CoreDAO introduces native staking to Bitcoin

CoreDAO is bringing native staking to Bitcoin via Core Chain. There are two objectives behind this: one is to tap into the trapped Bitcoin liquidity, which is estimated to be around a trillion dollars, and the second is to put ideal BTC tokens to work. The latter rather serves the majority of the purpose for BTC holders, for they can earn a yield on staking. Additionally, Bitcoin holders have a chance to win rewards in CORE tokens.

What could work well for Core Chain is the fact that it enables users to access staking without having to leave the network. Bitcoin is the oldest cryptocurrency that constantly seeks extensions in its utility. Hence, entering the ecosystem where Delegated Proof of Stake and Delegated Proof of Work meet is a pivotal moment.

Staking BTC natively on a network previously required holders to wrap their tokens on other chains, say Ethereum. Now, a non-custodial staking mechanism enables holders to earn benefits natively, with benefits largely referred to as rewards in CORE tokens.

Core is backed by 28 validators, including DAO Mining Pool, OKXEarn, and Bitget. Core extends the benefit to include stCORE, allowing users to put their liquid staking tokens to work and earn rewards without having to lock their respective assets.

That said, CORE is currently down by 3.46% in the last 24 hours, listed at $1.97 while drafting this article. It further reflects a slip of 9.59% in the last 7 days; however, the current value is massively up by 247.95% in the last 30 days. Bitcoin is beginning to enter the bull run ahead of Halving, which could happen on April 20, 2024. BTC is exchanging hands at $64,621.31, a surge of 5.05% in the last 24 hours.

Core Chain is also making headlines for its association with Valour Asset Management. VAM has launched its ETP, an acronym for exchange-traded products. Through CoreDAO, investors can gain exposure to Bitcoin’s native yield. This has brought a commitment from Valour to serve as a validator node on Core Blockchain, along with a plan to stake approximately $100 million in BTC.

VAM has said that the ETP product introduces a new era for Bitcoin, adding that it is an actively yielding investment that utilizes the block rewards of the Core Chain.

CoreDAO is bringing native staking to Bitcoin through Core Chain. The community has marked this as a pivotal moment, especially because it rolls out rewards in CORE tokens. While the native crypto is currently down, Bitcoin is experiencing a reversal trend to its correction just before the much-anticipated Halving event. It is linked to the historical context of causing a price surge.

Combining that with Core Chain’s attempts to carry forward the momentum, it is very likely the CORE token may eventually surpass the milestone of $2 and then $3.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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