核心：L1 区块链释放比特币 (BTC) 未来去中心化金融 (DeFi) 的潜力

在比特币的去中心化金融（BTCFi）生态系统中，Core 是一条由比特币驱动、兼容 EVM 的 L1 区块链，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 是一个基于比特币构建的去中心化金融（DeFi）区块链，最近推出了 Fusion 升级，推出了两款关键产品：Core Dual Stake 和 Core LstBTC。此次升级标志着 Core 增强 BTCFi 领域机构参与选项的使命迈出了重要一步。

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 创新的核心在于其独特的 Satoshi Plus 共识，它结合了委托工作量证明 (DPoW) 和委托权益证明 (DPoS)。 DPoW 使比特币矿工能够通过 OP_Return 等语法在比特币主网上分配算力，将其委托给首选验证节点以获得 CORE 代币奖励。

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.

这样，Core 不仅获得了比特币矿工的保护，还补充了他们的收入，这在比特币区块奖励减少的情况下尤其重要，Core 的区块奖励填补了减半后的奖励缺口。

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 共识中的 DPoS 使 CORE 代币持有者能够通过将其 CORE 委托给验证节点来为网络安全做出贡献。

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.

这样就可以参与这些验证者的选举，并获得 CORE 代币奖励来保护链的安全。该机制的关键是“混合评分”，通过计算委托哈希值和委托份额来选出前 27 名验证者，每 24 小时更新一次，保证网络的去中心化和稳定性。

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 共识的第三个关键组成部分是非托管比特币质押。自2024年4月上线以来，Core区块链验证人的委托数量已超过9,000个比特币。

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.

这种方法以绝对时间锁定为中心，这是一种比特币原生功能，允许持有者将其比特币锁定在预定的时间内，在此期间不能使用它们。

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.

当比特币保持锁定在比特币区块链上时，利益相关者将这些比特币委托给核心验证者，后者将保护核心并获得核心代币奖励。通过这个过程，比特币持有者每天可以获得 CORE 代币奖励，而无需放弃对其资产的托管或承担交易对手风险。

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 与比特币社区有着深厚的联系，特别是与矿工和比特币持有者。这将 Core 与其他比特币 L2 或侧链项目区分开来。

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.

全球超过75%的挖矿算力通过委托工作量证明（DPoW）支持核心网络，为链上验证节点贡献算力，从而获得安全奖励。

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.

非托管比特币质押的零风险、非资产转移性质使得许多大型比特币持有者和机构信任 Core 的技术，并将其比特币委托给验证节点，从而维护网络安全。

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

与其他比特币项目不同，Core 更注重满足比特币持有者对安全和实际需求的担忧，同时提供收益机会。

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

Fusion升级要点：双重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.

随着1月份比特币现货ETF获批以及11月份美国大选结果出炉，加密货币行业再次达到关注高峰。

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.

传统金融领域一直在寻求更灵活的方式参与比特币。在此背景下，11月19日，Core进一步推出Fusion升级。

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

Fusion升级通过Core Dual Stake和LstBTC增强了Core的BTCFi生态系统，为机构提供了更高效的参与途径。

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.

双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 代币奖励时可能出现的社区奖励分配平衡问题。

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).

尤其是机构大量质押比特币的情况下，释放的CORE奖励也会相应增加。基于此背景，为了鼓励比特币质押者将收到的 CORE 奖励重新质押回验证节点，双重质押通过提供更高的年收益率（APY）来增强用户的参与意愿。

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.

双重质押分为四级，收益率根据质押的 CORE 与比特币的比率而变化。它们是Base，即0 CORE：1 BTC； Boost，即 1,000 CORE:1 BTC； Super，即3000 CORE：1 BTC； Satoshi 为 8,000 CORE:1 BTC，后者的收益率最高。

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.

双质押的基础是4月份推出的非托管比特币质押的进一步发展，让比特币质押者通过质押CORE代币获得更高的验证节点奖励；另一方面，与单次质押 CORE 代币相比，它也激励 CORE 代币持有者通过持有和质押少量比特币（最低参与 0.01 BTC）来获得更高的质押奖励。

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.

通过这种质押机制，Core 进一步加强了与比特币的结合，让许多机构能够探索比特币收益的可能性，同时保持 Core 区块链的安全性和可持续性。

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.

总体而言，Fusion升级对整个Core生态系统具有重大且有利的影响。在 Fusion 升级之前，委托工作量证明已经吸引了超过一半的比特币算力。