Core DAO Pursues Bitcoin Integration Despite Holder Skepticism
Bitcoin's traditional holders remain cautious about new DeFi features as Core DAO and Element Wallet develop tools for expanded Bitcoin utility. While these platforms offer staking and DeFi options, most Bitcoin investors continue to prefer simple holding strategy, viewing Bitcoin's natural growth as sufficient reward without additional risk.
Core DAO, valued at $497 million since its January 2023 launch, aims to attract Bitcoin users to decentralized finance activities. Dylan Dennis from Core DAO acknowledged this challenge, stating: "A lot of people have been holding Bitcoin over the years and are totally happy with that. I get it, myself included." The platform attempts to appeal to those seeking additional utility beyond storage.
The project implements Satoshi Plus Consensus security system, combining Bitcoin miners' proof-of-work, CORE token staking, and non-custodial Bitcoin staking. While the platform offers yield opportunities, it faces the established Bitcoin holder mindset that views additional services as unnecessary risk, given Bitcoin's historical growth pattern.
Element Wallet provides the main interface for Core blockchain, focusing on privacy through end-to-end encrypted messaging. Bruna Brambatti, Marketing Manager at Element Wallet, emphasized their commitment to user privacy, noting that users maintain full control of their assets: "We never, ever have access to anyone's funds or to their seed phrases."
Despite efforts to simplify user experience, both platforms confront the fundamental challenge that many Bitcoin holders see no compelling reason to risk their holdings for additional yields. The conservative approach of holding Bitcoin, supported by its track record of value appreciation, contrasts with the new DeFi opportunities being developed.
Core DAO has introduced Sparks, a reward system for platform participation, yet faces the reality that most Bitcoin holders prioritize long-term holding over active DeFi engagement.
