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Stake Core with Kiln, enterprise-grade staking
Core Chain
What is Core Chain?
Core Chain is a Bitcoin-powered, EVM-compatible Layer 1 blockchain with smart contracts that enables BTC staking, a feature traditionally unavailable to Bitcoin holders.
Core Chain uses a Delegated Proof of Work mechanism that mixes dPOS-derived economic security and rehypothecated Bitcoin Mining power and is managed by the CoreDAO.
Deep-dive into the BTC staking ecosystem through our detailed blog post.
How is Core Chain implemented?
Core Chain uses the Ethereum Virtual Machine (EVM) for its execution environment. Core Chain has a BTC bridge enshrined into the protocol, which locks BTC on Bitcoin to mint coreBTC on Core Chain.
In the minting process of coreBTC, users send BTC to a Locker's Bitcoin address, which is then monitored by Porter to submit transaction proof to the Core Chain smart contract, allowing for verification via the Bitcoin Light Client and subsequent minting of equivalent coreBTC tokens.
In the protection phase of coreBTC, Lockers deposit overcollateralized assets, with Liquidators monitoring and enforcing liquidation if collateral levels fall, using coreBTC to purchase Locker's tokens at a discount and burning coreBTC in the process, while Guardians oversee Lockers for misbehavior, penalizing violations by slashing collateral and burning equivalent coreBTC.
In the burning phase of coreBTC, users request the burning of coreBTC, specifying a Bitcoin address, triggering the smart contract to burn the coreBTC tokens and notify the Locker, who then sends the equivalent BTC to the user's address, with the transaction verified by the Bitcoin Light Client.
Watch the Kiln Rendez-Vous talk at EthCC '24 with Botanix, CoreDao and Babylon to learn more about bitcoin staking:
Why should you stake your bitcoins?
The Bitcoin network doesn’t support staking as a Proof-of-Work network. Hence it is not possible to generate rewards from bitcoins without bridging assets to another blockchain like Ethereum. Idle bitcoins create opportunity costs by leaving staking rewards out of the table.
Core Chain makes it possible to generate rewards from bitcoin assets maximising capital efficiency of idle bitcoins.
You can stake your Core Chain to:
- 1Earn Core Token
- 2Put your treasury to work
- 3Bring new opportunities by enabling your users to earn staking rewards
What are the rewards associated with staking Core Chain?
There are two types of rewards associated with Core Chain base rewards i.e. newly minted CORE tokens and fees collected from transactions in each block.
Learn more here.
Why should you stake your CORE and BTC with Kiln?
Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake CORE and BTC, and to whitelabel CORE and BTC staking functionality into their offering. Our platform is API-first and enables fully automated validators, rewards, data, and commission management.
Our clients can stake their tokens from our dashboard, a hardware wallet, a browser wallet, a B2B custodian, a crypto exchange, or just their favorite investment app. Kiln makes staking CORE and BTC easy, secure, and accessible to everyone.
We are serving thousands of businesses worldwide so that everyone can securely and seamlessly:
- Stake CORE and BTC in 1 click
- Manage all your CORE stakes and rewards from a single dashboard
- Non-custodial, work with your existing custodians solutions e.g.Fireblocks
- SOC 2 Type II certified and Industry leading SLAs (0 penalties recorded and 99.95% effective uptime)
Protocol Card
Token
CORE
GRR
5.54%
Number of live validators
21
Consensus
DPoW
CoreDAO FAQ
What does Delegated Proof of Work (DPoW) mean?
Delayed Proof of Work (dPoW) is a consensus algorithm that merges the features of both Proof of Work PoW and dPoS. Learn more here.
When will I receive CORE rewards?
You will receive the first reward after 48 hours, followed by subsequent rewards every 24 hours thereafter.
Does interest compound when staking CORE?
For now, CoreDAO doesn’t have a built-in compound interest mechanism.
Is there a minimum and maximum amount to stake for CORE?
There is no minimum amount to stake CORE.
Do I maintain custody of my CORE tokens? Is CORE staking non-custodial?
While you may maintain self-custody of your staked CORE (ideally using a Ledger hardware wallet), you may also choose a third-party custodian to control the withdrawal of your staked CORE (i.e. Fireblocks).
What is the lockup period to stake CORE? When can I unstake and withdraw my CORE?
You can unstake and withdraw your tokens at any time, you will receive them instantly.
What are the risks associated with staking CORE?
A validators can be slashed from accrued rewards should it fail to mine 50 blocks in a row. If it fails to mine 150 blocks in a row it can be slashed by 10% of the tokens delegated and be jailed for 3 days, meaning it won't be able to mine blocks during this time.
How do rewards and penalties work on Core Chain?
Rewards come from the fees paid on the CORE chains and the emissions of the CORE token. Stakers will earn a yield on their staked CORE.
What is the average block time on Core Chain?
The average block time on Core Chain is 3 seconds.
What is a Gross Reward Rate (GRR) and how is it different from a Net Reward Rate (NRR)?
In the context of staking blockchains, the gross reward rate (GRR) refers to the total or gross amount of rewards earned from staking before deducting any fees or expenses. This is a reward rate that fluctuates with the operations of the protocol and the performance of validators, it is not set by Kiln. The net reward rate (NRR), on the other hand, takes into account the deductions or expenses, providing a measure of the actual rewards received after subtracting fees or costs.
Where can I learn more about CoreDAO?
You can learn more about CoreDAO on their official white paper.