ZKM announces first Bitcoin L2 to share network ownership

ZKM, a protocol that seeks to extend Bitcoin via its zkVM protocol, has announced the launch of a Bitcoin layer-2 network called GOAT Network.

In an announcement shared with crypto.news on Monday, ZKM said GOAT Network will go live in Q3, 2024 to bring the first universal L2 to the market. The decentralized platform will also be the first L2 on Bitcoin to share network ownership.

ZKM’s Entangled Rollup technology will power the new L2, with users set to benefit from Bitcoin network’s security.

“GOAT Network’s launch of a Bitcoin L2 is a powerful first step in ZKM’s quest to unite the fragmented Web3 universe,” GOAT Network core contributor Kevin Liu, said in the press release.

GOAT Network’s unique approach

While other Bitcoin L2s have Foundations that control project’s operations and revenue, ZKM says GOAT Network is taking a different approach. GOAT Network utilizes a decentralized sequencer model where decentralized ownership allows for sequencer nodes to earn yield on their BTC while securing the network. The nodes also earn from BTC fees.

According to the ZKM team, anyone from Bitcoin miners and BTC holders to Web3 and TradFi institutions can apply to operate sequencer nodes. The project claims this will be an ecosystem run by partners and stakeholders.

GOAT Network to launch with 5 institutional nodes

Five institutional node operators have pledged 5,000 bitcoin to help secure the network, the GOAT Network team disclosed. Meanwhile, GOAT will have seven node operators at launch and will target more to bump network liquidity. 

The platform also expects several decentralized applications (dApps) to go live on day 1 of mainnet launch. These will include a decentralized exchange (DEX), perpetual swaps protocol, borrow/lend, and zero-gas platform to power BRC-20 token trading among others.

Eyeing a series A funding round

GOAT has also unveiled a rewards program for BTC holders. In the future, the platform will extend rewards to any bitcoin holder that whitelists BTC – 0.001 or more. The rewards will also go to dApps that launch on the first day as well as sequencer node operators that lock their BTC to help secure the network

Ahead of the mainnet launch, GOAT Network will open its Series A funding round that targets more capital injection after the $5 million pre-A fundraiser closed in November last year.