Mintlayer, the Bitcoin L2 platform has just released its staking program user interface upgrade which is a big step towards making it more friendly to users and accessible to a large number of people. The enhanced staking program is now integrated into its combined blockexplorer and Mojito wallet browser extension, enabling holders to stake their tokens and earn good interest.Trustless finance is possible with Mintlayer, which is a Bitcoin layer 2 sidechain that seeks to enhance direct token interoperability. With this new update, Mintlayer will drive further interactions across its ecosystem as well as bring more participants into ML staking.The updated staking program offers approximately an annual percentage yield (APY) of about 198% making it one of the most attractive programs in the sector. For example, users can choose between two ways on Mintlayer Mainnet to keep their tokens locked up. A single ML token is enough for them to delegate tokens into an already existing pool where they do not have any need for managing nodes or holding large amounts of tokens. The other option implies having 40,000 ML tokens and running a node to create one’s own pool. Gaining access to the highest Annual Percentage Yield (APY) is possible by building a swimming pool, but it also comes with more responsibilities for its users.Mojito wallet browser extension and Blockexplorer are used by the Mintlayer community to participate in Staking by Locking a minimum of one ML token. However, they have to stake their ERC20 version on the mainnet as the ERC20 version does not support staking. As of date, Mintlayer has created over 268 pools that have been joined by 928 delegations that have staked more than 27 million ML.The ML token is crucial to the Mintlayer ecosystem for two major reasons. First, this token is employed for securing the Mintlayer network through staking. Secondarily, transaction fees charged on the Bitcoin sidechain are payable in ML tokens. The supply of these tokens will reduce progressively as seen in BTC emission schedule resulting in stability and an increase in value over time.As a Bitcoin L2, developers can build decentralized finance applications enabled to capitalize on bitcoin liquidity for real-world asset tokenization through mint layer. In the next year, Mintlayer will be aiming at atomic swaps that open use of native Bitcoin within DeFi applications. It will enable users to trade in their Bitcoin for other assets without involving middlemen, which will also enhance the decentralized nature of Mintlayer.Buy/Sell MintlayerMintlayer’s financial use cases include Atomic Swaps P2P trading, Real World Asset tokenization, security tokens and digital collectibles. Trustless finance and direct token interoperability are some of the things that make Mintlayer an ideal platform for these uses.Upgrading Mintlayer’s staking program user interface is a big move towards making its platform more accessible and user-friendly. Offering an attractive APY, two staking options, and a commitment to trustless finance, Mintlayer will further stimulate activity within its network and attract more users into its ecosystem. As it continues to grow and bring new things into play, Mintlayer has a chance to be one of the most important players in DeFi.
