Bitcoin market status and potential value:Since the beginning of 2023, the popularity of the Bitcoin ecosystem has continued to heat up, especially with the continuous development of the Ordinals and BRC-20 ecosystems, the market value has also increased. More importantly, as the SEC listed the spot Bitcoin ETF, the price of Bitcoin continued to rise, reaching a maximum of $64,000, setting a new high since December 2021. According to data from Companies Market Cap, the market value of Bitcoin has exceeded US$1 trillion, surpassing companies such as Tesla and TSMC to become the tenth most valuable asset in the world.
At the same time, the total market value of cryptocurrency has exceeded US$2 trillion, and Bitcoin’s market share has reached 49.4%, almost the highest point in the past two years, proving Bitcoin’s strong dominance. More and more traders and investors are "returning to nature" and returning to the Bitcoin ecosystem.
CoreDAO’s “Satoshi Plus” consensus mechanism
As an important participant in the emerging Bitcoin DeFi field, CoreDAO's unique "Satoshi Plus" consensus mechanism deserves in-depth discussion. This consensus mechanism combines Bitcoin’s PoW mechanism and 50% of the hash power pledge to jointly ensure the security of the Core chain.
Bitcoin non-custodial pledge function: The soon-to-be-added Bitcoin non-custodial pledge function will ensure the security of native Bitcoin assets through the time lock mechanism, and at the same time obtain CORE rewards, greatly increasing the TVL of the Core chain. This innovative pledge method not only simplifies the process of Bitcoin pledge, but also greatly enhances the security of assets.
What’s new about CoreBTC
CoreBTC is completely decentralized and introduces elements such as "custodian", "porter" and "liquidator" to prevent evil through the mortgage mechanism and multiple supervision. This decentralized design enables the Core chain to achieve higher scalability while ensuring security.
HTLC atomic swap: HTLC atomic swap enables trustless native asset exchange between Core chain, Bitcoin and other EVM public chains without the need for a central authority, oracle or relay. This exchange method further enhances the interoperability of the Core chain, making asset exchange between different public chains more convenient and safer.
The potential of Bitcoin DeFi
According to data from CoinGecko, the current market value of DeFi tokens on various chains exceeds US$90 billion, and the total locked value (TVL) exceeds US$80 billion. Among these DeFi products, the ratio on the ETH chain accounts for 25.4%. Based on the current market share, Bitcoin’s market share is approximately three times that of Ethereum. Therefore, the market capitalization of Bitcoin DeFi will also be at least three times that of Ethereum DeFi.
Professionals’ expectations: Franklin Bi, partner at Pantera Capital, expects the market size on Bitcoin to reach $225 billion (accounting for 25% of Bitcoin), assuming that Bitcoin’s market capitalization does not change. Over time, it could fluctuate between $72 billion and $450 billion (8% to 50% of Bitcoin).
CoreDAO’s market space
CoreDAO has huge market space in the Bitcoin DeFi field. Its "Satoshi Plus" consensus mechanism achieves seamless integration of Bitcoin and the Core chain by combining Bitcoin's PoW mechanism and 50% of the hash power pledge. This innovative consensus mechanism not only improves the security of the Core chain, but also enhances its scalability.
Participation of miners and holders: Miners can directly entrust their hashing power to Core's verification nodes in the Opt-Return field and actively participate in the election process of verification nodes. This seamless integration breathes new life into the Bitcoin ecosystem.
Bitcoin holders can also directly pledge their Bitcoins to Core's verification nodes through time locks without the need for custody, and actively participate in the node election process. This not only simplifies the participation process but also increases overall decentralization.
Actions of Core holders: CORE holders can also take similar actions and actively participate in the election and block production process of Core chain verification nodes. The implementation of this series of operations has made the ecosystem of Bitcoin and Core chain more closely integrated, unleashing the huge potential of Bitcoin DeFi.
Summarize
CoreDAO's outstanding advantages in the Bitcoin DeFi field are mainly reflected in its unique "Satoshi Plus" consensus mechanism, innovative Bitcoin non-custodial pledge function and completely decentralized CoreBTC design. These innovative measures not only improve the security and scalability of the Core chain, but also unleash the huge potential of Bitcoin DeFi. As the Bitcoin market continues to develop, CoreDAO will play an increasingly important role in the Bitcoin DeFi field.