Mintlayer, a Bitcoin Layer 2 solution, has unveiled an enhancement to its staking program interface, aimed at increasing user-friendliness and accessibility. This upgrade simplifies the process of staking by integrating it with Mintlayer’s block explorer and the Mojito wallet browser extension, enabling users to easily stake their ML tokens and receive rewards.
The introduction of this improved staking program is designed to encourage a broader user base to stake their ML tokens, offering an Annual Percentage Yield (APY) of approximately 198%, making it one of the most lucrative staking opportunities in the market.
Mintlayer offers two primary methods for staking tokens on its Mainnet. Users have the option to either delegate their tokens to an existing pool with a minimum of 1 ML token or establish their own pool. While creating a personal pool provides the highest APY, it necessitates owning 40,000 ML tokens and operating a node. For many users, delegating tokens to a specific pool is more appealing as it offers competitive APYs without the complexity of node management or significant token holdings.
By utilizing the Mojito wallet extension in conjunction with the block explorer, Mintlayer’s community can engage in staking with as little as one ML token. It’s important to note that only the Mainnet version of ML tokens can be staked, not the ERC20 version. To date, more than 268 pools have been established on Mintlayer, with over 27 million ML tokens staked across 928 delegations.
The improvements made to the Mintlayer staking program are expected to stimulate increased participation in ML token staking, thereby enhancing activity within the Mintlayer ecosystem.
In addition to its role in securing the Mintlayer network through staking, the ML token is also utilized for transaction fee payments on this Bitcoin sidechain. Mintlayer introduces a token emission schedule that gradually decreases, similar to Bitcoin’s model. As a second layer to Bitcoin, Mintlayer enables developers to build decentralized finance (DeFi) applications that leverage Bitcoin’s liquidity for the tokenization of real-world assets.
Mintlayer is advancing as a Bitcoin layer 2 sidechain that facilitates direct token interoperability and provides avenues for value exchange and participation in decentralized finance. With future plans to integrate Atomic Swaps, Mintlayer aims to broaden the use of Bitcoin in DeFi. The platform supports various financial applications, including peer-to-peer (P2P) trading via Atomic Swaps, tokenization of real-world assets, security tokens, and digital collectibles.
