By
Godfrey Benjamin
April 18th, 2024
The Mintlayer sidechain enables users to create a decentralized ecosystem on the Bitcoin blockchain, including DeFi, smart contracts, atomic swaps, NFTs, and dApps.
Bitcoin Layer 2 side-chain, Mintlayer recently announced a major upgrade to its staking program interface, promising a more user-friendly and accessible experience for its users.
What Users Can Expect Following Mintlayer’s Upgrade
As highlighted in a press release shared with Coinspeaker, the enhanced staking program offers a more straightforward method for users to stake their ML tokens and get rewards. It is easily incorporated into Mintlayer’s block explorer and Mojito wallet browser extension.
The integration of the Mintlayer staking program into the Mojito wallet browser extension, together with the block explorer, allows users to engage in staking by locking as few as one ML token. Users must, however, stake the mainnet version of ML because the ERC20 variant does not support staking. Notably, Mintlayer has gained substantial traction, with over 268 pools created and more than 27 million ML staked by 928 delegations to date.
Through the upgrade, Mintlayer’s staking program stands out as one of the most profitable choices available in the industry with an Annual Percentage Yield (APY) currently hovering around 198%. On the Mintlayer mainnet, users can stake their tokens through two main channels. The first option, which requires as little as one ML token, entails delegating tokens to an already existing pool.
Alternatively, users can create their own pool, which has the highest APY but requires 40,000 ML tokens and a node to operate. For many participants, delegating to an established pool is the best option, as it offers a competitive APY without the difficulties of administering a node or achieving huge token requirements.
Overall, the improvements to Mintlayer’s staking program are anticipated to encourage more users to engage in ML staking, resulting in increased activity on the Mintlayer network. Beyond its role in network security through staking, the ML token serves a dual purpose by paying transaction fees on the Bitcoin sidechain. Furthermore, Mintlayer has a token emission schedule that gradually lowers over time, matching Bitcoin’s deflationary model.
Mintlayer Fostering Growth in the Crypto Space
The Mintlayer sidechain enables users to create a decentralized ecosystem on the Bitcoin blockchain, including DeFi, smart contracts, atomic swaps, Non-Fungible Tokens (NFTs), and Decentralized Applications (dApps).
As a Bitcoin Layer 2 solution, Mintlayer has enormous potential for developers looking to build Decentralized Finance (DeFi) applications that use Bitcoin’s liquidity to tokenize real-world assets.
In April, Mintlayer announced the commencement of a $4 million open-source development grants project in a deliberate move to strengthen its ecosystem. The launch of the program is the “first major ecosystem initiative in Mintlayer’s long-term development” and is reserved for projects that would directly benefit the Mintlayer ecosystem first, followed by the Bitcoin ecosystem.
“These grants assure that when developers come up with a bright idea, there are resources to build it,” stated Enrico Rubboli, co-founder and CEO of Mintlayer.