In our previous article on Core, we explored various options for generating yield on Bitcoin. A key takeaway is that most yield products for BTC lack one crucial element that holders value above all: self-custody.
Unlike most Bitcoin products, Core’s Dual Staking implementation offers a native mechanism for generating Bitcoin yield without introducing additional trust assumptions or giving up custody of your Bitcoin.
TL;DR of Dual Staking:
Building on the foundations of Core’s non-custodial Bitcoin staking, which enables users to stake Bitcoin and earn yield while retaining complete control over their assets, dual staking unlocks higher yields for users who stake Bitcoin and CORE simultaneously.
While the process can be straightforward for DeFi-savvy degens, Bitcoin holders may not be as familiar with it.
This article provides a step-by-step tutorial on how to dual-stake your Bitcoin on Core to unlock a sustainable and secure yield.
To participate, you’ll need two separate wallets:
- An EVM-compatible wallet, such as Rabby or Metamask
- An Xverse or Unisat wallet containing native BTC
Connect your EVM wallet
To receive Core tokens from a centralized exchange [CEX], you must first add the Core network to your preferred EVM-compatible wallet.
Then, go to the CoreDAO website.
Once there, you can navigate to the top right of your screen, where you will see a “Connect Wallet” option.
Once you click on it, you will see the wallet pop-up that you see when interacting with most crypto protocols.
After selecting the wallet you wish to connect, you will be prompted to choose a network.
The one at the top is the testnet, and the one that says “Core DAO” will be the mainnet. Select the latter option.
Once you select that option, you will be asked to sign a message and add the network RPC to your wallet.
The network RPC should be added automatically, but in case you need to add it manually, here are the details:
- Network Name: Core Blockchain
- New RPC URL: https://rpc.ankr.com/core
- Chain ID：1116
- Note: 0x45c is the same as 1116. The new version of MetaMask converts chain ID to hexadecimal format.
- Currency Symbol: CORE
- Block Explorer URL: https://scan.coredao.org
Okay, so you’re now connected to the Core Network.
The next step is acquiring Core tokens.
Acquire CORE tokens
In order to get CORE tokens on the Core blockchain, simply buy CORE on a CEX and transfer it to your EVM-compatible wallet.
CORE is listed on numerous CEXes, such as OKX, BitGet, MEXC, ByBit, HTX, and others.
Now that you’ve acquired CORE tokens, which will serve as both gas tokens on the Core network and increase our yield multiplier, we can begin to dual-stake our Bitcoin.
Dual Staking
A few considerations before we start dual staking:
- Minimum Bitcoin amount + gas fee: Staking requires at least 0.01 BTC. Account for gas fees and consider having 0.05 BTC for potential network congestion.
- Minimum of 1 CORE + gas fee: You need at least 1 CORE to stake and must consider CORE gas fees for transactions.
- Differences in Bitcoin staking addresses: Your Bitcoin staking address may differ from your original address, but your Bitcoin remains safe and is controlled via your wallet's master private key.
- Delays in locked assets display: There may be delays in seeing your locked Bitcoin in wallets due to network confirmation times. You can check on the MyStaking page or via a Bitcoin explorer like Mempool.space.
- Considerations for locking periods: Once locked, Bitcoin is inaccessible until the staking period ends. We recommend starting with shorter periods to familiarize yourself with the process.
1. With that out of the way, go ahead and visit the official Core Dual Staking portal and click on the “Stake Now’’ button.
2. Click the “Connect” option next to “BTC Staking Amount” to connect your Bitcoin wallet.
3. Likewise, click the “Connect” option next to “CORE Staking Amount” and select the EVM wallet to stake CORE and receive staking rewards.
4. Under “BTC Staking Amount,” enter the amount of Bitcoin you want to stake. The minimum amount is 0.01 BTC. After you’ve chosen the amount, you’ll find a tab called “Delegate To validator” just below. Here, choose an active validator you wish to contribute to.
5. The same process applies to staking CORE. The minimum amount to stake is 1 CORE token.
6. On the right side of the Staking Calculator, there is a summary tab that calculates the Total Staking Reward Rate and Projected Annual Rewards. Four reward tiers are available: Base, Boost, Super, and Satoshi.
The Base tier represents the standard yield level, which does not require any CORE staking. To achieve Boost, you need a ratio of 2,000:1, while Super Tier demands 6,000:1, and Satoshi necessitates a ratio of 16,000:1. A higher CORE:BTC ratio results in a higher yield.
7. To get the maximum reward boost on your staked amount, adjust the BTC staked slider to the amount of BTC you want to stake and click the Max Boost button. This will automatically set the corresponding CORE amount in the “CORE Staked” slider to unlock maximum boost.
8. Once you have specified the amount of BTC/CORE to stake and the validators for delegation, you can click on the “Proceed to Stake” button.
9. After that, you will be prompted to a “Stake CORE” tab. By clicking “Confirm,” you will get a notification from your connected Core wallet to complete the transaction.
10. Then, on the “Stake BTC” page, confirm the Bitcoin amount to stake.
Key points to consider before finalizing:
- Delegate a minimum of 0.01 Bitcoin
- Set the lock time for when your staked Bitcoin will be available again
- Use the lock time box or calendar icon to choose your date (default is one month)
- Specify the network priority speed for your transaction
11. Click “Confirm” to complete the transaction
12. Before signing the transaction in your Bitcoin wallet, verify the transaction outputs to ensure they include an OP_Return output. There may be two or three outputs, but at least one should always be OP_Return.
Abort the transaction if it doesn't include the OP_Return output.
Great stuff! We’ve officially staked our Bitcoin and will begin earning CORE tokens as rewards.
To monitor your rewards, hover your mouse over the wallet icon on the top right corner of the screen and click the “My Staking” button.
That was simple, right? For more information on the Core ecosystem, Dual Staking, and other goodies, check out one of the articles listed below.
