GEORGE TOWN, Cayman Islands, October 30, 2024 (Globe Newswire) — Core Foundation, the organization dedicated to growing Core’s leading BTCfi ecosystem, announces the addition of Solv to its validator set . This is an important step to strengthen security and security. Decentralization of the core blockchain ecosystem. The move comes as the network continues to expand its footprint in the Bitcoin staking and BTCfi space.
Validators on the core blockchain play a critical role in maintaining the integrity of the network. They validate transactions, generate new blocks, and ensure that the blockchain complies with its rules and protocols. Solv, the leading Bitcoin staking platform, helps protect the core ecosystem. Their selection as validators underscores Core’s commitment to building a robust and secure network.
This addition comes after Solv recently announced that it had successfully raised $11 million at a valuation of $200, bringing its total funding to $25 million. The new capital claims to drive mass adoption of Bitcoin staking and facilitates the expansion of the Staking Abstraction Layer (SAL). The round included participation from Nomura subsidiary Laser Digital, Blockchain Capita, OKX Ventures, and Core Ventures, the strategic venture arm of Core blockchain. Solv Protocol’s SolvBTC product has over 20,000 BTC ($1.3 billion) staked across 10 major blockchain networks. Most recently, in early October, Core and Solv partnered to launch SolvBTC.CORE, a Bitcoin liquid staking token, and within two hours, 500 SolvBTC was staked into SolvBTC.CORE. Contributing to this traction is Core Ignition Drop, an incentive platform that allows participants to further increase their earnings through DeFi activities.
“At Solv, we are excited to work with Core as a validator and help secure the next wave of Bitcoin innovation. With SolvBTC.CORE, users can maintain full liquidity and taps while Now you can stake your Bitcoin and earn real yield.” Our Staking Abstraction Layer (SAL) simplifies and standardizes Bitcoin staking. SolvBTC.CORE is one of the first products introduced within the SAL framework and is a testament to our mission to make Bitcoin staking accessible to everyone. ” Ryan Chow, co-founder and CEO of Solv Protocol.
Core’s unique approach to security combines Bitcoin mining power with Ethereum-compatible blockchain infrastructure. Approximately 55% of Bitcoin’s mining hash power contributes to securing the Core. Core operates using the Satoshi Plus consensus mechanism. This is an innovative model that integrates Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS). This allows the core to support smart contract execution and decentralized applications while benefiting from Bitcoin’s established security.
The role of validators is not just about security. Through epoch-based election cycles, validators like Solv are elected based on the Bitcoin and CORE tokens staked in their favor and the Bitcoin hashing power delegated to them. Validators receive rewards for their efforts and share these rewards with delegators who stake CORE tokens or provide hashing power.
With the addition of Solv, Core aims to further decentralize the network while increasing blockchain reliability and stability. As Core continues to grow, these collaborations highlight growing confidence in the network’s security model and attract both organizational and individual participants.
Core launched non-custodial Bitcoin staking in April 2024, allowing users to earn risk-free returns by locking up their Bitcoin in time-locked contracts without giving up their custodials. . The product has seen significant adoption, with approximately 5,000 Bitcoins staked, as it offers Bitcoin holders the opportunity to generate income without additional risk. Additionally, the BTCfi ecosystem on Core is already growing, with a TVL of over $400 million and over 80,000 daily active users. Core’s ecosystem supports DeFi applications, staking, payments, gaming, NFTs, and more, all built on the secure foundation of Bitcoin.
This latest development marks a significant milestone for Core as it seeks to strengthen its position as a secure blockchain platform aligned with Bitcoin.
About the core
Core will serve as a proof-of-stake layer for Bitcoin, as the first enabler of self-custodial Bitcoin staking, ensuring a fully EVM-compatible BTCfi ecosystem. Since April 2024, over 6,000 BTC worth over $394 million has been staked on Core, enhancing Bitcoin’s utility and security.
Core is the most Bitcoin-aligned EVM blockchain, with approximately 55% of Bitcoin mining hash power contributing to the network’s security. This breakthrough advances millions of cores since mainnet launch in January 2023, including more than 22.5 million unique addresses, more than 292 million transactions, and more than 444 million TVLs. Recruits have gathered.
