Core Becomes Largest Bitcoin Sidechain with $423 Million in TVL
Core becomes the biggest Bitcoin sidechain, featuring more than 400 million USD in TVL, all because of its consensus mechanism and an ever-expanding DeFi ecosystem.
Unprecedented Growth in TVL
According to DefiLlama, Core’s TVL has risen by over $100 million in the past month and now stands at $423 million. That represents over 26% of the aggregate TVL across all Bitcoin sidechains, which positions Core as a powerhouse in the BTC DeFi world.
Unique Satoshi Plus Consensus
Launched in January 2023, Core was designed to provide BTC with an EVM-compatible DeFi ecosystem. The uniqueness of Core lies in the fact that it is blockchain-powered Satoshi Plus consensus, which combines the powers of both DPoW and DPoS mechanisms. Topped up by 55% of the Bitcoin hash rate, this hybrid consensus allows for a scalable home for dApps.
High-Performance Network
A recent report published by Messari explained that Core averaged $2.5 million in daily DEX trading volume during Q2 2023. In addition, the blockchain saw average transaction fees of just $0.01 with total revenue amounting to roughly $263,000 in the second quarter of the year. While the number of active validators on Core’s network was only 23 during Q2, the staking ecosystem is quite strong with a total of 5,639 BTC at stake currently worth roughly $358 million.
Roadmap
Core plans to implement Liquid Staked Bitcoin (LstBTC), enabling stakers to utilize all the functionality provided by the Bitcoin financial ecosystem BTCfi) and obtain rewards through dApps lending, borrowing, and swapping. Whatever the case may be, no specific date has been provided as to when LstBTC will go live.
With this growth and these new announcements, Core is primed for continued leadership among BTC sidechains, taking the possibility of decentralized finance on the Bitcoin network to a whole new level.
