Karak Network Unveils Native Restaking For MKR Token
In Brief
Karak Network introduces native staking functionality for the MakerDAO MKR token, enabling users to restake MKR and earn 1x Karak XP.
Multi-chain staking platform Karak Network announced its plan to introduce native staking functionality for the MakerDAO MKR token, emphasizing a long-term focus on the NewGovToken. Now, users are enabled to restake MKR to gain 1x Karak XP.
Karak network unveiled its restaking concept, a comprehensive security layer that allows protocols and networks to decentralize easily throughout any blockchain and with any asset. By integrating with MakerDAO, it aims to improve security for MKR and NewGovToken while also offering liquidity and rewards for the MakerDAO community.
MKR and NewGovToken offer utility and rewards for stakers and could become valuable assets for builders developing Distributed Secure Services (DSS) on Karak. These tokens can be utilized to advance the networks’ security, scalability, and decentralization.
The native staking functionality for MKR will allow holders to deposit their MKR tokens into Karak and earn Karak XP. In the near future, MKR staked on Karak will be utilized to secure and decentralize DSSs, providing holders with an option to receive extra rewards on their MKR tokens. This approach offers token holders the chance to use an external consensus mechanism established by Karak to gain restaking rewards on MKR tokens.
Karak Network To Develop NewGovToken Activation For Enhanced Rewards And Utility For Maker Community
Furthermore, to enhance rewards and utility for the MakerDAO community, Karak will develop restaking for NewGovToken Activation. This will help power, secure, and decentralize new DSSs built on Karak. Activated NewGovTokens will serve as a valuable tool, enabling Karak to combine rewards for the Maker community, allowing them to earn restaking rewards in addition to the native Activation rewards.
Karak Network functions on Ethereum and is distinguished as the sole Layer 2 project that integrates risk management, staking, and AI infrastructure. Its restaking layer streamlines the provision of cryptoeconomic security with any asset and opens new possibilities for builders to craft new infrastructure designs. This enables protocols to utilize trust networks, reducing the barriers to securing new ones. It also circumvents the requirement for protocols to reward the validator sets with dilutive mechanisms, transforming the procedures of bootstrapping security into scalable, accessible, as well as cost-effective.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
