Core Foundation, the entity behind the Core blockchain, announced the launch of its “Core Commit Program,” an important initiative aimed at accelerating blockchain development and innovation. The three-month program, scheduled to begin on October 14, 2024, will provide developers with funding, expert mentorship and direct access to more than 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 in 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 a leader in Bitcoin staking and BTCfi (Bitcoin-based decentralized finance) since the launch of non-custodial Bitcoin staking in April 2024.
Core Foundation Senior Contributor Rich Rines highlighted the importance of the program, saying, “Core Commit is designed to empower developers by providing them with the resources and mentorship they need to create impactful dApps on Core. He added that the program is an essential step in promoting sustainable development throughout the chain, ensuring that builders have the necessary tools to succeed and scale their projects.
The timing of this program matches 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 over 80,000 daily active users.
Applications for the Core Commit program will be open from October 14 to November 14, 2024. To be eligible for the awards, projects must be open source and developers must demonstrate tangible progress through code commits to GitHub. The program will conclude with a demo day, during which teams will present their projects with potential opportunities for additional funding.
Core Ventures, the investment arm of Core Foundation, will play a crucial role in providing practical advice to participating teams. The program has an impressive roster of mentors, including Mike Silagadze, CEO and founder of Etherfi; Thomas Chen, Managing Director and Global Head of Sales at BitGo; Jess Jonas, legal director of the Bitcoin Legal Defense Fund; Grace Li, head of strategic industry business development at Google; and Min Kim, Web3 marketer.
The launch of the Core Commit program highlights the growing importance of the Core blockchain in the broader cryptocurrency ecosystem. As the first facilitator of self-custodial Bitcoin staking, Core has positioned itself as critical infrastructure for Bitcoin’s scalable utility. Since April 2024, over 5,500 BTC worth over $300 million has been staked with Core, highlighting the platform’s important role in improving the utility and security of Bitcoin .
Core’s achievements go beyond Bitcoin staking. As the most Bitcoin-aligned EVM (Ethereum Virtual Machine) blockchain, it has seen widespread adoption, with over 21 million unique addresses, over 279 million transactions, and over $420 million in TVL since launch on the mainnet in January 2023. These figures underline the importance of the platform. 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 adoption of BTCfi. As the program unfolds, it will be interesting to observe its impact on the broader blockchain landscape and potentially reshape the intersection of Bitcoin and decentralized finance.
