Core Unveils Bitcoin Staking with Maple Finance

Core Foundation, the developer of a yield-bearing bitcoin token, has joined forces with institutional lending protocol Maple Finance and custody firms BitGo, Copper, and Hex Trust to enter the BTC staking sector. This collaboration allows institutional participants to earn yield on their bitcoin holdings without disrupting existing custody arrangements at these trusted custodial partners. The partnership also enables staked BTC to be used as collateral in decentralized finance (DeFi) applications through a liquid staking token to be issued by Maple in the coming weeks.

The ability to earn yield on bitcoin and unlock new liquidity in the DeFi ecosystem has gained significant attention, with protocols like Babylon already in the market. Core's dual-staking mechanism will enable a vast, untapped group of BTC holders to earn yield on their bitcoin, according to Maple CEO Sid Powell. Powell believes that staking solutions like CORE can help strengthen Bitcoin network security by providing alternative revenue sources for miners, benefiting lstBTC holders with yield on their BTC while in custody.

Maple has launched an existing BTC staking product on CORE, which involves locking up BTC for 90 days with a yield target of 5%+ APY. The liquid staking token BTC (lstBTC) will be instantly redeemable, offering better liquidity and a slightly lower APR range. Powell expects Core to be the first to market with a yield-bearing BTC liquid staking token, placing it in an excellent competitive position.