Mintlayer, a Bitcoin layer 2 sidechain, has upgraded its staking program’s person interface (UI), aiming to streamline the method and enhance person accessibility. This improve integrates the staking program with Mintlayer’s blockexplorer and the Mojito pockets browser extension, permitting customers to stake their ML tokens and earn rewards simply.
Mintlayer‘s initiative to simplify its staking process is part of its commitment to improving direct token interoperability and facilitating participation in trustless finance. As such, this development hopes to empower a broader range of users to stake their ML tokens, offering an Annual Percentage Yield (APY) of around 198%.
Flexible Staking Options on Mintlayer Mainnet
Users looking to stake their tokens on the Mintlayer Mainnet now have two primary options: delegating tokens to an existing pool with a minimum of just 1 ML token or creating a personal pool for potentially higher APY. However, creating a personal pool requires owning 40,000 ML tokens and also running a node.
Therefore, delegation to a designated pool is a more accessible choice because it balances competitive APY with easier participation.
The Mojito wallet browser extension, combined with the blockexplorer, facilitates this participation in staking by allowing the locking of as little as one ML token. It’s necessary to notice that solely the mainnet model of ML tokens might be staked, because the ERC20 model is incompatible with the staking program. So far, Mintlayer hosts over 268 swimming pools, with over 27 million staked ML from 928 delegations.
Future Prospects and Mintlayer’s Position in DeFi
Enhancements to the Mintlayer staking program ought to stimulate elevated participation, thereby enhancing the community’s general exercise. The ML token not solely performs a vital function in securing the Mintlayer community by means of staking however may also be used for paying transaction charges on the Bitcoin sidechain.
Moreover, with a token emission schedule mirroring Bitcoin’s that reduces over time, Mintlayer seeks to offer builders the instruments to create DeFi purposes, using Bitcoin liquidity to tokenize property from the actual world.
Lastly, within the coming 12 months, Mintlayer is about to facilitate the mixing of native Bitcoin into DeFi purposes by means of Atomic Swaps, enabling use circumstances like P2P buying and selling, tokenization of real-world property, safety tokens, and digital collectibles.
