Core Foundation announces the launch of coreBTC on Core Chain, the Bitcoin-secured and EVM-compatible blockchain. coreBTC is a wrapped version of Bitcoin native to Core Chain, maintaining a 1:1 peg with BTC through a secure and trustless mechanism. This integration not only upholds Bitcoin’s security but also significantly adds to the asset’s use cases within DeFi, opening up new avenues for asset utilization.
“coreBTC provides a Bitcoin-equivalent in DeFi, allowing Bitcoin holders to maintain their asset’s value while accessing a variety of DeFi applications on the Core blockchain. It is a solution that bridges the gap between Bitcoin’s security and the endless possibilities of DeFi. The goal is to empower Bitcoin holders with new ways to use their assets, and it is a step forward in building a more inclusive and decentralized financial ecosystem,” — Rich Rines, Core contributor.
coreBTC has several key features and capabilities that set it apart in the DeFi space. It offers a 1:1 BTC peg, ensuring a stable and reliable representation of Bitcoin on Core Chain. Its decentralized infrastructure leverages a network of Lockers, Guardians, Liquidators, Porters, and Relayers for enhanced security and integrity. Additionally, coreBTC is an ERC-20 token compatible with the EVM ecosystem, facilitating quick and efficient participation by developers.
coreBTC is designed for long-term Bitcoin holders who are interested in DeFi and institutions holding Bitcoin who seek to diversify their blockchain portfolio and explore DeFi utilities. It offers a trustless mechanism where wrapped assets are secured through smart contracts and overcollateralization. This means that the value of the collateral exceeds the value of the wrapped assets, ensuring their security without relying on intermediaries. coreBTC provides a secure and transparent way for users to engage with the DeFi ecosystem while maintaining the integrity of their Bitcoin holdings. For more information on the specifics of the wrapping mechanism behind coreBTC, please visit unlockingbitcoindefi.com.
Read the official docs to learn more.
The Core blockchain network is a Bitcoin-powered layer-one blockchain for EVM-Compatible smart contracts. With ~50% of Bitcoin mining hash power contributing to Core’s security in exchange for unlocking Bitcoin utility and rewards, Core is the most Bitcoin-aligned EVM blockchain (BTCfi, Bitcoin staking, and more). This breakthrough has amassed a massive community of 2.2M Twitter followers and 250k Discord members which has translated into millions of Core adopters, over 15M unique addresses, and 230M transactions since its mainnet launch in January 2023.