核心：L1 區塊鏈釋放比特幣 (BTC) 未來去中心化金融 (DeFi) 的潛力

在比特幣的去中心化金融（BTCFi）生態系統中，Core 是一條由比特幣驅動、兼容 EVM 的 L1 區塊鏈，其安全性由

Core, a decentralized finance (DeFi) blockchain built on Bitcoin, recently unveiled the Fusion upgrade, introducing two pivotal products: Core Dual Staking and Core LstBTC. This upgrade marks a significant step in Core's mission to enhance the participation options for institutions within the BTCFi landscape.

Core 是一個基於比特幣構建的去中心化金融（DeFi）區塊鏈，最近推出了 Fusion 升級，推出了兩款關鍵產品：Core Dual Stake 和 Core LstBTC。此次升級標誌著 Core 增強 BTCFi 領域機構參與選項的使命邁出了重要一步。

At the heart of Core's innovation lies its unique Satoshi Plus consensus, which combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS). DPoW enables Bitcoin miners to allocate their hash power on the Bitcoin mainnet via syntax like OP_Return, delegating it to preferred validation nodes to earn CORE token rewards.

Core 創新的核心在於其獨特的 Satoshi Plus 共識，它結合了委託工作量證明 (DPoW) 和委託權益證明 (DPoS)。 DPoW 使比特幣礦工能夠透過 OP_Return 等語法在比特幣主網上分配算力，將其委託給首選驗證節點以獲得 CORE 代幣獎勵。

In this way, Core not only gains protection from Bitcoin miners but also supplements their earnings, especially crucial in the scenario of reduced Bitcoin block rewards, where Core's block rewards fill the post-halving reward gap.

這樣，Core 不僅獲得了比特幣礦工的保護，還補充了他們的收入，這在比特幣區塊獎勵減少的情況下尤其重要，Core 的區塊獎勵填補了減半後的獎勵缺口。

On the other hand, the DPoS in Satoshi Plus consensus empowers CORE token holders to contribute to network security by delegating their CORE to validation nodes.

另一方面，Satoshi Plus 共識中的 DPoS 使 CORE 代幣持有者能夠透過將其 CORE 委託給驗證節點來為網路安全做出貢獻。

This enables participation in the election of these validators and earns CORE token rewards for securing the chain. The key to this mechanism is the "hybrid score," which selects the top 27 validators by calculating delegated hash and delegated shares, updated every 24 hours, ensuring the decentralization and stability of the network.

這樣就可以參與這些驗證者的選舉，並獲得 CORE 代幣獎勵來保護鏈的安全。該機制的關鍵是“混合評分”，透過計算委託雜湊值和委託份額來選出前 27 名驗證者，每 24 小時更新一次，確保網路的去中心化和穩定性。

The third crucial component of Satoshi Plus consensus is non-custodial Bitcoin staking. Since its launch in April 2024, the delegated amount of Core blockchain validators has exceeded 9,000 Bitcoins.

Satoshi Plus 共識的第三個關鍵組成部分是非託管比特幣質押。自2024年4月上線以來，Core區塊鏈驗證人的委託數量已超過9,000個比特幣。

This method centers around absolute time locks, a Bitcoin native feature that allows holders to lock their Bitcoins for a predefined period during which they cannot be spent.

這種方法以絕對時間鎖定為中心，這是比特幣的一種本機功能，允許持有者將其比特幣鎖定在預定的時間內，在此期間不能使用它們。

When Bitcoins remain locked on the Bitcoin blockchain, stakers delegate these Bitcoins to elect Core validators, who secure Core and earn CORE token rewards. Through this process, Bitcoin holders receive daily CORE token rewards without relinquishing custody of their assets or incurring counterparty risk.

當比特幣保持鎖定在比特幣區塊鏈上時，利益相關者將這些比特幣委託給核心驗證者，後者將保護核心並獲得核心代幣獎勵。透過這個過程，比特幣持有者每天可以獲得 CORE 代幣獎勵，而無需放棄對其資產的託管或承擔交易對手風險。

It is noteworthy that Core has a deep connection with the Bitcoin community, particularly with miners and Bitcoin holders. This distinguishes Core from other Bitcoin L2 or sidechain projects.

值得注意的是，Core 與比特幣社群有著深厚的聯繫，特別是與礦工和比特幣持有者。這將 Core 與其他比特幣 L2 或側鏈項目區分開來。

Over 75% of the global mining hash power supports the Core network through Delegated Proof of Work (DPoW), contributing hash power to on-chain validation nodes, thereby earning security rewards.

全球超過75%的挖礦算力透過委託工作量證明（DPoW）支援核心網絡，為鏈上驗證節點貢獻算力，從而獲得安全獎勵。

The zero-risk, non-asset transfer nature of non-custodial Bitcoin staking has led many large Bitcoin holders and institutions to trust Core's technology and delegate their Bitcoins to validation nodes, maintaining network security.

非託管比特幣質押的零風險、非資產轉移性質使得許多大型比特幣持有者和機構信任 Core 的技術，並將其比特幣委託給驗證節點，從而維護網路安全。

Unlike other Bitcoin projects, Core places greater emphasis on meeting Bitcoin holders' concerns regarding security and practical needs while providing yield opportunities.

與其他比特幣項目不同，Core 更注重滿足比特幣持有者對安全和實際需求的擔憂，同時提供收益機會。

Key Points of the Fusion Upgrade: Introduction of Dual Staking and LstBTC

Fusion升級要點：雙重Stake和LstBTC的引入

With the approval of Bitcoin spot ETFs in January and the results of the U.S. elections in November, the cryptocurrency industry has once again reached a peak of attention.

隨著1月比特幣現貨ETF核准以及11月份美國大選結果出爐，加密貨幣產業再次達到關注高峰。

The traditional financial sector has been seeking more flexible ways to participate in Bitcoin. Against this backdrop, on November 19, Core further launched the Fusion upgrade.

傳統金融領域一直在尋求更靈活的方式參與比特幣。在此背景下，11月19日，Core進一步推出Fusion升級。

The Fusion upgrade enhances Core's BTCFi ecosystem through Core Dual Staking and LstBTC, providing institutions with more efficient participation pathways.

Fusion升級透過Core Dual Stake和LstBTC增強了Core的BTCFi生態系統，為機構提供了更有效率的參與途徑。

The introduction of the dual staking product aims to address the balance of community reward distribution issues that may arise when Bitcoin stakers lock their assets and receive CORE token rewards through validation nodes during the non-custodial staking process.

雙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 代幣獎勵時可能出現的社群獎勵分配平衡問題。

Especially in cases where institutions stake large amounts of Bitcoin, the released CORE rewards will correspondingly increase. Based on this context, to encourage Bitcoin stakers to re-stake the CORE rewards they receive back to validation nodes, dual staking enhances user participation willingness by offering higher annual percentage yields (APY).

尤其是在機構大量質押比特幣的情況下，釋放的CORE獎勵也會隨之增加。基於此背景，為了鼓勵比特幣質押者將收到的 CORE 獎勵重新質押回驗證節點，雙重質押透過提供更高的年收益率（APY）來增強用戶參與意願。

Dual staking is divided into four tiers, with the yield ratio varying based on the ratio of staked CORE to Bitcoin. They are Base, which is 0 CORE:1 BTC; Boost, which is 1,000 CORE:1 BTC; Super, which is 3,000 CORE:1 BTC; and Satoshi, which is 8,000 CORE:1 BTC, with the latter tier receiving the highest yield ratio.

雙重質押分為四級，收益率會根據質押的 CORE 與比特幣的比率而變化。它們是Base，即0 CORE：1 BTC； Boost，即 1,000 CORE:1 BTC； Super，即3000 CORE：1 BTC； Satoshi 為 8,000 CORE:1 BTC，後者的收益率最高。

The foundation of dual staking is the further development of the non-custodial Bitcoin staking launched in April, allowing Bitcoin stakers to earn higher validation node rewards by staking CORE tokens; on the other hand, it also incentivizes CORE token holders to earn higher staking rewards by holding and staking small amounts of Bitcoin (with a minimum participation of 0.01 BTC) compared to single staking of CORE tokens.

雙質押的基礎是4月份推出的非託管比特幣質押的進一步發展，讓比特幣質押者透過質押CORE代幣獲得更高的驗證節點獎勵；另一方面，與單次質押 CORE 代幣相比，它也激勵 CORE 代幣持有者透過持有和質押少量比特幣（最低參與 0.01 BTC）來獲得更高的質押獎勵。

Through this staking mechanism, Core has further strengthened its alignment with Bitcoin, allowing many institutions to explore Bitcoin yield possibilities while maintaining the security and sustainability of the Core blockchain.

透過這種質押機制，Core 進一步加強了與比特幣的結合，讓許多機構能夠探索比特幣收益的可能性，同時保持 Core 區塊鏈的安全性和可持續性。

Overall, the Fusion upgrade has a significant and favorable impact on the entire Core ecosystem. Before the Fusion upgrade, Delegated Proof of Work had already attracted over half of the total Bitcoin hash power.

整體而言，Fusion升級對整個Core生態系統具有重大且有利的影響。在 Fusion 升級之前，委託工作量證明已經吸引了超過一半的比特幣算力。