核心：比特幣驅動、EVM 相容的 L1 區塊鏈釋放 BTC 潛力

在比特幣去中心化金融（BTCFi）生態系統中，Core 是一個比特幣驅動、相容 EVM 的 L1 區塊鏈，驗證節點由礦工維護

Core, a Bitcoin-driven, EVM-compatible L1 blockchain in the BTCFi ecosystem, combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS) in its innovative Satoshi Plus consensus. This approach provides Bitcoin holders with long-term and robust income opportunities. Currently, about 75% of the world's Bitcoin mining hash power contributes to Core's model through DPoW. Additionally, over 9,000 Bitcoins have participated in its staking through non-custodial Bitcoin staking. Core aims to unlock the potential of Bitcoin, making it the main protector and core asset of decentralized finance in the future.

Core 是 BTCFi 生態系統中比特幣驅動、相容 EVM 的 L1 區塊鏈，在其創新的 Satoshi Plus 共識中結合了委託工作量證明 (DPoW) 和委託權益證明 (DPoS)。這種方法為比特幣持有者提供了長期且強勁的收入機會。目前，全球約75%的比特幣挖礦算力透過DPoW貢獻給Core的模型。此外，超過 9,000 個比特幣透過非託管比特幣質押參與了質押。 Core旨在釋放比特幣的潛力，使其成為未來去中心化金融的主要保護者和核心資產。

On November 19, Core completed the Fusion upgrade and introduced two innovative products: Core Dual Staking and Core LstBTC. This article will analyze the important changes in this upgrade and explore the institutional adoption trend of BTCFi.

11月19日，Core完成Fusion升級，推出兩款創新產品：Core Dual Stake和Core LstBTC。本文將分析本次升級的重要變化，並探討BTCFi的機構採用趨勢。

Core is based on its innovative Satoshi Plus consensus mechanism, in which the DPoW mechanism allows Bitcoin miners to settle hash power on the Bitcoin mainnet through syntax such as OP_Return and delegate it to the preferred verification node to earn CORE token rewards. In this way, Core not only obtains the protection of Bitcoin miners, but also increases the income of miners, especially in the context of the reduction of Bitcoin block rewards, Core's block rewards make up for the reward vacancy after halving.

Core基於其創新的Satoshi Plus共識機制，其中DPoW機制允許比特幣礦工透過OP_Return等語法在比特幣主網上結算算力，並將其委託給首選驗證節點以獲得CORE代幣獎勵。這樣，Core不僅獲得了比特幣礦工的保護，還增加了礦工的收入，特別是在比特幣區塊獎勵減少的背景下，Core的區塊獎勵彌補了減半後的獎勵空缺。

On the other hand, the Delegated Proof of Stake (DPoS) in the Satoshi Plus consensus allows CORE token holders to support network security by delegating CORE to validation nodes. They can then participate in the election of these validators and receive CORE token rewards for securing the chain. The key to this mechanism is the "mixed score", which selects the top 27 validators by calculating the delegated hash and delegated stake, and is updated every 24 hours to ensure the decentralization and stability of the network.

另一方面，Satoshi Plus共識中的委託權益證明（DPoS）允許CORE代幣持有者透過將CORE委託給驗證節點來支援網路安全。然後他們可以參與這些驗證者的選舉，並獲得 CORE 代幣獎勵以保護鏈的安全。該機制的關鍵是“混合分數”，透過計算委託雜湊值和委託權益來選出前 27 名驗證者，並每 24 小時更新一次，以確保網路的去中心化和穩定性。

The third important component of the Satoshi Plus consensus is non-custodial Bitcoin staking, which has delegated more than 9,000 Bitcoin to Core blockchain validators since its launch in April 2024. The approach centers around absolute timelocks, a Bitcoin native feature that allows holders to lock their Bitcoin for a predefined period of time during which it cannot be spent. While Bitcoin remains locked on the Bitcoin blockchain, stakers delegate that Bitcoin to elect Core validators, who secure Core and are rewarded with CORE tokens. Through this process, Bitcoin holders are rewarded with CORE tokens every day without giving up custody of their assets or taking on counterparty risk.

Satoshi Plus 共識的第三個重要組成部分是非託管比特幣質押，自2024 年4 月推出以來，已將超過9,000 個比特幣委託給Core 區塊鏈驗證者。是一種比特幣原生功能，允許持有者鎖定他們的比特幣在預定的時間內不能使用。雖然比特幣仍然鎖定在比特幣區塊鏈上，但利益相關者委託比特幣選舉核心驗證者，後者保護核心並獲得 CORE 代幣獎勵。透過這個過程，比特幣持有者每天都會獲得 CORE 代幣獎勵，而無需放棄資產託管或承擔交易對手風險。

It is worth noting that Core has deep connections with the Bitcoin community, especially miners and Bitcoin holders. This makes Core different from other Bitcoin L2 or sidechain projects. More than 75% of the global mining hash power provides support to the Core network through Delegated Proof of Work (DPoW), contributing computing power to the verification nodes on the chain, and then receiving security rewards. The zero-risk and asset-free nature of non-custodial Bitcoin staking has made many large Bitcoin holders and institutions willing to trust Core's technology and entrust their Bitcoin to verification nodes to maintain the security of the network. Unlike other Bitcoin projects, Core pays more attention to meeting their concerns about security and practical needs when providing Bitcoin holders with income opportunities.

值得注意的是，Core 與比特幣社區，尤其是礦工和比特幣持有者有著深厚的聯繫。這使得 Core 與其他比特幣 L2 或側鏈項目不同。全球超過75%的挖礦算力透過委託工作量證明（DPoW）為核心網路提供支持，為鏈上的驗證節點貢獻算力，進而獲得安全獎勵。非託管比特幣質押的零風險和無資產性質，使得許多大型比特幣持有者和機構願意信任Core的技術，並將其比特幣委託給驗證節點來維護網路的安全。與其他比特幣項目不同，Core在為比特幣持有者提供收益機會時，更注重滿足他們對安全性和實際需求的擔憂。

In January this year, the Bitcoin spot ETF was approved, and in November the results of the US election were released. Subsequently, the cryptocurrency industry once again became a hot topic. The traditional financial community has been looking for more flexible ways to participate in Bitcoin.

今年1月，比特幣現貨ETF獲批，11月美國大選結果出爐。隨後，加密貨幣產業再次成為熱門話題。傳統金融界一直在尋找更靈活的方式參與比特幣。

In this context, Core further launched the Fusion upgrade on November 19. The Fusion upgrade enhances Core's BTCFi ecosystem through Core dual staking and LstBTC, and also provides institutions with a more efficient way to participate.

在此背景下，Core於11月19日進一步推出Fusion升級。

Among them, the launch of the double pledge product aims to solve the problem of balanced distribution of community rewards that may be caused by Bitcoin pledgers locking their assets and receiving CORE token rewards through verification nodes during the non-custodial pledge process. Especially when institutions pledge a large amount of Bitcoin, the released CORE rewards will increase accordingly. Based on this background, in order to encourage Bitcoin pledgers to re-stake the received CORE rewards to the verification nodes, double pledge increases user participation willingness by providing a higher annualized rate of return (APY). Double pledge is divided into four levels, and the profit ratio varies according to the ratio of the number of staked COREs to Bitcoin. They are Base, that is, 0 CORE: 1 BTC; Boost, that is, 1,000 CORE: 1 BTC; Super, that is, 3,000 CORE: 1 BTC; Satoshi, that is, 8,000 CORE: 1 BTC, this level will get the highest profit ratio.

其中，雙重質押產品的推出旨在解決比特幣質押者在非託管質押過程中鎖定資產並透過驗證節點獲得CORE代幣獎勵可能導致的社群獎勵分配均衡問題。尤其是當機構質押大量比特幣時，釋放的CORE獎勵也會隨之增加。基於這樣的背景，為了鼓勵比特幣質押者將收到的CORE獎勵重新質押到驗證節點，雙重質押透過提供更高的年化收益率（APY）來增加用戶的參與意願。雙重質押分為四個級別，依質押的CORE數量與比特幣的比例不同，收益比例也不同。它們是Base，即0 CORE：1 BTC； Boost，即1000 CORE：1 BTC； Super，即3000 CORE：1 BTC； Satoshi，即8000 CORE：1 BTC，這個等級會獲得最高的獲利比例。

The basis for the dual staking operation is to further develop the non-custodial Bitcoin staking launched in April, allowing Bitcoin stakers to receive higher

雙重質押操作的基礎是進一步發展 4 月推出的非託管比特幣質押，讓比特幣質押者獲得更高的收益