Core DAO and Element Wallet Enhance Bitcoin’s Use in DeFi and Privacy
Core DAO and Element Wallet are collaborating to enhance Bitcoin's utility beyond being a store of value, aiming to facilitate participation in decentralized finance (DeFi) while prioritizing security and privacy.
- Element Wallet emphasizes user privacy through encrypted messaging.
- Core utilizes a unique consensus system to boost network security.
- The Core team plans to enable Bitcoin holders to engage in loans and earn rewards in DeFi by 2025.
- Core has achieved a market capitalization exceeding $497 million since its January 2023 launch.
- BTCfi refers to decentralized financial services built on Bitcoin’s blockchain, allowing BTC holders to earn yield.
- Core supports Ethereum Virtual Machine (EVM) compatibility for developing decentralized applications (dApps).
- Core employs Satoshi Plus Consensus, involving collaboration between Bitcoin miners and token stakers to maintain decentralization.
- Non-custodial Bitcoin staking allows users to stake BTC directly from their wallets without added trust risks.
- Element Wallet ensures data protection with end-to-end encryption and does not store messages or user funds.
- P2P transfers within chats enhance security and convenience for transactions.
- Sparks system rewards active users based on engagement within the Core Chain ecosystem.
- Core and Element focus on improving onboarding and accessibility for Web3 adoption.
This partnership aims to simplify blockchain use, making it more accessible for users. The combined efforts of Core DAO and Element Wallet strive to drive Bitcoin's adoption in DeFi.