Mintlayer, a Bitcoin (BTC) layer 2 sidechain in search of to enhance direct token interoperability and foster decentralized finance (DeFI), has launched a brand new staking program interface to streamline consumer expertise and enhance accessibility, as per the most recent data shared with Finbold on March 21.
Mixing Mintlayer’s block explorer and Mojito pockets browser extension, this system permits customers to stake their ML tokens and reap rewards.
Mintlayer’s staking initiative
Mintlayer’s staking initiative is poised to empower a bigger consumer base to have interaction in token staking actions.
Boasting an Annual Proportion Yield (APY) at the moment hovering round 198%, the platform stands out as one of many extra engaging staking packages within the business.
Customers seeking to stake their tokens on Mintlayer Mainnet have two choices: they will delegate their tokens to an present pool with a minimal requirement of simply 1 ML token or set up their very own swimming pools for a doubtlessly greater APY, with 40,000 ML tokens and node operation being a requirement.
Elevated community engagement
Utilizing the Mojito pockets browser extension alongside Mintlayer’s block explorer, the Mintlayer group can interact in staking with as little as a single ML token.
It’s vital to notice that it’s crucial to stake the mainnet model of ML, because the ERC20 variant doesn’t help staking.
To this point, Mintlayer has seen the creation of virtually 270 swimming pools, with 27 million ML staked from 928 delegations.
The enhancements to Mintlayer’s staking program are poised to entice a broader consumer base into ML staking actions, thereby fostering elevated community engagement.
ML on the Bitcoin sidechain
Along with securing the Mintlayer community by means of staking, the ML token can be utilized to cowl transaction charges on the Bitcoin sidechain.
Diminishing over time, Mintlayer’s token emission schedule is much like that of Bitcoin.
As a Bitcoin Layer 2 answer, Mintlayer empowers builders to craft decentralized finance apps leveraging Bitcoin liquidity for real-world asset tokenization.
Within the close to future, Mintlayer goals to unleash the potential of native Bitcoin in DeFi purposes by means of Atomic Swaps.
Monetary purposes supported by Mintlayer embody P2P buying and selling by way of Atomic Swaps, real-world asset tokenization, safety tokens, and digital collectibles.
