Core Fusion Upgrade Introduces Dual Staking And Liquid Bitcoin Staking

Murtuza Merchant

November 20, 2024

The Core Foundation on Wednesday announced the Fusion Upgrade, a significant development for its blockchain platform, aiming to improve Bitcoin staking for a diverse range of users, including financial institutions and individual investors.

What Happened: The upgrade introduces Dual Staking and Liquid Staked Bitcoin (LstBTC), two features designed to increase staking rewards and address liquidity challenges, marking a new phase for the platform's role in Bitcoin-focused decentralized finance (DeFi).

Dual Staking enables users to earn enhanced rewards by staking both Bitcoin and CORE (CRYPTO: CORE) tokens, potentially offering higher returns.

Meanwhile, LstBTC, an ERC-20 token pegged 1:1 with Bitcoin, allows holders to maintain liquidity while earning daily CORE token rewards.

Also Read: Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency

This feature seeks to resolve a long-standing issue in DeFi by balancing staking benefits with liquidity needs.

"This upgrade delivers scalability and yield enhancements that will not only improve the experience for current stakers but also attract new participants," said Rich Rines, an Initial Contributor to Core.

The Core blockchain has already secured over 7,600 BTC through its non-custodial staking protocol and claims support from approximately 75% of Bitcoin's hash rate.

The blockchain has a total value locked (TVL) exceeding $650 million and over 300 million transactions processed.

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Image: Shutterstock

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