ZKM, a protocol aiming to expand Bitcoin through its zkVM protocol, has announced the introduction of GOAT Network, a Bitcoin layer-2 network. In Q3 of 2024, GOAT Network will go live, marking the arrival of the first universal L2 in the market. This decentralized platform will also be the first L2 on Bitcoin to share network ownership.
The new L2 will be powered by ZKM’s Entangled Rollup technology, providing users with the security of the Bitcoin network. “GOAT Network’s launch of a Bitcoin L2 is a significant initial step in ZKM’s mission to unify the fragmented Web3 universe,” stated Kevin Liu, a core contributor to GOAT Network.
GOAT Network sets itself apart from other Bitcoin L2s with its unique approach. While other L2s have centralized control over project operations and revenue, GOAT Network utilizes a decentralized sequencer model. This model allows sequencer nodes to earn yield on their BTC while also securing the network. Additionally, these nodes can earn income from BTC fees.
According to the ZKM team, a diverse range of participants, from Bitcoin miners and BTC holders to Web3 and TradFi institutions, can apply to operate sequencer nodes. The project aims to establish an ecosystem run by partners and stakeholders.
To ensure network security, five institutional node operators have committed to pledging 5,000 bitcoin. GOAT Network plans to have seven node operators at launch and aims to attract more to increase network liquidity.
On the day of the mainnet launch, the platform expects several decentralized applications (dApps) to become operational. These dApps will include a decentralized exchange (DEX), a perpetual swaps protocol, a borrow/lend platform, and a zero-gas platform for BRC-20 token trading, among others.
GOAT Network has also introduced a rewards program for BTC holders. In the future, the platform plans to extend rewards to any bitcoin holder who whitelists BTC – 0.001 or more. Rewards will also be given to dApps that launch on the first day and sequencer node operators who lock their BTC to help secure the network.
Prior to the mainnet launch, GOAT Network will initiate its Series A funding round, aiming to secure additional capital after the successful closure of the $5 million pre-A fundraiser in November of last year.