在本次采访中，Core Foundation 的初始贡献者 Rich Rines 分享了对该组织比特币收益基础设施开发及其未来路线图的见解。 Core 链的独特方法，包括新颖的 Satoshi Plus 共识机制，正在彻底改变比特币的使用方式，释放其质押和收益生成的潜力。 Rines 讨论了 Core Foundation 连接比特币与传统金融 (TradFi) 和去中心化金融 (DeFi) 的愿景，以及将塑造其生态系统的创新，包括比特币新银行、跨平台集成和机构级收益产品。音频记录是由 GPT 生成的，因此可能存在一些不准确之处。 Rich Rines 的背景Rich：我在 2013 年毕业后进入了加密货币领域，并立即对这个领域产生了浓厚的兴趣。行业。到 2017 年，我开始全职工作。我加入了 Coinbase，在那里我花了四年时间管理资金流动工程，处理数万亿美元。那次经历非常有趣，但最终它结束了，我开始寻找下一个机会。 Core 对我来说是显而易见的选择。
我一直是比特币最大化主义者，现在我认为自己是核心最大化主义者加上比特币最大化主义者，如果你愿意的话。最初的想法是，我们有这么多比特币闲置——我们如何将其用于更具生产力的用途，例如抵押品或收益生成？这就是 Core 开始的地方。我们已经上线近三年了，这感觉非常令人难以置信。感觉好像就在昨天。至于我的角色，我已经做了很多。我参与了组织的许多方面，从帮助制定愿景和方向到完成大量日常工作。这很有趣。比特币实用领域仍处于早期阶段。我们可能只触及了 1% 的潜在用例，我们还有另外十年的工作要做。但我们真的很兴奋
In this interview, Rich Rines, initial contributor of Core Foundation, shares insights on the organization’s development of Bitcoin yield infrastructure and its future roadmap. Core chain’s unique approach, including the novel Satoshi Plus consensus mechanism, is revolutionizing how Bitcoin can be utilized, unlocking its potential for staking and yield generation. Rines discusses Core Foundation’s vision for bridging Bitcoin with both traditional finance (TradFi) and decentralized finance (DeFi), and the innovations that will shape its ecosystem, including a Bitcoin neo-bank, cross-platform integrations, and institutional-grade yield products.
The audio transcript was generated by GPT, so there may be some inaccuracies.
Rich Rines’ Background
Rich: I got into the cryptocurrency space in 2013, right after graduating, and immediately developed a strong interest in the industry. By 2017, I was working full-time in it. I joined Coinbase, where I spent four years managing money movement engineering, handling trillions of dollars. That experience was incredibly interesting, but eventually, it came to an end, and I started looking for the next opportunity. Core was the obvious choice for me. I’ve always been a Bitcoin maximalist, and now I consider myself a Core maximalist plus a Bitcoin maximalist, if you will. The initial idea was that we have so much Bitcoin just sitting idle-how do we put it to more productive uses, like collateral or yield generation? That’s where Core began.
We’ve been live for almost three years now, which feels pretty unbelievable. It feels like it was just yesterday. As for my role, I’ve done a lot. I’ve been involved in many aspects of the organization, from helping set the vision and direction to doing a lot of the day-to-day work. It’s been a lot of fun. The Bitcoin utility space is still in its early stages. We’ve probably only touched 1% of the potential use cases, and there are another ten years of work ahead of us. But we’re really excited to be on this journey and to share it all with you.
Core’s Bitcoin Yield ETP on the London Stock Exchange: How Does Yield Generation Work?
Rich: The launch of Core’s Bitcoin yield ETP on the London Stock Exchange is a significant milestone for us. It’s the first Bitcoin staking product listed on a major stock exchange. While we’ve launched ETPs on other exchanges before, the LSE launch marks a major achievement for us.
To explain the yield generation: Core uses an innovative consensus mechanism called Satoshi Plus. Unlike most proof-of-stake systems, we allow users to stake Core’s native token, stake Bitcoin, or delegate Bitcoin mining hash. This approach brings security from both Bitcoin and Core, with over 90% of Bitcoin hash power currently delegated to Core.
When you stake CORE or Bitcoin, locking it on the network generates rewards, which are returned to product holders. This is the first product to merge traditional finance with retail crypto products, specifically Bitcoin staking, and it opens up these opportunities to a broader audience. Core’s future vision involves expanding hybrid use cases that bridge traditional finance with on-chain solutions.
The key idea behind yield generation is securing Core’s network with scarce resources, which results in Core block rewards and transaction fees. As demand for CORE tokens grows, so does the yield. We’re focusing on building innovative products and services on Core’s Bitcoin yield infrastructure, which is creating real value. In the near future, we expect announcements like SatPay-our Bitcoin neo-bank in collaboration with Mobilum .
What Key Partners and Risk Management Elements Are Required to Build Core Ecosystem?
Rich: The Core ecosystem is broad, covering staking, custody, and related areas. We’ve partnered with top-tier service providers like BitGo, Copper, Hex Trust, Ceffu, and Cobo, all global leaders in custody. These providers support not only CORE token staking but also Bitcoin staking and CORE’s dual staking system. We reward users with multiple rewards for staking both Bitcoin and CORE tokens.
Additionally, we’ve built long-term relationships with top validator partners like Fireblocks and Figment. This is crucial for providing institutional-grade services, ensuring our end users can rely on the best providers.
Over the past three years, we’ve focused on securing these top-tier partners. On the consumer side, we also have strong hardware partners like Ledger, which provides full support for Core’s Bitcoin staking and dual staking. This allows users, whether individuals or large institutions, to have access to top-tier hardware wallet experiences, no matter where they are in the world.
We’ve made sure to cover a broad spectrum of partners and are committed to providing our users with the best possible services.
Does Institutional Demand Reflect More of Bitcoin’s Yield Needs or the Need for Regulated, Deployable Bitcoin Infrastructure?
Rich: This really depends on the end user. But if I focus on the mainstream part of the market, I’d say institutions have two primary needs. First, they want yield on their Bitcoin; second, they want to use Bitcoin as collateral to access leverage. There are many other interesting use cases for Bitcoin, such as Bitcoin payments or private transactions, but I believe these use cases aren’t mainstream yet and may take some time to fully materialize. We’ve always known that these applications would take time to develop.
Honestly, we thought the Bitcoin utility space, beyond these two use cases, would develop faster by now. As a result, one of our main focuses is delivering products and services that people need today, rather than building for a future that might be 5 or 10 years away. This is why we’re focusing on yield-generating protocols, asset management protocols, and similar initiatives, which will unlock large Bitcoin capital pools. Ultimately, that’s the main target audience we want to serve when building these products and services, so we can deliver real value to them today.
However, the infrastructure aspect is something I definitely don’t want to downplay. We have the fastest, most performant blockchain in the Bitcoin space, and we will continue to innovate and lead in that area. There are a variety of BTC-Fi protocols on Core that are growing and scaling, and we will continue to nurture and expand this ecosystem. Performance improvements will keep feeding back into the ecosystem.
In other words, Bitcoin’s utility space has two different directions. Currently, product-market fit is stronger on the institutional side than on the consumer side, but we’ll continue to develop both. I think this is why we’re in a very unique hybrid position-where we can provide neutral yield infrastructure. We can offer products and services to major institutional clients on large stock exchanges while also delivering experiences for the smallest retail customers. I believe we’re the only ones positioned to occupy both spaces simultaneously.
How Does Satoshi Plus Inherit Bitcoin’s Security and Introduce Security Differentiation Through New Trust Assumptions?
Rich: Satoshi Plus is the innovative mechanism we mentioned. The core idea is that our consensus system has three different components. You can stake Core, stake Bitcoin, or delegate your mining hash, which involves thousands of Bitcoins and millions of CORE tokens. Currently, about 90% of Bitcoin’s hash power is securing the network. By adding these three different security vectors to the network, it not only incorporates Bitcoin’s security but also strengthens Core’s security.
When we consider the trust assumptions involved, it’s important to note that no new trust assumptions are introduced when you stake Core, stake Bitcoin, or delegate your mining hash. We aim for the entire system to be completely trustless. For example, when you stake Bitcoin, you use a hash time lock, which means you lock up the Bitcoin and cannot transfer or use it for at least one day. However, during this time, you never give up control of the Bitcoin-it remains in your wallet the entire time. This ensures the highest level of security, which is very important to us. We didn’t want to create a product that was labeled as non-custodial only to have hidden pitfalls. This product was designed with the highest security and trust assumptions in mind.
What is the Long-Term Value Proposition for Bitcoin Miners Who Choose to Delegate Hash Power? Which is the Most Sustainable?
Rich: Bitcoin miners have a long history of participating in merge-mining systems. Essentially, miners redirect part of their mining hash to solve puzzles on two networks. By doing so, they receive block rewards from the ecosystem they are merge-mining with. While this has been successful in some cases, it hasn’t worked in many others because it can create a potentially negative relationship between miners and the host chain of the second network.
When we built the Delegated Proof of Work (DPoW) system, we found a way to make this delegation trustless. Miners add some data to the OP_RETURN field and eliminate the economic incentive to censor blocks or perform other Byzantine activities. This helps maintain a more consistent equilibrium in the system. In return, miners receive Core block rewards, helping secure the network.
The long-term value proposition, which we are already starting to see, is that miners are not only using this as a new token issuance platform but are also starting to stake Bitcoin. In the past, miners could fund their operations by selling Bitcoin or using various hedging strategies. When Core first introduced delegated hash power, miners could also sell Core to fund their business.
When we added Bitcoin staking, miners gained an additional key option. By staking Bitcoin or Core, they could reinvest that capital to continue funding their operations. This not only provides miners with more tools but also helps secure Core and maintain Bitcoin’s decentralization. We’re very proud of the Satoshi Plus consensus mechanism.
How Does the Non-Custodial Bitcoin Staking Model Work and What is the Redemption Process?
Rich: First, you initiate a hash time lock transaction, specifying how long you want to lock your Bitcoin and the reward address on the Core chain where you want the rewards to go. This allows you to earn rewards for helping secure the Core system. If you’re doing dual staking, it also considers the reward address to calculate the multiplier, which is then applied to your Bitcoin staking transaction and the resulting rewards.
The key point is that everything happens within Bitcoin script, and you’re essentially trusting yourself. This is a self-custodial process. When you lock your Bitcoin, it cannot be moved for the duration you’ve set, which can be as short as one day. However, it always remains in your wallet. It’s not like you’re transferring the funds to someone else, and they can’t do anything with them because they don’t have the ability to. Your Bitcoin stays with you the whole time. This process of locking Bitcoin is similar to how funds are delegated in proof-of-stake (PoS) systems.
This is a significant breakthrough where we’ve taken some dynamics from PoS systems and applied them in a new and innovative way to Bitcoin. It unlocks a new feature for Bitcoin holders-the ability to earn yield on Bitcoin while retaining control over it.
How to Assess the Quality and Sustainability of BTC-Fi’s TVL Growth Between 2024 and 2025?
Rich: In 2024 and 2025, I believe we saw a typical hype cycle, similar to what we’ve seen in the Carolina Perez model, where people got very excited, possibly a bit too early, because the technology wasn’t fully mature yet. The Bitcoin DeFi space was no exception. We’ve seen this happen before, like during DeFi Summer in 2020, when expectations were far beyond reality.
Since then, we’ve seen a pullback in the Bitcoin DeFi space as people have begun to rethink the trust assumptions they’re willing to make, where they want to deploy their Bitcoin, and where sustainable yield can actually be achieved. This is a very healthy process. Before the full utility and value can be realized, people must go through this reevaluation phase. We’ve gone through the same process, which is why we’re now focusing on Bitcoin asset management protocols and products like SatPay. These are the activities we believe can bring billions of dollars in real TVL to the market in the coming years, and ultimately, these will be Bitcoin’s most viable use cases. This is the direction we should be pushing forward.
Over time, more use cases will continue to develop and mature. We just need to give it time until it matures enough to achieve full-scale adoption.
How Does Bitcoin Neo-Bank Bring Value to Bitcoin Holders?
Rich: If we look back at Bitcoin’s original value proposition, it was about self-sovereign money and being your own bank, right? That’s why I got into Bitcoin 13 years ago-I was completely captivated by it. Looking at the industry now, what have we done well? We’ve created a better gold standard, but I don’t think that was Bitcoin’s original purpose. Bitcoin was meant to be peer-to-peer cash, but it has evolved into something truly incredible. I think we should all be thankful for what Bitcoin has done for the world and what it will continue to do.
However, I believe some of Bitcoin’s other use cases are still untapped. This has been a big focus for me, especially when we were envisioning Core years ago-how can we actually bring this vision to life? A lot of it comes down to utility. People want to use their Bitcoin to generate income, earn yield, borrow against it, and essentially use it like a savings account. There are many unbanked and underbanked people in the world, and we’re now at a point where trust in traditional financial institutions is at an all-time low. The idea of a Bitcoin neo-bank is extremely appealing, where you can use Bitcoin as your savings account, lending desk, and investment tool. This is where SatPay comes in. It’s a product we developed in partnership with Mobilum , a leader in the global crypto card space. It’s a fully featured product, and we’re excited to launch it in the first half of 2026.
With SatPay, Bitcoin holders can now bring their Bitcoin into the system and unlock all of these key use cases. They can also take out low LTV (loan-to-value) loans against their Bitcoin and spend them in stablecoins. This really completes the Bitcoin value loop because, at the end of the day, many of us are just trying to accumulate more Bitcoin and integrate it into our daily lives.
This is exactly what SatPay achieves. It embodies the concept of the Bitcoin power grid. Core is Bitcoin yield infrastructure, and more broadly, Bitcoin infrastructure. We power these different products and services, and in turn, these services flow back into the Core ecosystem through buybacks. SatPay is one example of this. We are building various yield products, some involving dual staking and other strategies. A portion of the yield generated will go into Core buybacks, directly benefiting CORE token holders. This represents a shift from just focusing on Bitcoin’s utility to how those values flow directly back to CORE token holders.
What is the Biggest Challenge in Scaling a Crypto Neo-Bank? Compliance, Integration, or Risk Acceptance?
Rich: The Bitcoin neo-bank space certainly faces many challenges. That’s why we’re so fortunate to have a partner like Mobilum , which has global licenses and extensive experience in the card business, having been involved for many years. This has been crucial in allowing us to quickly launch this product. However, overall, it’s still a tough industry. There are many competitive products in the market, and truly differentiating ourselves is difficult. I think this situation is similar to the classic web2 growth story. Our team has a lot of experience growing web2 businesses, myself included. We’re really excited to bring this product to the masses.
At the core, it comes down to customer acquisition and activation, which are well-understood challenges. Additionally, we have a global audience, not limited to one geography or banking system. While there are many challenges, there are also many opportunities. I expect SatPay to see significant growth in 2026.
In Core Foundation’s Ownership and Partnership Strategy, What Should Be Fully Owned, and When is a Partnership More Suitable Than Vertical Integration?
Rich: This is a very difficult question to answer because in many cases, we could say, “Let’s do it ourselves.” But the key is figuring out where we can deliver the most value to our users and token holders in the shortest amount of time. I think our partnership with Mobilum to launch SatPay is a great example. Right now, Core doesn’t have the capability to operate across many different licensing regimes globally, so partnering with a team like Mobilum, which can handle that for us, is extremely important. On the other hand, we are very strong in go-to-market strategies, distribution, and other areas. This partnership is a perfect match and results in a 1+1=3 situation.
For some other products, it makes more sense for us to launch our own products while also supporting others. Specifically, for Bitcoin yield products, some of the things we’ve worked on in the past are areas where I expect us to launch individual products. This is because, as experts in Bitcoin yield and Bitcoin infrastructure, we have the full customer relationship, so it makes more sense for us to control the entire process.
How Will Core Achieve the Integration of Bitcoin DeFi and Traditional Finance in the Future?
Rich: In our next chapter, we want to prove that it’s possible to run a long-term, healthy Bitcoin DeFi protocol that can scale to the size of traditional finance. I think the biggest challenge has been this hybrid development, where people tend to focus on one side of the spectrum and haven’t necessarily achieved product-market fit on both sides. We have experience in both areas, and I believe we will be the first team to successfully bridge this gap, bringing Bitcoin DeFi yield experience into traditional finance, allowing us to scale to the size of traditional finance. If we can become the yield infrastructure for some ETFs and other financial products, that would be a very interesting business. I believe this is not only great for the Core ecosystem but also for CORE token holders. Ultimately, I don’t think anyone has managed to complete this circle yet, and I believe we’re in the best position to do so. That’s the story we’re trying to tell in 2026 and beyond.
How Do You View the Phenomenon of AI Accelerating and Attracting Capital and Talent Away from Crypto?
Rich: I think this phenomenon is usually part of a hype cycle. If you remember in 2022, there were tweets saying that everyone in crypto was shifting to AI, and then a wave of people returned to crypto, and now AI is back again. I think that’s normal-people love chasing different goals. I believe these are two of the most exciting fields in the world right now. You’ll probably see a lot of smart people working in both areas, although obviously, working in both is quite challenging.
At the end of the day, it’s about where you think you can build the most important, impactful company. Core is very focused on Bitcoin right now, and I believe it’s a huge space that we’ll continue to focus on for many years to come. However, there are also many amazing AI entrepreneurs who will continue to do incredible things in that field.
Are You Bullish on Bitcoin’s Long-Term Outlook for 2026? What Factors Could Change Your View?
Rich: I’m forever bullish on Bitcoin. I don’t think that will ever change, even after 13 years. I’ve had many moments where I could have changed my mind, but I don’t see that happening anytime soon. We’ve seen Bitcoin’s volatility dampened by ETFs and a few other factors, which might be harder for crypto natives to fully appreciate, but I think this is part of the healthy maturation of the space. Additionally, there are geopolitical and macro factors that should be very bullish for Bitcoin. Hopefully, Bitcoin will continue to be good for the world. Overall, I remain long on Bitcoin, and I believe I always will. So, yes, forever bullish on Bitcoin.
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