Kieran Dennis 🔸
@KieranPDennis
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Investor @AmityVentures || Contributor @Coredao_Org 🔸 || BC 🦅 || Views are my own
Joined June 2020
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Core Chain: Unlocking Bitcoin DeFi is a must-read for anyone who loves Bitcoin. It sets a clear path from Bitcoin first principles to a scalable self-sovereign financial future.
Here’s the TLDR ⬇️
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.
@APompliano
shouted out
@Coredao_Org
in his newsletter today 🔶
Referring to Core tackling Non-Custodial BTC Staking, Pomp noted, “If the problem is solved, then there is billions of dollars that will be allocated to bitcoin from yield-seeking investors.”
That’s a big deal
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Over 1,000 BTC Staked with Core Chain
HUGE DAY FOR BITCOIN x CORE
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Fixed it up a lil 😉 (Credit:
@GoldfishDeFi
)
Man was that Token2049 keynote wild
@richrines
@Coredao_Org
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Non Custodial BTC Staking:
Still Your Keys. Still Your Coins.
Unreal Unlock 🔓🟧〰️🔶
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How is Core Chain good for Bitcoin?
Some very quick points:
(a) Core Chain enables BTC to be moved on parallel, still-Bitcoin-secured blockspace while still rewarding Bitcoin miners; more space, same incentives.
(b) Core Chain increases utility for BTC as BTC gains more
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Non-Custodial BTC Staking
Non-Custodial: HODL
- Your BTC never leaves the BTC chain - still your keys, still your coins.
BTC Staking: EARN
- Your BTC serves as a vote for Core validators, who give you a cut of their rewards for securing Core
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Stay self-sovereign
Stake BTC with Core Chain
Self-Custodial BTC Staking
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It's going to be wild looking back at this
@MessariCrypto
report on Core Chain in 10 years and seeing that Non-Custodial BTC Staking was merely a roadmap mention.
Super excited for the Messari followup post when BTC staking goes live 🔓🟧
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I've been reading
@twobitidiot
's newsletter for years, so it's pretty surreal to see Core front and center on today's insights
Good work team
@MessariCrypto
!
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Core's BTC Staking is wild:
Keep your BTC locked on BTC
While unlocking yield
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DeFi Summer 2.0:
BTCFi Summer
DeFi Summer -> NFT Autumn -> Crypto Winter -> Inscriptions Spring -> BTCFi Summer
More on BTCFi Summer here:
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Road to 100%
1/
@SpiderPool_com
joins Satoshi Plus consensus
Core is now receiving ~50% of all Bitcoin mining hash power to power security 🧵 👇
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The CORE token airdrop reached ~2x as many addressees as there are total on Stacks today
Currently at 15M+ total addresses
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"If Wall Street’s financial system won’t build for Bitcoin, then Bitcoin will have to build a financial system for itself." - Pantera Capital
They're right
#BTCFi
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Core Chain is top 25 in Dapp Users (WAU) (DappRadar link in replies)
Far and a way the most used Bitcoin dapp scaling solution 🔶
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Here are a few answers for Core Chain:
1) Non-Custodial BTC Staking + EVM-Compatible Bitcoin DeFi (BTCFi).
2) Supplemental CORE rewards + Expanding their protection to new ecosystems.
3) Building a full self-sovereign financial system for a self-sovereign asset.
4) Satoshi Plus
Core contributor
@richrines
just posed four questions for anyone evaluating Bitcoin scaling solutions:
1) What is it doing for Bitcoin holders?
2) What is it doing for Bitcoin miners
3) What are the projects doing for their users and ecosystem?
4) What are the trust assumptions
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Great report from Messari on Core 🔶
Highly recommend checking it out
Understanding Core Chain
Core Chain is a scaling and programmability solution for Bitcoin with
- Satoshi Plus consensus
- EVM execution environment
-
@Coredao_Org
governance
- coreBTC
Read the report for free 👇
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This is the greatest thing I’ve ever seen 💀
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Goal of BTCFi on is to build the best UX for BTC mass adoption.
1) BTC should be on fully programmable rails with complete EVM-Compatibility & Turing Completeness
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Core contributor
@richrines
just posed four questions for anyone evaluating Bitcoin scaling solutions:
1) What is it doing for Bitcoin holders?
2) What is it doing for Bitcoin miners
3) What are the projects doing for their users and ecosystem?
4) What are the trust assumptions
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The Bitcoin Builder Renaissance is here, and it’s happening on Core Chain.
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Core - Bitcoin Alignment
Wisconsin is known for cheese 🧀
What's your chain known for?
Optimism - superchain
Arbitrum - defi chain
Polygon - everything chain
Immutable - game chain
Base - builder chain
Zora - art chain
Blast - yield chain
Mantle - staking chain
Solana - meme chain
idk u tell me
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2020: DeFi Summer
2021: NFT Autumn
2022: Crypto Winter
2023: Inscriptions Spring
Is 2024 summertime again? BTC DeFi?
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So, swapping BTC on the base chain for a BTC-equivalent asset on Core Chain is cryptographically secured like transactions on the Bitcoin base chain.
With Non-Custodial Bitcoin Staking, coreBTC, and HTLC Atomic Swaps coming to Core Chain, the stage is set for Bitcoin DeFi.
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Core = BTCfi
Any better ideas folks?
The more succinct the description, the more memorable the association.
Bitcoin: p2p cash
Celestia: modular
Cosmos: appchains
Cryptopunks: pfps
Doge: meme
That's why you have to be 1st to your category.
Followers have to add differentiation.
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Is there any reason why restaking is fundamentally more suitable for Ethereum than Bitcoin?
Is there any reason why restaking is fundamentally more suitable for Ethereum than Solana?
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Putting the pieces together:
Non-custodial BTC staking to Bitcoin-aligned scaling solutions 💪🔶
Biggest buzzwords at ETHDenver 2024:
1) Crypto x AI
2) Bitcoin L2s
3) Restaking
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DeFi on Bitcoin would be nice, but not if it puts the world’s most important asset at risk.
That resolution led to Bitcoin layers, which don’t build on Bitcoin, but rather on top of Bitcoin.
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At a deep level, a blockchain can be most usefully described as a network of aligned incentives stewarding the security of a system or systems.
Under that criteria, the Bitcoin blockchain is a network of incentive-aligned stakeholders stewarding the security of the BTC asset.
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BTCFi 💪
Bitcoin L2 & DeFi will be the hottest narrative this cycle wif hat
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Magical to celebrate Bitcoin Pizza Day at the
@BitcoinSeries
event
Thanks to
@_austin_f
and
@Dr_DAO_
for a great conversation 🔓🟧
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This is relatively simple: Network participants like miners either honestly uphold BTC’s asset integrity or waste their time and energy.
This simplicity has given BTC with the strongest incentive-alignment, making it the most incorruptible asset w/ a massive security budget.
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Again, Bitcoin is an asset secured by aligned incentives. So, the question should not be, 'How do we build on top of the Bitcoin base layer?' but rather 'How do we expand Bitcoin incentive-alignment beyond the mere Bitcoin asset and onto a DeFi platform?'
The answer: Core Chain
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@JakeBlockchain
Absolute time locks are underutilized
Non-Custodial BTC Staking w Core is the non-degen application of this lol
Lock up BTC w absolute time locks to earn CORE rewards for contributing to Core security 🔶🦾
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Nothing is more important than securing the BTC asset.
But that importance comes with a well known cost: Purposeful limitations.
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This has been a huge unlock for miners, allowing them to extend their services beyond only protecting the BTC asset. Plus, by helping to secure Core Chain’s EVM ecosystem, miners earn more rewards, which they can then use to further secure both the BTC asset and Core Chain.
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Core Chain is the first Bitcoin-aligned EVM blockchain, designed to be Bitcoin’s complementary and hyper-scalable smart contract platform.
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And now, the Unlocking Bitcoin DeFi paper introduces a third leg of Satoshi Plus consensus:
Non-Custodial BTC staking.
Any BTC holder can earn rewards by helping to secure Core Chain while never taking their coins off the Bitcoin base chain. Still your keys. Still your coins.
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With both Bitcoin miners and BTC holders contributing to and being rewarded by Satoshi Plus consensus, Core Chain inherits Bitcoin’s aligned incentives while being unrestricted in terms of scalability.
Full EVM-Compatibility secured by Bitcoin.
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Now, having aligned with miners and BTC hodlers, Core Chain can adopt coreBTC, a Core-native BTC token that is trustlessly bridged directly from the Bitcoin base chain.
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🔓₿
Core Chain: Unlocking Bitcoin DeFi is a must-read for anyone who loves Bitcoin. It sets a clear path from Bitcoin first principles to a scalable self-sovereign financial future.
Here’s the TLDR ⬇️
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Designed to work in conjunction with (rather than on top of) Nakamoto Consensus, Core Chain’s Satoshi Plus consensus combines Delegated Proof of Work and Delegated Proof of Stake to incorporate Bitcoin miners and CORE users in Core Chain security.
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And for any skeptics who don’t want to bridge at all, but still want access to Bitcoin-secured DeFi, HTLC Atomic Swaps are also coming.
Atomic Swaps enable trustless, peer-to-peer exchange of tokens between Core Chain and other blockchains, including (and especially) Bitcoin.
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Just as Core Chain represents the gold standard in Bitcoin-Alignment, coreBTC represents the gold standard of trustless BTC extension. No centralized intermediary here - just immutable code.
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This unlocks ~$1T in passive value tied up in BTC to contribute to the security budget of a Bitcoin-Aligned DeFi ecosystem.
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Fundamentally, the problem with many L2s is misalignment. That’s a big problem for a technology whose core value prop is its unique incentive alignment.
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But this has been like fitting a square peg in a round hole. L2s can do all they want on their layer, but sooner or later, they need to conform to the rules of the L1. And, ultimately, the L1 defends the BTC asset. It doesn’t care about your smart contracts.
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With coreBTC, the BTC asset can live natively on a Bitcoin-secured EVM platform.
The new currency for DeFi has arrived and it’s BTC.
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Having been used on Bitcoin for years, HTLCs are a proven way to ensure that:
1. Either both parties gain access to the other’s funds, or
2. Neither party does.
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@reganbozman
This sentiment could be part of the reason BTC is getting so much hype. There’s 0 pretense in BTC. We know what it does. It sits there. And we love it for that.
Maybe this cycle is about recognizing that crypto is 90% BTC and everything should operate under that assumption.
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@DylanoA4
One of the most relevant dead thinkers today
“Anxiety is the dizziness of freedom” 😵💫🇺🇸
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check out pomp's full piece here:
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@Breedlove22
@GuyTalksFinance
"Sometimes the simplest things are the hardest to understand" - Thomas Aquinas (paraphrased (basically))
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@JakeBlockchain
Very global, largely non western. Lots of community members in Nigeria and Indonesia. Asia, Africa, and LatAm are the main continents at this point.
Happy to chat and get u up to speed on all things Core 🔸🙌
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Laser weeding robot kills up to 100,000 weeds per hour
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@DecentraSuze
The pet rock narrative - once it becomes apparent that Bitcoin has more practical use-cases than gold, that's a huge unlock
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@CobraBitcoin
Can we do both? Keep Bitcoin focused on its core value prop while leveraging that base to build more experimental systems around it?
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@NassimMamri
@Coredao_Org
Core Chain becoming the de facto DeFi platform for all BTC users
Bitcoin is the partner you want to have in this space 💪
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@proofofjk
From a security budget standpoint, Bitcoin will be king - potential to unlock ~$1T in staked BTC when done correctly
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The Core-powered BTC ETP is headlining
@APompliano
's newsletter today
The Bitcoin world is waking up!
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@DecentraSuze
Definitely expect it to be apparent to you 🦾
I mean apparent to normies & institutions
Ex. ETFs hold BTC as a pet rock rn, but soon that BTC will be used to secure external systems via BTC staking, granting it undeniable utility as a productive yield-bearing asset.
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@signal21btc
@Stacks
@rootstock_io
@build_on_bob
@BitlayerLabs
This is sweet! Stoked for Core to be added soon 🔸
Lmk if I can help with any data needs
Good place to start:
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@RussellOkung
True and love the message, but nonetheless hilarious coming from a pro athlete
Someone tell Adam Silver that Jontay Porter wasn't gambling 🤣
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