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CORE Bucks Market Trend with Non-Custodial BTC Staking, Alts Surge as Broader Market Moves Sideways
- Despite Bitcoin’s price stabilising around US$65k post-halving, some altcoins like Bonk saw weekend rallies.
- CORE token surged 68% following the introduction of non-custodial BTC staking, a first for Bitcoin.
- AIOZ Network gained following news about Alibaba Cloud collaboration aimed at boosting Web3 functions and community involvement in the Asia-Pacific region.
With the halving done and dusted, Bitcoin’s price has ended up where it had started last week, in the US$65k (AU$100k) range – but some altcoins have rallied over the weekend.
Related: Tim Draper Says Bitcoin To Hit $10 Million As It Becomes An ‘Indispensable Financial Asset’
Yes, one of them is memecoin Bonk, which shot up by 10%, but there are two other interesting projects making notable gains.
Core (CORE) Offers HODLers Bitcoin Staking
CORE, the token of the layer-1 blockchain Core, which is compatible with the Ethereum Virtual Machine (EVM), has smart contract and dApp (decentralised applications) capabilities. CORE gained 68% in the past week, and 16% in the last 24 hours alone.
The gain comes on news that Core has introduced a feature allowing Bitcoin holders to stake their BTC and earn yields – previously an option only available on proof-of-stake blockchains. Historically, Bitcoin users could not stake their tokens due to its proof-of-work mechanism.
Core Chain’s Satoshi Plus consensus mechanism, which integrates delegated proof-of-work and delegated proof-of-stake, now offers BTC staking as part of its strategy to enhance its EVM-compatible blockchain.
The move, which is the first ever to make BTC yield earning possible ‘without leaving the Bitcoin Network,’ has certainly created excitement and provided a push to the CORE price.
Aioz Network (AIOZ)
Aioz Network is another project bucking the overall sideways trend of the market, gaining 13% in the past week and 7% in the past 24 hours.
The gains come after Aioz network announced in late March that it has partnered with Alibaba Cloud to boost Web3 capabilities across the Asia-Pacific region.
In a blog post AIOZ stated that as a prominent blockchain collaborator in Alibaba Cloud’s Innovation Accelerator, it will offer both technological and financial assistance to chosen projects. Furthermore, this partnership intends to establish a DePIN Alliance in Southeast Asia to improve AI, storage, and streaming capabilities.
They also plan to organise hackathons and regional events to strengthen the Web3 community throughout the Asia-Pacific.
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
