Core Chain Introduces Dual Staking Model for Bitcoin

The Core Foundation has unveiled a dual staking model for Core, built upon the system launched by the organization earlier this year, reports Decrypt.

This non-custodial model allows holders of the first cryptocurrency to enhance their yields by staking both Bitcoin and CORE, according to a press release.

Core acts as a secondary reward provider for digital gold stakers, where participants receive native tokens in exchange for securing the protocol.

Users can continue to send only the first cryptocurrency to the contract at a basic “risk-free rate.” Traders who incorporate CORE into this process can expect “dual staking rates.”

More attractive terms are offered for longer asset lock-up periods.

According to the project’s calculations, since the functionality’s launch, the protocol has attracted 5000 BTC (~$309 million). The EVM-compatible network boasts over 19 million unique addresses and has processed more than 260 million transactions.

Back in December 2023, the Babylon project, focused on using digital gold for staking, raised $18 million. In February, developers launched a test network and announced an NFT giveaway for early users.