NASHVILLE  [Bitcoin 2024 Conference] – July 25, 2024 – The Core Foundation announced today that Core, a Bitcoin-powered blockchain, is set to adopt a Dual Staking model (Bitcoin x CORE). This new model, which builds on Core’s introduction of “Bitcoin Bonds” and the first-ever implementation of Non-Custodial Bitcoin Staking, aims to enhance the Bitcoin Risk-Free Rate and further align the Bitcoin and Core blockchains. Already, about 55% of Bitcoin mining hash power is being actively delegated to Core, helping to secure its 100+ dapps boasting $135M in TVL and 50k+ DAU. Dual Staking is set to further solidify Core’s transformation of Bitcoin from a mere store of value into a secure, yield-bearing asset.

Launched in April 2024, the Core network’s Non-Custodial Bitcoin Staking enabled Bitcoin holders to earn yield on their Bitcoin without giving up custody of their coins, for the first time ever. This Bitcoin-native yield sets a new benchmark for all of Bitcoin finance, establishing the Bitcoin “Risk-Free Rate” akin to the U.S. dollar’s “risk-free” bond rate or Ethereum’s staking rate. In its first few months of operation, over ~5k Bitcoin valued at ~$309M (at the time of writing) have been staked with the Core network, earning the Risk-Free Rate, paid out in CORE tokens. Based on the popularity of Bitcoin staking, the mechanism is getting another upgrade with the full implementation of Bitcoin x CORE Dual Staking.

Once live, Bitcoin stakers will have the opportunity to stake both Bitcoin and their CORE rewards to earn higher rates. While Bitcoin holders can continue to stake their Bitcoin tokens for the base Risk-Free Rate, holders staking CORE tokens alongside Bitcoin can earn “Dual-Staker Rates.” Furthermore, Bitcoin stakers who commit to long-term staking (duration to be determined) will receive higher rewards than those who stake for shorter periods. This development can close the economic loop between Bitcoin and Core, establishing clearer value for Bitcoin staking rewards and alignment between the two blockchains.

“Core acts as a second block reward provider for Bitcoin. In exchange for  security provision, Core rewards Bitcoin participants with CORE tokens. With Dual Staking, those CORE token rewards take on even greater importance,” said Rich Rines, contributor to Core DAO. “Dual Staking introduces an additional incentive to security that’s provided simultaneously to Core and Bitcoin.”

Industry analysts see Dual Staking as a significant step for Core’s value proposition, as its native CORE asset becomes a keystone of Bitcoin finance. Dual-Staking closes the economic loop between Bitcoin and Core. Bitcoin yield is in high demand. As demand continues to grow, CORE tokens may be the entry point for the most desirable Bitcoin-native yields.

The Bitcoin Risk-Free Rate is just one of many financial primitives Core is promising to deliver to Bitcoin. The broader vision is one where Core hosts the end-to-end BTCfi experience, comprising multiple layers and dapps designed to maximize Bitcoin’s utility and security. The Core blockchain can enable faster, cheaper, and more scalable financial rails for the Bitcoin asset, while also helping Bitcoin miners secure the base Bitcoin network. This unique symbiosis is how Core contributors envision unlocking Bitcoin into the premier global financial asset.

Disclaimer: The term ‘risk-free rate’ refers to the yield generated without counterparty risk within the protocol. However, it does not account for external risks such as private key management, market volatility, or potential smart contract vulnerabilities.

About Core

Core is a Bitcoin-powered blockchain unlocking EMV-Compatible BTCfi beginning with the first ever implementation of Non-Custodial BTC Staking and the world’s first yield bearing BTC ETP. Core is the most Bitcoin-aligned EVM blockchain with ~55% of Bitcoin mining hash power contributing to the network’s security and over  4,800 BTC natively staked  in exchange for unlocking Bitcoin utility and rewards. This breakthrough has amassed millions of Core adopters – over 19M unique addresses and 265M transactions since its mainnet launch in January 2023.

About Core Foundation

The Core Foundation is a nonprofit foundation dedicated to fostering development across the Core blockchain ecosystem. Core Foundation continues to fund grants, invest in projects, and form partnerships to foster growth and innovation on the Core blockchain. As a Bitcoin-powered blockchain, Core unlocks EMV-Compatible BTCfi, beginning with the first-ever implementation of Non-Custodial BTC Staking.

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Filed under: News - @ July 25, 2024 5:30 pm