Core Chain Introduces Dual Staking Model to Increase Bitcoin Revenue

Bittime – Core Foundation has just announced a new innovation in its ecosystem. They will introduce a dual staking model for Core Chain. The following is a detailed explanation.

Bitcoin Staking System Development

This double staking model from Core Chain is a development of the Bitcoin staking system without a custodian which has been running since the beginning of this year.

With this new model, users can increase their earning potential by staking both Bitcoin and CORE tokens simultaneously.

Since its launch in April, Core Chain's custodial Bitcoin staking system has managed to withdraw around 5000 Bitcoins, equivalent to a value of around 309 million US dollars.

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CORE Coin as a Staking Incentive

Core DAO also announced that they will use CORE tokens as incentives for staking participants. This is in line with Core Chain's vision as a second block reward provider for Bitcoin.

Since mainnet launch in January 2023, Core Chain has experienced rapid growth with over 19 million unique addresses and has processed over 260 million transactions.

Additionally, it is estimated that around 55% of the total Bitcoin mining computing power has been delegated to the Core Chain, providing a high level of security for the network.

With the introduction of a dual staking model, Core Chain aims to increase user participation, strengthen network security, and accelerate the growth of its ecosystem.

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Impact Analysis of the Core Chain Dual Staking Model

Core Chain's introduction of a dual staking model is a strategic move to increase its appeal to Bitcoin holders and strengthen its ecosystem. However, several factors need to be considered to assess the long-term impact of this innovation:

• Increased Income: The dual staking model provides an opportunity for users to increase their earning potential by combining Bitcoin and CORE staking.
• Ecosystem Strengthening: By encouraging more users to stake, Core Chain can strengthen the network and improve security.
• CORE Token Adoption: This model could increase demand for CORE tokens, potentially driving the price up and expanding the user base.

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Core Chain Dual Staking Model Challenge

The following are some of the challenges of the dual staking model issued by Core Chain.

• Additional Risks: Users who double stake may face higher risks in the event of a decline in the price of one or both assets.
• Competition with Other Platforms: Core Chain needs to continue to innovate and improve its services to remain competitive with other staking platforms that offer similar features.
• Liquidity Availability: An increase in the number of tokens locked in staking can affect market liquidity. Core Chain needs to ensure sufficient token supply to maintain price stability.

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Future Outlook for Core Chain

The success of a dual staking model will depend on several factors, including:

• Reward Rate: Core Chain's ability to offer competitive rewards compared to other staking platforms will be key to attracting users.
• Network Security: Core Chain must continue to prioritize network security to protect user assets.
• Ecosystem Development: Integration with decentralized applications (dApps) and other projects can expand the utility of the CORE token and attract more users.

Conclusion

Core Chain's dual staking model is an innovative move that could strengthen the platform's position in the blockchain industry.

However, to reach its full potential, Core Chain needs to overcome existing challenges and continue to innovate to meet evolving user needs.

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