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Mintlayer launches user-friendly staking platform with 198% APY

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on May 17, 2024
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  • The launch of Mintlayer’s enhanced staking program is set to empower more users to stake their ML tokens.
  • Mintlayer’s token emission schedule decreases over time, similar to Bitcoin’s, ensuring a controlled supply.
  • Mintlayer aims to unlock the use of native Bitcoin in DeFi through Atomic Swaps.

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Bitcoin Layer-2 (L2) platform Mintlayer has announced an upgrade to its staking program, enhancing the user interface (UI) to make it more accessible and easier to use.

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The simplified staking program is integrated into Mintlayer’s blockexplorer and Mojito wallet browser extension, enabling users to stake their ML tokens and earn substantial rewards.

Industry-leading APY attracts users

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The launch of Mintlayer’s enhanced staking program is set to empower more users to stake their ML tokens, with an impressive annual percentage yield (APY) currently around 198%.

This attractive staking program is one of the highest in the industry, drawing significant interest from the crypto community.

Staking options: Delegation and pool creation

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Mintlayer offers two ways to stake tokens on its mainnet. Users can delegate their tokens to an existing pool with as little as one ML token, or they can create their own pool.

Creating a pool offers the highest APY but requires 40,000 ML tokens and the capability to run a node.

For many users, delegating to a designated pool is the preferred option as it provides a competitive APY without the need for node management or large token holdings.

User-friendly staking via Mojito wallet

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The Mojito wallet browser extension, combined with Mintlayer’s blockexplorer, allows the community to participate in staking by locking as little as one ML token.

It is important to note that users must stake the mainnet version of ML, as the ERC20 version does not support staking.

To date, over 268 pools have been created on Mintlayer, attracting more than 27 million staked ML from 928 delegations.

Stimulating network activity and security

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The enhancements to Mintlayer’s staking program are expected to encourage more users to participate, thereby stimulating further activity on the Mintlayer network. In addition to securing the network through staking, the ML token is used to pay transaction fees on the Bitcoin sidechain.

Mintlayer’s token emission schedule decreases over time, similar to Bitcoin’s, ensuring a controlled supply.

Leveraging Bitcoin liquidity for DeFi

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As a Bitcoin L2 sidechain, Mintlayer facilitates direct token interoperability and enables value trading and participation in decentralized finance (DeFi) applications.

Mintlayer aims to unlock the use of native Bitcoin in DeFi through Atomic Swaps, providing financial use cases such as peer-to-peer trading, real-world asset tokenization, security tokens, and digital collectibles.

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