TL;DR
- Core Chain, a Bitcoin-powered layer-one blockchain, has introduced non-custodial BTC staking, marking the first time in history that Bitcoin has become a yield-earning asset. This is made possible by Core Chain’s unique consensus mechanism, Satoshi Plus, which combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS).
- The new advancement boosts the Ethereum Virtual Machine (EVM)-friendly blockchain, allowing traders to stake Bitcoin without having to wrap the token or give up control of their assets. This is achieved by using Bitcoin’s Hash timelock technology.
- Core Chain, in partnership with DeFi Technologies Inc.’s subsidiary Valour, has unveiled groundbreaking Exchange Traded Products (ETPs), including the unique Yield Bearing BTC ETP and the Core ETP. These ETPs represent a milestone for Bitcoin by offering active yields through Core Chain.
Core Chain, a Bitcoin-powered layer-one blockchain, has introduced non-custodial BTC staking. This innovative feature marks the first time in history that Bitcoin (BTC) has become a yield-earning asset. Historically, BTC holders have not been able to stake their tokens.
Staking, which rewards users with a percentage yield over some time, has traditionally been exclusive to proof-of-stake blockchains. However, Core Chain’s unique consensus mechanism, called Satoshi Plus, combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS), allowing BTC holders to earn yield.
The new advancement boosts the Ethereum Virtual Machine (EVM)-friendly blockchain. Traders can now stake Bitcoin without having to wrap the token or give up control of their assets. By using Bitcoin’s Hash timelock technology, non-custodial BTC staking eliminates the need for trusting a third party, wrapping assets, or exiting the Bitcoin Network.
Core Chain and DeFi Technologies: A Powerful Partnership
Core Chain, in partnership with DeFi Technologies Inc.’s subsidiary Valour, has unveiled groundbreaking Exchange Traded Products (ETPs). Among these are the unique Yield Bearing BTC ETP and the Core ETP. The Yield Bearing BTC ETP represents a milestone for Bitcoin by offering active yields through Core Chain’s block rewards, enhancing the cryptocurrency’s utility while remaining on the network.
Valour Inc. is set to oversee a validator node on the Core Blockchain to improve network security and efficiency. The company intends to invest $200 million in BTC, strengthening the partnership’s dedication to merging traditional finance with blockchain technology.
According to Olivier Roussy Newton, CEO of DeFi Technologies, the evolution of digital assets is currently at a critical juncture. The lines between traditional finance and decentralized finance are increasingly becoming indistinct.
The introduction of yield-bearing opportunities to Bitcoin through Exchange Traded Products (ETPs) is not only enhancing Bitcoin’s utility but also providing investors with innovative ways to interact with the world’s leading cryptocurrency.
This partnership is set to transform the perception of Bitcoin as an investment asset within the digital asset landscape, by enabling Bitcoin to generate native returns through non-custodial BTC staking, a feature powered by Core Chain.
