Looking for more yield? “Dual Staking” may be the answer for bitcoiners

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Core is upgrading its bitcoin staking model

The Core Foundation announced on Thursday its adopting a new “Dual Staking” model for its 18-month-old Bitcoin-powered blockchain and staking protocol Core.

For some bitcoin holders, all they want to do is hold their crypto as a “store of value” and in hopes it accrues in value (which for most, at current price levels, it has.)

But for other bitcoin holders, some want to actually use it as a yield-bearing asset, Rich Rines, initial contributor at Core DAO said on Talking Tokens podcast.

(Listen to the episode on Spotify, Apple Podcasts or YouTube.)

“Dual Staking has come into play,” Rines said on the podcast. “There’s now a bilateral economic relationship between bitcoin and Core where bitcoin stakers can earn higher yield by staking CORE tokens.”

The Dual Staking model follows Core network’s April 2024 launch of its non-custodial bitcoin staking, which allows holders to earn yield on their bitcoin without giving away custody of their tokens.

The mission structure for Core is to build a “long term sustainable deal” to be paid out over decades, Rines said. And its mission has brought in attention from bitcoin holders.

Within three months, about 5,000 bitcoin, worth about $332.6 million at the time of writing, has been staked with the Core network and earning its yield, which is paid out in the chain’s native token CORE.

Now, bitcoin stakers are getting an upgrade and will have the opportunity to stake both their bitcoin and CORE-earned yield, in turn they can earn higher rates, Rines noted.

“This is really important because the idea is sustainability in symbiosis between these 2 ecosystems,” Rines said. “That is what will keep both operating in the long run.”

“It’s important that bitcoin has these new options that aren’t destroying the narrative of what bitcoin has worked so hard to put into place in the last 15 years,” he added. “It’s an exciting day for the folks in the core ecosystem and now the bitcoin ecosystem as well.”

Check out the next section for more details and the full episode.

The latest Talking Tokens podcast 🎙️

For this week’s Thursday episode, I interviewed Rich Rines, initial contributor at Core DAO.

We talk about Core Foundation’s new Dual Staking model, the growth of BTCfi, scaling the Bitcoin ecosystem and more.

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday. Listen in!

Make sure to subscribe to keep up with the latest episodes. Feel free to leave a review and tell us your thoughts.

Monitoring blockchains

Looking at some of the biggest developments onchain.

• Finance-focused blockchain Provenance has integrated Range, a security infra provider, into its network for users to utilize for institutional-grade security on web3 projects

• ICYMI: Coinbase’s Base blockchain hit over 4M in daily transactions and had greater than 25M weekly transactions, according to a post on X by the Creator of Base, Jesse Pollak

Taking on the tokens 

The total crypto market cap decreased 4.5% in the past 24-hours to $2.31 trillion. It lowered 2.9% over a 7-day period.

As for the largest cryptocurrencies by market cap…

These metrics were taken prior to publication on Thursday morning EST.

Other numbers we’re eyeing…

• Mt. Gox has moved $3 billion bitcoin to new wallet and about $130 million to Bitstamp Exchange to begin creditor payout process

Money and people moves

Latest updates on crypto startups that secured funding and industry players who are starting something new.

1. Bitcoin Rewards App Fold Eyes Nasdaq Listing Via $365M SPAC Deal (CoinDesk)

2. Bitcoin mining firm Riot Platforms acquires Block Mining in $92.5 million deal to expand operations (The Block)

3. Bitcoin Reward Firm Fold to Go Public Via Betsy Cohen SPAC (Bloomberg)

4. Caldera, a rollup-focused platform, raised $15M in a Series A round led by Founders Fund to help scale Ethereum

5. Galaxy Asset Management raises $113M for new crypto venture (Cointelegraph)

Talking points for the road 

Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.) 

1. Ethereum has less short-term price potential than bitcoin, QCP Capital analysts say (The Block)

2. Ferrari extends cryptocurrency payment system to Europe after US launch (Reuters)

3. US spot ETH ETFs surpassed $100M in net inflow on its first day of trading

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.