Eth L2 are hot right now, and that's nothing new.
But have you heard about Defi on $Btc?
Let me introduce you to @mintlayer $Mlt the first ever $Btc L2.
You'd better pay attention as the tge is close.
🧵 👇
TLDR
Mintlayer is a Bitcoin sidechain dedicated to tokenization of assets, such as stock tokens and stablecoins.
$MLT is the governance token of the ecosystem: stake $MLT to earn network fees, or spend them to create smart contracts and issue new tokenized assets.
TGE: March 23
🎲You guys are busy people, so let's get to the alpha quickly.
1️⃣ What is it?
2️⃣ How does it work?
3️⃣ Security
4️⃣ Scalability
5️⃣ Usecases
6️⃣ The $MLT token
7️⃣ @mintlayer Wallet
8️⃣ Conclusion
1️⃣ @mintlayer is a DeFi specialized layer 2 built on top of $Btc.
It aims to solve the “blockchain trilemma”: Scalability(speed), security, and decentralization. It's fast, low-cost and gas-free multi-token usability.
A sustainable architecture for secure and scalable DeFi.
2️⃣ It's more Secure:
Dynamic Slot Allocation (DSA) consensus combines Proof-Of-Stake and Bitcoin to make deFi attack-proof.
Why have one lock when you can have two. 🔒 🔒
It uses three smart ways to protect its network from bad guys:
Using Bitcoin anchoring, a checkpoint system, and randomized selection. These features provide a more secure network than the innate flaws of Proof-of-Stake or Proof-of-Work mechanisms alone.
4️⃣ It's more scalable:
@Mintlayer scales by fitting more into less.
Users can combine many transfers into a single transaction, and signature aggregation reduces payment size by 70%. This ensures low transaction fees, even as more users join the network.
5️⃣ It's descentralized:
Is engineered to enable anyone to run a node and validate blocks with minimal hardware requirements.
Usecases
💰 Decentralized trading on Mintlayer with P2P atomic swaps and the ability to trade assets on the platform or Bitcoin on its native chain. They have a built-in Dex.
💸 Easily raise funds with Mintlayer's decentralized tools on primary and secondary markets.
💵 Use stablecoins with Mintlayer to save time and money. Lightning Network lets you make faster and cheaper transactions with stablecoins.
🔑 Securely store all your crypto, tokens and collectibles under private keys with Mintlayer's non-custodian asset storage in one wallet.
6️⃣ The $MLT Token.
400M MLT tokens are pre-mined and are either distributed in the market or locked.
The Mintlayer Token Launch is March 21, 2023 👀
Token Distribution
In the first 10 years after the mainnet launch, each Mintlayer block will generate a reward for the block creators until the total supply reaches the 600M $MLT hard cap. The reward decreases by 25% yearly.
Token Utility:
Users need to stake MLT tokens to participate in auctions and become blocksigners (users who sign and legitimize blocks). The more tokens staked, the higher their chances. They get fees from blocks they create. The system is called Dynamic Slot Allotment Mechanism
$MLT token is also used for:
- Governance
- For buying services
• Mintlayer smart contracts development
• Security audit of Mintlayer smart-contracts
• Software Engineering of decentralised application on Mintlayer
Mintlayer has no base currency to pay transaction fees though. Users can pay in any MLS-01 or MLS-02 cryptocurrency they choose as long as the network participants are willing to accept it. The free market dictates its rules.
7️⃣ They developed their own Wallet: Mojito.
You can:
• Store or transfer any cryptocurrency or use existing wrapped tokens from any blockchains
• Redeem BTC on Bitcoin mainnet
• Run a node from any device
• Supports Lightning Network for instant, low-cost transactions ⚡
8️⃣ Conclusion
As a Bitcoin sidechain @mintlayer is poised to tap into an entirely new market. It is clearly a well developed project with promising prospects and a lot of potential. As the bullish sentiment comes back, I can see $MLT bringing a lot of attention of big players.
Mainnet is due in Q4.
That was my humble opinion, you can (and should) do your own research.
Twitter →
@mintlayer
Telegram → t.me/mintlayer
Site → mintlayer.org/en/
Github → github.com/mintlayer
If you see value in this thread a RT would be much appreciated. $MLT.
Cc.
@CryptoKaduna @Route2FI @paulchristain__ @CRyptOracl3 @tehMoonwalkeR @EricCryptoman @milesdeutscher @CryptoGirlNova
@crypto_condom @TheDeFinvestor @thedefiedge
Estak
@CryptoEstak
Navigating the cryptoverse while it's still early. Writing my thoughts one at a time.