Good news for Dogecoin users came from Bitcoin layer-2 network GOAT. Accordingly, the GOAT Network team announced that it will soon allow Dogecoin (DOGE) users to stake their tokens to earn fixed BTC returns.
According to Coindesk, GOAT will soon offer Dogecoin investors the opportunity to earn fixed returns in BTC by staking DOGE.
The team also noted that they are planning additional memecoin-based financial applications in the future, allowing users to earn “even bigger rewards” in their DOGE holdings.
The GOAT Network team said Dogecoin was chosen because of its long, colorful, and highly successful history, as well as its strong community feel and bullish outlook after being named after a U.S. government agency called DOGE.
“Dogecoin investors can withstand the volatility of the cryptocurrency without having to sell off DOGE on paper before the time is up, and in the process, earn Bitcoin – digital gold that is now being adopted by companies, institutions and nation states.
That's why we added Dogecoin to our rapidly growing ecosystem.”
The GOAT Network, whose mainnet has not yet been released, operates by allowing users to lock up BTC and earn network rewards, a process popularly referred to as staking.
The price of Dogecoin has increased by 145% in the last month due to the virality of the Department of Government Efficiency (DOGE), a non-governmental organization with links to Elon Musk.
*This is not investment advice.
