Core Foundation announces the launch of coreBTC on Core Chain, the Bitcoin-secured and EVM-compatible blockchain. coreBTC is a wrapped version of Bitcoin native to Core Chain, maintaining a 1:1 peg with BTC through a secure and trustless mechanism. This integration not only upholds Bitcoin’s security but also significantly adds to the asset’s use cases within DeFi, opening up new avenues for asset utilization.
“coreBTC provides a Bitcoin-equivalent in DeFi, allowing Bitcoin holders to maintain their asset’s value while accessing a variety of DeFi applications on the Core blockchain. It is a solution that bridges the gap between Bitcoin’s security and the endless possibilities of DeFi. The goal is to empower Bitcoin holders with new ways to use their assets, and it is a step forward in building a more inclusive and decentralized financial ecosystem,” — Rich Rines, Core contributor.
coreBTC has several key features and capabilities that set it apart in the DeFi space. It offers a 1:1 BTC peg, ensuring a stable and reliable representation of Bitcoin on Core Chain. Its decentralized infrastructure leverages a network of Lockers, Guardians, Liquidators, Porters, and Relayers for enhanced security and integrity. Additionally, coreBTC is an ERC-20 token compatible with the EVM ecosystem, facilitating quick and efficient participation by developers.
coreBTC is designed for long-term Bitcoin holders who are interested in DeFi and institutions holding Bitcoin who seek to diversify their blockchain portfolio and explore DeFi utilities. It offers a trustless mechanism where wrapped assets are secured through smart contracts and overcollateralization. This means that the value of the collateral exceeds the value of the wrapped assets, ensuring their security without relying on intermediaries. coreBTC provides a secure and transparent way for users to engage with the DeFi ecosystem while maintaining the integrity of their Bitcoin holdings. For more information on the specifics of the wrapping mechanism behind coreBTC, please visit unlockingbitcoindefi.com.
Read the official docs to learn more.
How to mint coreBTC and bridge Bitcoin to Core Chain
Prerequisites
- Unisat Wallet Browser Extension: Required for managing your BTC.
Note: Unisat is currently supported on the desktop and has an Android wallet app. - Metamask: Necessary for interacting with the Core blockchain.
Minting coreBTC
- coreBTC Website: Go to https://bridge.coredao.org/coreBTC
- Specify Conversion: Indicate you’re converting from Bitcoin (BTC) to coreBTC.
- Connect Unisat Wallet: Select Connect Unisat Wallet to link your Bitcoin wallet.
- Enter BTC Amount: Input the amount of BTC you wish to convert to coreBTC.
- Receiving Core Address: Enter your Core blockchain wallet address.
- Adjust Fee Rate: The default fees are set according to the current market rates. For faster transaction processing, it’s essential to adjust the gas fee appropriately. Keep in mind that setting a higher fee can significantly speed up the transaction. Conversely, if the fee is set too low, the transaction may experience considerable delays in being mined, potentially taking days or even longer to process. It’s crucial to find a balance that aligns with your urgency and the network’s current demand.
- Verification: Double-check all details, including amounts, fees, and wallet addresses.
- Mint: Click on ‘Mint coreBTC’ to initiate the conversion.
- AddToken: Select ‘Add coreBTC to your wallet’ in Metamask to view your coreBTC.
Redeeming BTC from coreBTC
- coreBTC Website: Go to https://bridge.coredao.org/coreBTC
- Specify Conversion: Choose the conversion from coreBTC to Bitcoin (BTC).
- Connect EVM Wallet: Click on Connect EVM Wallet to link your wallet.
- Enter coreBTC Amount: Specify the amount of coreBTC to be redeemed for BTC.
- Receiving Bitcoin Address: Enter the destination Bitcoin wallet address.
- Verification: Double-check all details, including amounts, fees, and wallet addresses.
- Burn: Click on ‘Burn coreBTC’ to start the redemption process.
Dashboard: Status Monitoring
- Pending Transactions: View and obtain details on ongoing transactions.
- Completed Transactions: Check the history and specifics of finalized transactions.
- Locker States: Explore available lockers, including their fees, collateral, minting capacity, and health factor. Lockers are crucial for securing BTC and are subject to penalties or liquidation based on behavior and collateral status.
- Porter States: Review the list of porters responsible for data transmission and verification between Bitcoin and Core blockchain.
About Core Chain
The Core blockchain network is a Bitcoin-powered layer-one blockchain for EVM-Compatible smart contracts. With ~50% of Bitcoin mining hash power contributing to Core’s security in exchange for unlocking Bitcoin utility and rewards, Core is the most Bitcoin-aligned EVM blockchain (BTCfi, Bitcoin staking, and more). This breakthrough has amassed a massive community of 2.2M Twitter followers and 250k Discord members which has translated into millions of Core adopters, over 15M unique addresses, and 230M transactions since its mainnet launch in January 2023.
