Bitcoin Layer 2 Vision - Goat Network 旨在通过 ZK rollups 解锁比特币的全部潜力，探索比特币网络的新用例 [1] - Goat Network 的愿景是构建比特币 Layer 2 网络 [1] - Goat Network 正在构建 GoatBitVM，从 BitVM 演变而来 [1] - 行业关注在 Layer 2 设计中如何保持比特币的安全性 [1] Technology & Scalability - ZK rollups 旨在通过可扩展性释放比特币的潜力 [1] - 以太坊 rollups 的经验教训为比特币 Layer 2 的构建提供了参考 [1] - 讨论了操作码和技术权衡 [1] Yield & Sustainability - Goat Network 探索在比特币上产生收益的可能性 [1] - 行业关注平衡可持续性和降低风险 [1] - 讨论了与企业不同的收益策略 [1] Community & Future - Goat Network 正在建设社区 [1] - 讨论了代币发行和比特币 Layer 2 的未来 [1]

Core Insights - Digital assets are becoming significant treasury reserves in corporate finance, with the Digital Asset Treasury (DAT) model popularized by Strategy, Inc. using Bitcoin to enhance shareholder value [1][5] - Multicoin Capital's Managing Partner argues that Solana (SOL) is a superior choice for DATs compared to Bitcoin (BTC) due to its native properties that better service financial obligations [2][6] - Forward Industries, Inc. raised $1.65 billion in a private investment to build a SOL treasury, aiming to maximize "SOL per share" for investors [3] Digital Asset Treasury Model - The DAT model allows companies to raise capital while linking investor returns to the performance of the underlying asset [1] - The structure includes convertible and perpetual preferred stock, combining debt-like features with equity upside [4] Comparison of SOL and BTC - Samani emphasizes that SOL DATs offer advantages over BTC DATs, particularly in yield generation [6] - Bitcoin does not produce intrinsic yield, relying on external factors, which can introduce risks and minimal returns [7] - In contrast, Solana enables staking, allowing for real yield generation through organic economic activity and Maximal Extractable Value (MEV) [9] Yield Generation - As of September 2025, SOL stakers averaged an annual yield of 8.05%, with 6.19% from inflation and 1.86% from genuine activity and MEV [10] - This yield allows a SOL DAT company to service preferred dividends without liquidating principal holdings, creating a self-sustaining model [11] Strategic Deployment - Forward Industries plans to utilize its treasury across staking, DeFi, and ecosystem grants to generate differentiated yields [12] - This strategy positions SOL DATs as a potential evolution in corporate crypto adoption, rewarding shareholders through appreciation and income [13] Market Positioning - Solana is likened to digital farmland, suggesting its productive potential, although it is still early in its journey to be widely adopted in corporate treasuries [14] - The first-mover advantage in the crypto space is significant, as seen with Ethereum's resurgence [15] - Despite historical price challenges in September, both ETH and BTC are performing well, indicating that SOL could become a viable option for corporate digital asset treasuries in the near future [16]