Bitcoin L2 'GOAT Network' to Enable Dogecoin Staking

Bitcoin L2 'GOAT Network' to Enable Dogecoin Staking

GOAT Network, a Bitcoin layer-2 chain, announced users will soon be able to stake Dogecoin to support network security, receiving crypto rewards in return. The rewards will include Bitcoin and GOAT Network's own upcoming token, with the staking set to begin in early December.

The project aims to leverage Dogecoin's $59 billion market cap and decentralized nature to offer sustainable yields for network security. The decision to incorporate Dogecoin was part of a strategic approach to use multiple assets for network staking.

GOAT Network claims its decentralized sequencer model allows for control sharing, unlike traditional centralized blockchain governance. The project's pre-launch commitments include 5,000 Bitcoin from institutions and plans for a decentralized exchange and other applications.

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Tether Discontinues Euro Stablecoin EURT Amid MiCA

Tether has announced that it will discontinue support for its Euro stablecoin, EURT, requesting holders to redeem their assets by November 27, 2025. The decision comes in response to changes in European regulations under the Markets in Crypto-Assets (MiCA) framework, which has increased compliance requirements for stablecoin issuers.

EURT once dominated the Euro stablecoin market, with a market cap surpassing $500 million, but it has since dropped to $27 million amid competition from MiCA-compliant alternatives, especially Circle's EURC. The new MiCA regulations, coming into effect in phases, impose strict capital and reserve obligations, pushing non-compliant stablecoins to adapt or exit the market.

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Solana Trader Turns $160 Into Millions with Memecoin Bet

A Solana trader turned a $160 investment into millions by buying the "Just a chill guy" (CHILLGUY) memecoin on Pump.fun. The trader purchased 12.4 million CHILLGUY tokens in two transactions, and as the token value surged to a peak market cap of $643 million, their holdings reached an estimated value of $5.6 million. The trader appears to have sold everything since then.

The CHILLGUY token's success was driven by its connection to a viral internet meme, although the artist behind the character has threatened legal action over its unauthorized use. The independent character of memecoin launches makes enforcement challenging, with community members asserting that such assets will continue to exist independently of their creators' consent.

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WalletConnect Launches Governance Token Airdrop

WalletConnect has launched the eligibility checker for its first airdrop, offering 50 million tokens to over 160,000 eligible users. Participants can stake the airdropped WalletConnect Tokens (WCT) for periods ranging from one week to two years, with staking rewards beginning on December 19. This initiative aims to incentivize community engagement and onchain voting rights.

The airdrop allocation includes 30 million tokens for registered users who met specific activity criteria and 20 million tokens for notable contributors like node operators. WalletConnect has also subsidized gas fees to make staking more accessible. The airdrop is part of WalletConnect's broader strategy to promote decentralized governance and enhance user participation in the open-source protocol.

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Data of the Day

Stablecoin trading volume surged to $1.81 trillion in November, marking a 77.5% increase from the previous month, according to CCData. This growth reflects heightened institutional confidence and places the monthly volume on track to set a new high for 2024.

Despite a rise in overall market capitalization to $190 billion, stablecoin market dominance dropped to 5.54% as investors diversified into Bitcoin and other altcoins. Tether's USDt continued to dominate the stablecoin market, growing by 10.5% to reach a $133 billion market cap, while Circle's USDC also saw some gains.

Meanwhile, Ethena's USDe experienced a 42.2% rise in market cap amid increased interest in its ecosystem. Conversely, First Digital USD and Sky Dollar saw declines in their market caps, highlighting a dynamic shift in investor preferences within the stablecoin sector.

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More Breaking News

• XRP price surges 7.2% after Ripple announces investment in the rebranded Bitwise Physical XRP ETP fund.
• Altseason remains delayed due to a lack of fresh retail capital entering altcoin markets, according to CryptoQuant CEO Ki Young Ju.
• China's SOS Ltd. company announces a $50 million Bitcoin treasury buying plan, leading to an 84% spike in its stock price.
• Vancouver Mayor Ken Sim plans to make the city "Bitcoin-friendly" by proposing to add Bitcoin as a reserve asset.
• Crypto.com sponsors the Crypto.com Showdown golf tournament featuring top professionals in a Las Vegas event to be paid via Cronos, and CRO rewards.
• CryptoPunk #8348 was used as collateral for a $2.75 million loan in a landmark NFT financing deal facilitated by GONDI.
• TORN token jumps 380% after a US court rules that immutable smart contracts are exempt from Treasury sanctions, triggering a rally in privacy coins.

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