequencer mining and community mining. With additional supply earmarked for airdrop activities and KOLs, that means half of GOAT's total supply will go to community contributors.
GOAT Network will soon open its Series A fundraising round, following up on its successful closing of a $5M Pre-A funding round in November 2023, led by OKX Ventures and featuring key contributors such as Polygon Ventures, Amber, and Crypto.com.
About GOAT Network
Launching in Q3 2024, GOAT Network will be the first decentralized BTC L2 to share network ownership. GOAT Network is powered by ZKM's Entangled Rollup technology, enabling native security from Bitcoin's Layer 1. GOAT Network will offer sequencer node operators sustainable yield on their BTC, and ample yield opportunities for other holders who pledge their BTC to secure the network and support on-chain liquidity.
About ZKM
ZKM is extending Bitcoin through its Entangled Rollup Network, offering native asset security and sustainable yield. Its mission is to unite the fragmented Web3 universe via its zkVM, establishing ZKM as the Global Settlement Network for all blockchains. ​Through its innovative technology and a relentless pursuit of excellence, ZKM aims to create a seamless infrastructure that enables the frictionless transfer of value and data across multiple blockchain networks.
Media Contact:
Colin Landers
colin@energentmedia.net
SOURCE: GOAT Network
View the original press release on accesswire.com
