Mintlayer, a Bitcoin layer 2 sidechain, has upgraded its staking program’s user interface (UI), aiming to streamline the process and improve user accessibility. This upgrade integrates the staking program with Mintlayer’s blockexplorer and the Mojito wallet browser extension, allowing users to stake their ML tokens and earn rewards easily.
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 important to note that only the mainnet version of ML tokens can be staked, as the ERC20 version is incompatible with the staking program. Up to now, Mintlayer hosts over 268 pools, with over 27 million staked ML from 928 delegations.
Future Prospects and Mintlayer’s Role in DeFi
Enhancements to the Mintlayer staking program should stimulate increased participation, thereby enhancing the network’s overall activity. The ML token not only plays a crucial role in securing the Mintlayer network through staking but can also be used for paying transaction fees on the Bitcoin sidechain.
Furthermore, with a token emission schedule mirroring Bitcoin’s that reduces over time, Mintlayer seeks to give developers the tools to create DeFi applications, utilizing Bitcoin liquidity to tokenize assets from the real world.
Finally, in the coming year, Mintlayer is set to facilitate the integration of native Bitcoin into DeFi applications through Atomic Swaps, enabling use cases like P2P trading, tokenization of real-world assets, security tokens, and digital collectibles.