Social Network Launches Testnet, Enabling Bitcoin Staking on Layer 2

 Key takeaways: 

• Social Network’s testnet launch introduces a decentralized Bitcoin Layer 2 Staking Protocol with Native Yield, enhancing Bitcoin’s scalability and sustainability.
• The protocol offers a unique Bitcoin Ordinals free mint, Taproot Farmers, to top testnet contributors, tackling Bitcoin Ordinals’ congestion issues.
• Social Network integrates the Nostr protocol with Bitcoin, facilitating decentralized data storage and reducing Bitcoin’s data storage fees.

Social Network launches testnet support for BTC staking

Social Network has launched its testnet, marking a significant development in the Bitcoin landscape as a decentralized Bitcoin Layer 2 Staking Protocol with Native Yield. The protocol is designed to improve the scalability, cost-efficiency, and environmental sustainability of the Bitcoin network, facilitating the emergence of decentralized social networks on the Bitcoin platform.

In recognition of this achievement, Social Network is rewarding its leading testnet participants with a unique Bitcoin Ordinals free mint called Taproot Farmers. This initiative aims to resolve the congestion issues often associated with Bitcoin Ordinals by adopting an innovative method. Social Network has integrated the Nostr decentralized social networking protocol with Bitcoin to enable widespread, decentralized data storage, which helps in reducing the high fees linked to Bitcoin’s increased data storage demand.

Alongside the testnet launch, Social Network has released its whitepaper, establishing itself as the first completely decentralized, non-custodial BTC staking protocol. The protocol’s main goal is to broaden the Bitcoin ecosystem, creating a supportive framework for decentralized social networks.

Social Network has partnered with major industry players like ChainSafe, Halborn Security, Threefold, BloxRoute, and LaunchNodes, underlining its dedication to offering a secure BTC staking platform and creating native yields for Bitcoin holders. 

Bitcoin staking dashboard on Social Network. Image source: Social Network

Aligning with Bitcoin’s core ethos, Social Network is an open-source protocol, initiated fairly without venture capital or presale activities. Bitcoin stakers receive rewards in the form of EARTH tokens, which can be earned by running Earth Nodes and by contributing and participating in social media discussions on the Social Network.

This innovation coincides with a growing interest in Bitcoin, highlighted by the recent approval of Bitcoin spot exchange-traded funds (ETFs), such as the iShares Bitcoin Trust by BlackRock. These ETFs have seen nearly $900 million in net inflows, allowing institutional investors to invest in BTC without owning the asset. 

While Bitcoin saw a significant dip in value following the launch of the spot Bitcoin ETF, the next Bitcoin halving, which is happening in late April, could provide a significant positive market boost for the world’s largest cryptocurrency.