Core, a proof-of-stake blockchain built on Bitcoin, has surpassed $260 million in dual-staked assets as institutional interest in Bitcoin-based decentralized finance (DeFi) continues to grow.
Core’s initial contributor, Rich Rines, told Cointelegraph that as of April 7, over 44 million Core tokens have been dual-staked with 3,140 Bitcoin (BTC). At the time of writing, the assets are worth about $260 million.
Core’s dual-staking model lets Bitcoin holders earn higher yields with CORE tokens. While users can stake BTC at a lower rate, those who stake BTC with Core tokens get an enhanced yield.
“Dual Staking can multiply base staking rewards over 15 times, depending on how many CORE tokens are staked,” Core said in a statement.
Core’s new milestone highlights growing demand for Bitcoin staking
The latest milestone was driven in part by institutional investors integrating Core’s staking model into their platforms.
Core Foundation said that major custodians like BitGo, Copper and Hex Trust have enabled their clients to gain access to the protocol by integrating dual staking. Core added that it had partnered with Maple Finance for a structured asset that uses Core’s dual-staking to generate yield.
Rines told Cointelegraph that institutions have been crucial catalysts to the early success of its dual staking model. He said the model unlocks new opportunities for institutions.
“This shift has broader implications for the Bitcoin ecosystem. Historically, institutional BTC holdings required paying custody fees without generating yield,” Rines told Cointelegraph.
He added that by integrating Core’s staking model, institutions can turn Bitcoin into a yield-bearing asset that offsets costs and unlocks new capital efficiencies.
At the time of writing, Core holds the biggest total value locked (TVL) among Bitcoin sidechains. Footprint analytics puts Core’s TVL above $400 million, with a market share of 28%.
Distribution of chain TVLs among Bitcoin sidechains. Source: Footprint Analytics
Related: Bitcoin ETFs lose $326M amid ‘evolving’ dynamic with TradFi markets
Bitcoin becoming “productive”
The Core team said the increase in the number of dual-staked CORE tokens highlights how the product fulfills its design. Rines told Cointelegraph:
“The 44 million+ CORE tokens dual-staked to date show real adoption of the model. It reflects that users, both retail and institutional, are actively looking to put their Bitcoin to work securely and sustainably.”
Rines emphasized that Core’s dual-staking system offers a sustainable utility for long-term Bitcoin holders without requiring them to relinquish custody.
“This is Bitcoin becoming productive, not by trusting third parties, but by participating in a system designed to reward real alignment and long-term engagement,” Rines said.
Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
Read the full article here
Follow us on Google News to get the latest Updates
