The Core Foundation, the organization behind the Core blockchain, has announced a major initiative aimed at accelerating blockchain development and innovation. The three-month initiative, called the Core Commit Program, will begin on October 14, 2024. The initiative aims to support developers through funding, expert guidance, and valuable connections to over 100 venture capital firms, including big names like Google. , UTXO, Foresight Ventures, and Faction.
The program will allocate a total of $75,000 worth of CORE tokens to participating developers. This distribution occurs monthly, with $25,000 awarded based on developer performance and achievement of major project milestones. The Core Foundation introduced non-custodial Bitcoin staking in April 2024, and will continue to support the blockchain industry, especially as the platform continues to lead Bitcoin staking and decentralized finance (BTCfi). We started this program at a critical moment in evolution.
Core Foundation representatives said the Core Commit Program will empower developers by providing essential resources, mentorship and guidance needed to build impactful decentralized applications (dApps) on the Core blockchain. He emphasized that it is designed to empower. This initiative is seen as an important step in promoting sustainable development, giving developers the tools they need to not only succeed but also scale their projects.
As Core’s BTCfi ecosystem grows
The launch of the Core Commit program coincides with the rapid expansion of the BTCfi ecosystem on the Core blockchain. Core’s BTC staking service has shown strong user adoption with nearly 5,000 Bitcoins staked on the platform since its launch. The service provides Bitcoin holders with a risk-free return mechanism, further increasing the appeal of decentralized financial solutions built on Core. Additionally, the platform boasts a Total Value Locked (TVL) of over $400 million and has over 80,000 daily active users.
Developers interested in joining the Core Commit program have a one-month application period from October 14 to November 14, 2024. To be rewarded for the program, the project must be open source and developers are expected to: Demonstrate measurable progress by submitting commits of your code via GitHub. The program concludes with Demo Day. Demo days allow teams to present their projects to potential investors and may provide additional funding opportunities.
Support from core ventures and renowned mentors
Core Ventures, the investment arm of the Core Foundation, plays a key role in the Core Commit program by providing practical guidance to developers. The program’s mentor roster includes industry leaders such as Mike Silagadze, CEO and founder of Etherfi; Thomas Cheng, Managing Director and Head of Global Sales, BitGo. Jess Jonas, Chief Legal Officer, Bitcoin Legal Defense Fund. Grace Li, Strategic Industry Business Development Manager at Google. and Min Kim, Web3 Marketing Specialist. Through their involvement, participants are expected to gain valuable insights and expertise on blockchain development, marketing, and regulatory compliance.
This initiative aims to not only attract new developers, but also provide them with the mentorship and funding they need to create impactful solutions that can scale within the core ecosystem. This strategic support will help ensure the successful development of projects that further enhance the usefulness of the core blockchain.
Strengthen your core position in the blockchain environment
The launch of the Core Commit program underscores the Core Foundation’s commitment to growing the ecosystem and solidifying its position in the broader blockchain industry. As the first blockchain to offer self-custodial Bitcoin staking, Core has already established itself as the leading infrastructure provider for Bitcoin’s evolving utility. Since April 2024, the platform has processed over 5,500 BTC staking worth over $300 million, underscoring its importance in the cryptocurrency space.
Core is currently recognized as the most Bitcoin-aligned Ethereum Virtual Machine (EVM) blockchain, and its reach extends far beyond Bitcoin staking. Since mainnet launch in January 2023, Core has acquired over 21 million unique addresses, processed over 279 million transactions, and accumulated over $420 million in TVL. These milestones reflect the platform’s growing influence and potential to shape the future of decentralized finance.
Strategically promoting the introduction of BTCfi
Through the Core Commit program, the Core Foundation aims to drive innovation and increase adoption of BTCfi solutions. By providing developers with the necessary support and resources, the program will be able to further expand its core ecosystem and maintain its leadership in decentralized finance. As the program progresses, it will be important to note how it impacts both the blockchain landscape and the intersection of Bitcoin and DeFi.
