Core Chain’s Vision Paper highlights how BTCfi will open the door to a trillion-dollar Bitcoin economy
Cayman Islands, Cayman Islands, February 27th, 2024, Chainwire
- Solutions for Bitcoin Scaling: The paper presents a range of technological solutions aimed at scaling the Bitcoin ecosystem without altering its foundational base layer
- Beyond Layer 2: Highlighting the limitations of existing Bitcoin layer 2 solutions, the paper argues for a novel approach that builds directly on top of Bitcoin to achieve scalability, while addressing capital efficiency, liquidity issues, and other barriers to mass adoption
- Unlocking Bitcoin’s DeFi Potential: Core Chain’s vision paper proposes a strategic roadmap to unlock Bitcoin’s vast potential within the DeFi ecosystem, aiming to transform Bitcoin from a passive store of value into an active, productive asset both on Bitcoin L1 and in DeFi
Core Chain, a leading blockchain technology company, has released a vision paper titled “Unlocking Bitcoin DeFi,” which outlines a groundbreaking approach to integrating Bitcoin with the decentralized finance (DeFi) ecosystem. The research presents a strategic roadmap for leveraging Bitcoin’s vast, untapped potential, effectively opening the gateway to a trillion-dollar Bitcoin economy.
In the vision paper, Core Chain introduces innovative solutions such as non-custodial Bitcoin staking and Core-native wrapped bitcoin (coreBTC), aimed at transforming Bitcoin from a passive store of value into an active, productive asset within the DeFi space. These advancements are set to revolutionize the way Bitcoin interacts with decentralized applications, making it a cornerstone of the burgeoning DeFi economy.
“Unlocking Bitcoin DeFi is not just about enhancing the utility of Bitcoin; it’s about reshaping the future of finance. The vision paper lays the foundation for a trillion-dollar Bitcoin economy, where Bitcoin’s value is fully realized and accessible to everyone, everywhere. We are on the cusp of a new financial revolution, and Core Chain is leading the way,” said Rich Rines, an Initial Contributor at Core Chain.
Bridging Bitcoin with DeFi
The paper emphasizes the importance of bridging the gap between Bitcoin and DeFi to unlock a new realm of financial innovation and liquidity. By leveraging Core Chain’s unique Satoshi Plus consensus mechanism and its integration with Ethereum Virtual Machine (EVM)-compatible smart contracts, Core Chain is paving the way for Bitcoin holders to actively participate in DeFi markets without compromising on security or custody.
A New Economic Paradigm
With approximately $1 trillion worth of Bitcoin in circulation, the potential for growth and innovation within the Bitcoin DeFi ecosystem is immense. Core Chain’s vision paper sheds light on the transformative impact that unlocking this value could have on the global financial landscape, heralding a new era of economic freedom, innovation, and opportunity.
Core-native Wrapped Bitcoin (coreBTC)
A key highlight of the vision paper is the introduction of coreBTC, a Core-native wrapped bitcoin that addresses the centralization and trust issues associated with traditional wrapped Bitcoin solutions. coreBTC enables seamless interoperability between Bitcoin and other blockchain networks, facilitating a wide range of DeFi applications and services while adhering to the principles of decentralization and trustlessness.
About Core Chain
Core Chain is a Bitcoin-powered layer one blockchain for EVM-Compatible smart contracts. It uses a novel Satoshi Plus consensus mechanism, integrating the best aspects of Proof of Work and Proof of Stake. With 50% of Bitcoin mining hash power participating in consensus in exchange for unlocking Bitcoin utility and rewards, Core Chain is becoming the most Bitcoin-aligned EVM chain (BTCfi, Bitcoin staking, and more). This breakthrough has amassed a massive community of 2.2M Twitter followers, 250k Discord members, etc which has translated into millions of CORE holders, over 14M unique addresses, and 225M transactions since its mainnet launch a year ago.
