First Bitcoin Staking L2 with Native Yield ‘Social Network’ Launches Testnet

Social Network’s testnet release marks the formal debut of the first decentralized Bitcoin Layer 2 Staking Protocol with Native Yield. The protocol finally unlocks the potential for decentralized social networks on Bitcoin by addressing the network’s scalability, cost-effectiveness, and environmental sustainability.

Top testnet contributors will get ‘Taproot Farmers,’ a unique Bitcoin Ordinals free mint, as a celebration of the launch from Social Network. Ordinals have a reputation for creating a lot of congestion on the Bitcoin network, but Social Network offers a reliable alternative. By integrating the Nostr decentralized social networking protocol with Bitcoin, their method effectively addresses the high fees brought on by the growing demand for using Bitcoin to store more information, as demonstrated by Bitcoin Ordinals. This allows for the decentralized storage of linked data on a large scale.

The official whitepaper for the project was released this week, coinciding with the opening of the Social Network’s testnet and Early Incentive Program. In order to provide the framework and fresh incentives for decentralized social networks on Earth, it is striving to expand the Bitcoin ecosystem as the first completely decentralized, non-custodial BTC staking protocol.

In order to provide users with a safe method to stake their Bitcoin assets and provide a new kind of native income for Bitcoin holders, Social Network has already partnered with many significant industry companies, such as ChainSafe, Halborn Security, Threefold, BloxRoute, and LaunchNodes. Without VC participation or presale, Social Network is an open source, fair launched protocol that adheres to the core principles of Bitcoin.

The release of a Bitcoin Staking Layer 2 with Native Yield coincides with an increased focus on the blockchain. With the recent approval of spot Bitcoin exchange-traded funds (ETFs), institutional investors may now invest in BTC without actually holding the cryptocurrency. These ETFs have witnessed net inflows of about $900 million since trading started, with BlackRock’s iShares Bitcoin Trust (IBIT) emerging as a clear leader. The fourth halving of Bitcoin is also coming up in the spring.