ZKM Announces the Launch of GOAT Network, a Bitcoin Layer-2 Network Powered by zkVM Technology

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.

ZKM protocol announces the upcoming launch of GOAT Network, a Bitcoin layer-2 (L2) network.

Announced on Monday, GOAT Network is set to launch in Q3, 2024, as the first universal L2 in the market. Additionally, the decentralized platform will be the first Bitcoin L2 to share network ownership.

The new L2 will be powered by ZKM’s Entangled Rollup technology, with users set to benefit from the 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 a press release.

GOAT Network’s unique approach

Other Bitcoin L2s have Foundations that control the project’s operations and revenue. However, ZKM highlighted GOAT Network’s different approach.

GOAT Network utilizes a decentralized sequencer model where decentralized ownership allows 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

The GOAT Network team disclosed that five institutional node operators have pledged 5,000 bitcoin to help secure the network. 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.

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