Core Foundation, the entity behind the Core blockchain, has announced the launch of its ‘Core Commit Program,’ a significant initiative aimed at accelerating blockchain development and innovation. The three-month program, set to begin on October 14, 2024, will provide developers with funding, expert mentorship, and direct access to over 100 venture capital firms, including notable names such as Google, UTXO, Foresight Ventures, and Faction.
The Core Commit Program will distribute a total of $75,000 worth of CORE tokens to participating developers, with $25,000 awarded monthly based on performance and project milestones. This initiative comes at a crucial time for the Core blockchain, which has been leading in Bitcoin staking and BTCfi (Bitcoin-based decentralized finance) since launching Non-Custodial Bitcoin staking in April 2024.
Rich Rines, Core Contributor at Core Foundation, emphasized the program’s significance, stating, ‘Core Commit is designed to empower developers by providing the resources and mentorship they need to build impactful dApps on Core.’ He added that the program is an essential step in driving sustainable development across the chain, ensuring builders have the necessary tools to succeed and scale their projects.
The timing of this program aligns with the rapid growth of the BTCfi ecosystem on Core. Since its inception, users have staked nearly 5,000 BTC, demonstrating strong adoption of the platform’s risk-free return mechanism for Bitcoin holders. The ecosystem has also seen impressive growth, with over $400 million in Total Value Locked (TVL) and more than 80,000 daily active users.
Applications for the Core Commit Program will be open from October 14 to November 14, 2024. To qualify for rewards, projects must be open-sourced, and developers are required to demonstrate tangible progress through code commits on GitHub. The program will culminate in a Demo Day, where teams will showcase their projects with potential opportunities for further funding.
Core Ventures, the investment arm of Core Foundation, will play a crucial role in providing hands-on guidance to participating teams. The program boasts an impressive roster of mentors, including Mike Silagadze, CEO and Founder of Etherfi; Thomas Chen, Managing Director & Global Head of Sales at BitGo; Jess Jonas, Chief Legal Officer of Bitcoin Legal Defense Fund; Grace Li, Strategic Industry Business Development Manager at Google; and Web3 Marketing Specialist Min Kim.
The launch of the Core Commit Program underscores the growing importance of the Core blockchain in the broader cryptocurrency ecosystem. As the first enabler of Self-Custodial Bitcoin Staking, Core has positioned itself as a critical infrastructure for Bitcoin’s evolving utility. Since April 2024, over 5,500 BTC valued at more than $300 million have been staked with Core, highlighting the platform’s significant role in enhancing Bitcoin’s utility and security.
Core’s achievements extend beyond Bitcoin staking. As the most Bitcoin-aligned EVM (Ethereum Virtual Machine) blockchain, it has garnered substantial adoption, with over 21 million unique addresses, 279 million+ transactions, and over $420 million in TVL since its mainnet launch in January 2023. These figures underscore the platform’s growing influence in the blockchain space and its potential to shape the future of decentralized finance.
The Core Commit Program represents a strategic move to further solidify Core’s position in the blockchain industry. By fostering innovation and supporting developers, Core Foundation aims to expand its ecosystem and drive the adoption of BTCfi. As the program unfolds, it will be interesting to observe how it impacts the broader blockchain landscape and potentially reshapes the intersection of Bitcoin and decentralized finance.
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