Bitcoin Staking Currently Achievable with Core Chain
It is no longer necessary to wrap Bitcoin to stake it since Core Chain currently offers non-custodial Bitcoin staking.
Core Chain, a Bitcoin-enhanced layer-one blockchain, permits investors to stake their Bitcoin, something that Bitcoin holders have not done.
Those who stake tokens are rewarded a percentage yield over a specific period. Mostly, this yield is in the single digits.
The situation has infamously been restricted to proof-of-stake blockchains. Bitcoin utilizes proof-of-work, preventing traders from staking their tokens.
Bitcoin Holders Accessing Satoshi Plus
Core Chain currently permits Bitcoin holders to acquire yield by being part of Satoshi Plus, its consensus mechanism. Satoshi Plus incorporates Delegated Proof of Stake (DPoS) and Delegated Proof of Work (DPoW).
Core Chain noted that allowing users to stake Bitcoin is the next phase in bolstering the Ethereum Virtual Machine-consistent blockchain.
To a certain extent, traders could have earlier staked Bitcoin in case they did not mind losing their assets’ custody or wrapping the token. Core Chain’s current offerings do not require these conditions, making it a ‘unique’ non-custodial Bitcoin staking.
Valor, DeFi Technology Inc.’s subsidiary, has also revealed the unveiling of a yield bearing Bitcoin exchange traded product (ETP) and a novel Core exchange traded product in partnership with the Core Foundation.
The release shows that the yield-bearing Bitcoin exchange-traded product will yield directly from the block rewards by Core Chain.
Expanded Access to Core Staking
On the other hand, the Core exchange-traded product will expand stakeholder access to Core’s staking opportunities via indirect exposure. Olivier Roussy Newton, DeFi Technology’s chief executive officer, said they are at a critical moment in the digital asset revolution.
In this case, the borders between decentralized and traditional finance are merging.
Unveiling yield-producing opportunities to Bitcoin via exchange-traded products means they improve its utility and provide investors with new means to engage with the world’s leading cryptocurrency.
Valour will also direct a validator node on the Core Blockchain, claiming it intends to stake Bitcoin worth $100M via the new non-custodial Bitcoin staking product.
Core Chain Unveils Breakthrough Projects
Concerning Core, this happens after some good months. Last month, the Core Foundation unveiled the Core Venture Network, which pledged $15M for developers across Latin America, Southeast Asia, and Africa.
One month afterwards, Core revealed a new nonfungible token (NFT) marketplace to run natively on its blockchain. It also unveiled CoreBTC to link Bitcoin to the Core Chain. Later, its CORE token rose 218% within a week.
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