Mintlayer, a Bitcoin (BTC) layer 2 sidechain seeking to improve direct token interoperability and foster decentralized finance (DeFI), has launched a new staking program interface to streamline user experience and improve accessibility, as per the latest information shared with Finbold on March 21.
Blending Mintlayer’s block explorer and Mojito wallet browser extension, the program allows users to stake their ML tokens and reap rewards.
Mintlayer’s staking initiative
Mintlayer’s staking initiative is poised to empower a larger user base to engage in token staking activities.
Boasting an Annual Percentage Yield (APY) currently hovering around 198%, the platform stands out as one of the more enticing staking programs in the industry.
Users looking to stake their tokens on Mintlayer Mainnet have two options: they can delegate their tokens to an existing pool with a minimum requirement of just 1 ML token or establish their own pools for a potentially higher APY, with 40,000 ML tokens and node operation being a requirement.
Increased network engagement
Using the Mojito wallet browser extension alongside Mintlayer’s block explorer, the Mintlayer community can engage in staking with as little as a single ML token.
It’s important to note that it’s imperative to stake the mainnet version of ML, as the ERC20 variant doesn’t support staking.
So far, Mintlayer has seen the creation of almost 270 pools, with 27 million ML staked from 928 delegations.
The enhancements to Mintlayer’s staking program are poised to entice a broader user base into ML staking activities, thereby fostering increased network engagement.
ML on the Bitcoin sidechain
In addition to securing the Mintlayer network through staking, the ML token can be used to cover transaction fees on the Bitcoin sidechain.
Diminishing over time, Mintlayer’s token emission schedule is similar to that of Bitcoin.
As a Bitcoin Layer 2 solution, Mintlayer empowers developers to craft decentralized finance apps leveraging Bitcoin liquidity for real-world asset tokenization.
In the near future, Mintlayer aims to unleash the potential of native Bitcoin in DeFi applications through Atomic Swaps.
Financial applications supported by Mintlayer encompass P2P trading via Atomic Swaps, real-world asset tokenization, security tokens, and digital collectibles.