核心：比特币驱动、EVM 兼容的 L1 区块链释放 BTC 潜力

在比特币去中心化金融（BTCFi）生态系统中，Core 是一个比特币驱动、兼容 EVM 的 L1 区块链，验证节点由矿工维护

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 生态系统中比特币驱动、与 EVM 兼容的 L1 区块链，在其创新的 Satoshi Plus 共识中结合了委托工作量证明 (DPoW) 和委托权益证明 (DPoS)。这种方法为比特币持有者提供了长期而强劲的收入机会。目前，全球约75%的比特币挖矿算力通过DPoW贡献给Core的模型。此外，超过 9,000 个比特币通过非托管比特币质押参与了质押。 Core旨在释放比特币的潜力，使其成为未来去中心化金融的主要保护者和核心资产。

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升级，推出两款创新产品：Core Dual Stake和Core LstBTC。本文将分析本次升级的重要变化，并探讨BTCFi的机构采用趋势。

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基于其创新的Satoshi Plus共识机制，其中DPoW机制允许比特币矿工通过OP_Return等语法在比特币主网上结算算力，并将其委托给首选验证节点以获得CORE代币奖励。这样，Core不仅获得了比特币矿工的保护，还增加了矿工的收入，特别是在比特币区块奖励减少的背景下，Core的区块奖励弥补了减半后的奖励空缺。

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共识中的委托权益证明（DPoS）允许CORE代币持有者通过将CORE委托给验证节点来支持网络安全。然后他们可以参与这些验证者的选举，并获得 CORE 代币奖励以保护链的安全。该机制的关键是“混合分数”，通过计算委托哈希值和委托权益来选出前 27 名验证者，并每 24 小时更新一次，以保证网络的去中心化和稳定性。

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 共识的第三个重要组成部分是非托管比特币质押，自 2024 年 4 月推出以来，已将超过 9,000 个比特币委托给 Core 区块链验证者。该方法以绝对时间锁为中心，这是一种比特币原生功能，允许持有者锁定他们的比特币在预定的时间内不能使用。虽然比特币仍然锁定在比特币区块链上，但利益相关者委托比特币选举核心验证者，后者保护核心并获得 CORE 代币奖励。通过这个过程，比特币持有者每天都会获得 CORE 代币奖励，而无需放弃资产托管或承担交易对手风险。

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 与比特币社区，尤其是矿工和比特币持有者有着深厚的联系。这使得 Core 与其他比特币 L2 或侧链项目不同。全球超过75%的挖矿算力通过委托工作量证明（DPoW）为核心网络提供支持，为链上的验证节点贡献算力，进而获得安全奖励。非托管比特币质押的零风险和无资产性质，使得许多大型比特币持有者和机构愿意信任Core的技术，并将其比特币委托给验证节点来维护网络的安全。与其他比特币项目不同，Core在为比特币持有者提供收益机会时，更注重满足他们对安全性和实际需求的担忧。

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，比特币现货ETF获批，11月美国大选结果出炉。随后，加密货币行业再次成为热门话题。传统金融界一直在寻找更灵活的方式参与比特币。

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于11月19日进一步推出Fusion升级。Fusion升级通过Core双质押和LstBTC增强了Core的BTCFi生态，也为机构提供了更高效的参与方式。

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，双重质押产品的推出旨在解决比特币质押者在非托管质押过程中锁定资产并通过验证节点获得CORE代币奖励可能导致的社区奖励分配均衡问题。尤其是当机构质押大量比特币时，释放的CORE奖励也会相应增加。基于这样的背景，为了鼓励比特币质押者将收到的CORE奖励重新质押到验证节点，双重质押通过提供更高的年化收益率（APY）来增加用户的参与意愿。双重质押分为四个级别，根据质押的CORE数量与比特币的比例不同，收益比例也不同。它们是Base，即0 CORE：1 BTC； Boost，即1000 CORE：1 BTC； Super，即3000 CORE：1 BTC； Satoshi，即8000 CORE：1 BTC，这个级别会获得最高的盈利比例。

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

双重质押操作的基础是进一步发展 4 月份推出的非托管比特币质押，让比特币质押者获得更高的收益