The Core Foundation, the organization behind the Core blockchain, has unveiled a major initiative designed to stimulate blockchain development and innovation. Dubbed the ‘Core Commit Program,’ this three-month effort will commence on October 14, 2024. The initiative is aimed at supporting developers through funding, expert mentorship, and valuable connections to more than 100 venture capital firms, including prominent names like Google, UTXO, Foresight Ventures, and Faction.
This program will allocate a total of $75,000 worth of CORE tokens to participating developers. The distribution will occur on a monthly basis, with $25,000 awarded based on developers’ performance and the achievement of key project milestones. Core Foundation has launched this program at a critical moment in the blockchain’s evolution, particularly as the platform continues to lead in Bitcoin staking and decentralized finance (BTCfi), having introduced Non-Custodial Bitcoin Staking in April 2024.
A representative from the Core Foundation highlighted that the Core Commit Program was designed to empower developers by offering them the essential resources, mentorship, and guidance needed to build impactful decentralized applications (dApps) on the Core blockchain. This initiative is viewed as a crucial step in promoting sustainable development, providing developers with the tools they need to not only succeed but also scale their projects.
Aligning with the Growth of Core’s BTCfi Ecosystem
The launch of the Core Commit Program coincides with the rapid expansion of the BTCfi ecosystem on the Core blockchain. Since its inception, Core’s BTC staking service has seen nearly 5,000 Bitcoin staked on the platform, demonstrating strong user adoption. The service offers a risk-free return mechanism for Bitcoin holders, further enhancing the appeal of decentralized finance solutions built on Core. In addition, the platform boasts over $400 million in Total Value Locked (TVL), alongside more than 80,000 daily active users.
Developers interested in participating in the Core Commit Program will have a one-month window to apply, with applications open from October 14 to November 14, 2024. To qualify for the program’s rewards, projects must be open-source, and developers are expected to demonstrate tangible progress by submitting code commits via GitHub. The program will conclude with a Demo Day, where teams will present their projects to potential investors and may have opportunities for additional funding.
Support from Core Ventures and High-Profile Mentors
Core Ventures, the investment division of Core Foundation, is playing a pivotal role in the Core Commit Program by providing hands-on guidance to developers. The program’s roster of mentors includes industry leaders such as Mike Silagadze, CEO and Founder of Etherfi; Thomas Chen, Managing Director and Global Head of Sales at BitGo; Jess Jonas, Chief Legal Officer at the Bitcoin Legal Defense Fund; Grace Li, Strategic Industry Business Development Manager at Google; and Min Kim, a Web3 Marketing Specialist. Their involvement is expected to offer participants valuable insights and expertise in blockchain development, marketing, and legal compliance.
The initiative not only seeks to attract new developers but also aims to provide them with the mentorship and funding needed to create impactful solutions that can scale within the Core ecosystem. This strategic support will help ensure the successful development of projects that could further enhance the utility of the Core blockchain.
Strengthening Core’s Position in the Blockchain Landscape
The launch of the Core Commit Program underscores Core Foundation’s commitment to growing its ecosystem and solidifying its position in the broader blockchain industry. As the first blockchain to offer self-custodial Bitcoin staking, Core has already positioned itself as a key infrastructure provider for Bitcoin’s evolving utility. Since April 2024, the platform has processed the staking of over 5,500 BTC, valued at more than $300 million, highlighting its significance in the cryptocurrency space.
Core’s reach extends far beyond Bitcoin staking, as it is now recognized as the most Bitcoin-aligned Ethereum Virtual Machine (EVM) blockchain. Since its mainnet launch in January 2023, Core has attracted over 21 million unique addresses, processed more than 279 million transactions, and accumulated over $420 million in TVL. These milestones reflect the platform’s growing influence and its potential to shape the future of decentralized finance.
A Strategic Push for BTCfi Adoption
Through the Core Commit Program, Core Foundation aims to drive innovation and increase adoption of its BTCfi solutions. By offering developers the support and resources they need, the program could further expand the Core ecosystem, allowing it to continue its leadership in decentralized finance. As the program progresses, it will be important to watch how it influences both the blockchain landscape and the intersection between Bitcoin and DeFi.