George Town, Cayman Islands, Oct. 14, 2024 (GLOBE NEWSWIRE) — Core Foundation, the entity behind Core, an essential Proof of Stake layer enabling Non-Custodial Bitcoin Staking, today announced the launch of its new “Core Commit” program. This three-month initiative is designed to incentivize developers to build dApps on the Core blockchain by providing expert mentorship, resources, and direct access to venture capital through Core Ventures and the Core Ventures Network, including Google, UTXO, Foresight Ventures, Faction, and many more. A total of $75,000 worth of CORE tokens will be distributed throughout the program, with $25,000 awarded monthly based on performance and project milestones.
As Core blockchain continues to lead Bitcoin staking and BTCfi, Core Commit provides a unique opportunity for new developers to contribute to the Core ecosystem at a pivotal time of growth and innovation. Core launched Non Custodial Bitcoin staking in April 2024, allowing users to earn a risk-free return by locking their Bitcoin in time-locked contracts, without giving up custody. Since then, users have staked nearly 5,000 BTC, giving Bitcoin holders a secure way to generate yield without more risk. The BTCfi ecosystem on Core is also growing exponentially, with over 400 million dollars in TVL and more than 80,000 daily active users. Core’s ecosystem supports DeFi applications, staking, payments, gaming, NFTs and more, all built on Bitcoin’s secure foundation.
“Core Commit is designed to empower developers by providing the resources and mentorship they need to build impactful dApps on Core,” said Rich Rines, Core Contributor at Core Foundation. “As the BTCfi ecosystem on Core grows, we see this program as an essential step in driving sustainable development across the chain. By offering direct access to mentorship from industry leaders and venture capital, we are ensuring that builders have everything they need to succeed and scale their projects.”
Core Commit applications will open on October 14, 2024, and developers will have until November 14th, 2024 to submit proposals. To qualify for rewards within the program, projects must be open-sourced, and developers are required to demonstrate tangible progress through code commits on GitHub. At the end of the three-month program, teams will showcase their projects during a Demo Day, with potential opportunities for further funding. The first cohort, scheduled to run from October 14, 2024, to February 28th, 2025, will select up to 10 development teams. Participants will receive monthly rewards in CORE tokens based on their progress.
Core Ventures, the investment arm of the Core Foundation, will provide hands-on guidance to participating teams, helping them scale their projects and potentially secure additional investment. Some of the Core Commit program mentors include CEO and Founder of Etherfi, Mike Silagadze, BitGo Managing Director & Global Head of Sales, Thomas Chen, Chief Legal Officer of Bitcoin Legal Defense Fund, Jess Jonas, Strategic Industry Business Development Manager of Google, Grace Li, and Web3 Marketing Specialist Min Kim. The program is a key part of the foundation’s strategy to drive BTCfi forward, which continues to see rapid growth.
About Core
Core serves as the Proof of Stake layer for Bitcoin as the first enabler of Self-Custodial Bitcoin Staking, which secures a fully EVM-compatible BTCfi ecosystem. Since April 2024, over 5,500 BTC valued at more than $300 million have been staked with Core, enhancing Bitcoin’s utility and security.
Core is the most Bitcoin-aligned EVM blockchain with ~55% of Bitcoin mining hash power contributing to the network’s security. This breakthrough has amassed millions of Core adopters – over 21M unique addresses, 279M+ transactions, and over 420M TVL since its mainnet launch in January 2023.
