Arbitrum’s official tweet announced that the Bitcoin pledge Layer 2 network Social Network will be settled on Ethereum, and 8% of its sorter profits will be allocated to ArbitrumDAO, and 2% will be used to reward the Arbitrum Developers Association.
The Social Network is an Arbitrum-backed Bitcoin staking Layer 2 network with native yields that aims to reduce transaction fees to approximately 1 sats/byte and improve transaction finalization by allowing users to stake Bitcoin to the network The security is completed in less than 1 minute, and the energy consumption of each block will also be reduced by 99%. The network has currently launched a testnet and will soon open Ordinals Freemint to early contributors.