Core Chain Revolutionizes BTC Staking

The cryptocurrency landscape is witnessing a significant evolution with the introduction of Bitcoin staking on the Core Chain blockchain. Traditionally, Bitcoin, which operates on a proof-of-work (PoW) mechanism, has not offered the ability for investors to stake their coins and earn yields, a feature commonly associated with proof-of-stake (PoS) blockchains.

Core Chain has pioneered a groundbreaking approach by integrating Bitcoin into its staking model through the Satoshi Plus consensus mechanism. This hybrid system combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS), offering Bitcoin holders the unprecedented opportunity to stake their BTC directly without the need to wrap their tokens or relinquish custody.

This innovation represents a leap forward in blockchain technology, especially for Bitcoin, enhancing its functionality beyond traditional transactional uses. Core Chain’s development is positioned as a first-of-its-kind non-custodial BTC staking option, aiming to fortify the blockchain’s resilience and expand its capabilities within the Ethereum Virtual Machine (EVM) ecosystem.

In conjunction with this technological advancement, DeFi Technologies Inc.’s subsidiary, Valour, has announced the launch of a yield-bearing BTC exchange-traded product (ETP) and a novel Core ETP. These products are designed to leverage the block rewards from Core Chain to provide direct yield opportunities and broader access to Core’s staking features through indirect exposure.

Olivier Roussy Newton, CEO of DeFi Technologies, highlighted the transformative potential of these developments in bridging the gap between traditional finance and decentralized finance. According to Newton, these ETPs enhance Bitcoin’s utility and offer investors innovative ways to interact with the world’s leading cryptocurrency.

Valour’s involvement extends beyond product offerings, as it plans to manage a validator node on the Core Blockchain and commit a significant amount of BTC to the staking initiative, with plans to stake up to $100 million.

The introduction of staking capabilities on Core Chain follows several other successful initiatives, including the launch of the Core Venture Network, which allocated $15 million to support developers in regions such as Africa, Latin America, and Southeast Asia. Additionally, Core recently introduced a native NFT marketplace and launched CoreBTC, further bridging Bitcoin with its blockchain, leading to a substantial increase in the value of its CORE token.

As Core continues to innovate, it not only enhances the value proposition of Bitcoin but also strengthens the broader cryptocurrency ecosystem, demonstrating the dynamic and evolving nature of digital assets.