Using the “Proof of HODL” consensus mechanism, users protect the network by locking BTC and MEZO tokens and validating transactions through the CometBFT consensus.
Bitcoin’s ecosystem seems to be undergoing a renaissance. Various vertical applications and tracks have emerged, generating various profits and utilities around BTC. However, upon closer observation, it is not difficult to see that there is still a certain gap between industry development and the needs of ordinary users. The potential for BTC’s profits is far from being fully realized, and this has always been a topic of exploration in the industry.
Among the many technically excellent players in the field, Mezo, positioned as a second-layer network for Bitcoin, has taken a different approach by establishing a Bitcoin economic layer to enter the market. Recently, Mezo’s developer, Thesis, has just completed a $21 million Series A funding round, led by Pantera Capital with participation from Multicoin, Hack VC, and others.
Mezo, launched by the startup studio Thesis, has years of experience as a developer in the BTC ecosystem, with tBTC being one of its creations. Mezo aims to deepen the functionality of the Bitcoin infrastructure by assisting in achieving cheaper and faster transactions without deviating from the network’s basic principles.
Some have jokingly said that the many projects in the Bitcoin ecosystem are like “a martial arts school in a snail shell,” limited by Bitcoin itself not supporting smart contract functionality, and the various ecosystems have always struggled to unlock their potential. Therefore, the recently emerging Bitcoin L2 and DA always prioritize their technical advantages and differentiate themselves through technical narratives. Mezo, on the other hand, takes a different approach by distributing the profits of BTC to users to develop the network. In short, Mezo is equivalent to “Blast” on Ethereum.
In Mezo’s view, the second layer of Bitcoin prioritizes miner interests over user demand, which is not very beneficial to the overall development of Bitcoin. Mezo’s so-called Bitcoin economic layer always puts Bitcoin first, whether it is its usage, profits, or activity. Gas fees are paid in BTC, and all values on the network are calculated in BTC, supporting the security model of the network.
Specifically, users do not dilute the value of Bitcoin by using it and can obtain real BTC profits through Bitcoin staking. The higher the user’s activity, the stronger the security and resilience of the Bitcoin network. Therefore, Mezo adopts the “Proof of HODL” mechanism, where users protect the network by locking BTC and MEZO tokens and validating transactions through the CometBFT consensus.
Users can lock BTC on Mezo, and the longer they lock their deposits, the higher their HODL score. When the Mezo mainnet is launched, they can contribute to network security through HODL proof and earn rewards in return.
Mezo not only supports direct BTC staking but also supports tBTC and wBTC. In terms of point calculation, a user’s HODL score is calculated based on deposit time, quantity, and lock-up period. According to the official introduction, for every BTC deposited daily, users can earn 1000 points. If the lock-up period is 2 months, the point reward will triple; if it is 6 months, the reward will increase tenfold. It will increase sixteenfold for 9 months. The lock-up period cannot be modified once confirmed, and funds can only be withdrawn after the lock-up period.
In addition, users can also earn bonus points by inviting friends. In the initial stage, they will receive 5 invitation codes, and these codes cannot be reused.
According to its official documentation, the Mezo mainnet is expected to launch in the second quarter of this year, along with its token MEZO. Currently, according to Mezo’s website, there are over 800 HODLers and a total of 1059 BTC staked.
Just like Blast, which attracted a large number of users through points and airdrop expectations, its success demonstrated the need for liquidity among developers. Therefore, it is natural for developers to enter the Bitcoin Layer 2 ecosystem because Bitcoin is the most liquid cryptocurrency.
Whether Mezo can replicate its success by bringing the battle to the BTC ecosystem remains to be seen. With the Bitcoin halving approaching, it may also be a good investment choice for investors who are bullish on the BTC market in the next two years.
Tags:
Blast
Mezo
Pantera Capital
Security
Bitcoin
Funding
Staking
Source link:
https://foresightnews.pro/article/detail/58051
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6607884
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