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DeFi Technologies Staking Over $100 Million Worth of BTC on Core Chain

DeFi Technologies, a publicly listed Canadian fintech firm, recently announced its plan to stake over $100 million worth of BTC on Core Chain. This move, as revealed in the company’s June 11 announcement, involves staking 1,498 BTC on the network. Additionally, DeFi Technologies has established a Core Chain validator node, allowing it to function as an independent validator on the network.

This announcement comes on the heels of the firm’s decision to adopt Bitcoin as its primary treasury reserve asset, starting with the purchase of 110 BTC.

Bitcoin Staking on Core Chain

Core Chain, a Layer-1 blockchain compatible with the Ethereum Virtual Machine and powered by Bitcoin, offers BTC miners and stakers the opportunity to earn yield through its innovative consensus mechanism, Satoshi Plus. This mechanism combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS).

Network validators play a crucial role in transaction validation and block production in this framework. By launching its node, DeFi Technologies will enhance transaction processing, boost network performance, and earn rewards for staking Bitcoin.

Traditionally, staking rewards are associated with proof-of-stake blockchains like Ethereum. Bitcoin, operating on a proof-of-work mechanism, does not inherently support token staking. However, Core Chain’s innovative approach enables non-custodial Bitcoin staking, allowing Bitcoin holders to earn yield without giving up custody of their tokens.

CEO Olivier Roussy Newton emphasized the significance of this initiative, underlining the company’s dedication to the DeFi ecosystem and partnership with the Core Foundation. He expressed, “By staking 1,498 BTC and participating in network consensus, we are furthering our mission to connect traditional finance with cutting-edge blockchain technology, leveraging Bitcoin’s potential.”

DeFi Technologies’ involvement will significantly boost the staked BTC on Core Chain, which currently amounts to 2,813 BTC according to the Core Chain website.

How AI legalese decoder Can Help

The AI legalese decoder tool can assist users in navigating the complex legal terminologies and agreements that may be involved in DeFi Technologies’ staking of BTC on Core Chain. By utilizing this tool, individuals can decode and interpret legal documents, ensuring a clear understanding of the terms and implications of such transactions. This can be particularly valuable in the context of DeFi and blockchain technology, where legal nuances and implications play a crucial role in decision-making.

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