Core Emerges as Leading Bitcoin Sidechain with Over $400 Million TVL

Core has become the largest Bitcoin sidechain as its total value locked (TVL) surpasses the $400 million mark. According to data from DefiLlama, Core’s TVL has increased by over $100 million in the past 30 days, reaching $423 million. This accounts for more than 26% of the total TVL across all Bitcoin (BTC) sidechains.

Launched in January 2023, Core aims to introduce an Ethereum Virtual Machine (EVM)-compatible decentralized finance (DeFi) ecosystem to Bitcoin. What sets Core apart is its Satoshi Plus consensus, which employs a combination of delegated proof-of-work (DPoW) and delegated proof-of-stake (DPoS). This hybrid consensus mechanism leverages 55% of the Bitcoin hash rate for network security, while the DPoS component enhances scalability for decentralized applications (dApps).

Core’s Impressive Growth Metrics

In Q2 2023, Core recorded an average daily decentralized exchange trading volume of $2.5 million, according to a Messari report dated September 17. The network also achieved an average transaction fee of just $0.01, with total revenue reaching $263,000 during the same period.

Thanks to its DPoS consensus, Core contributors have staked 5,639 BTC, valued at approximately $358 million at the time of reporting. However, the Messari research indicates that the Bitcoin sidechain had only 23 validators as of Q2 2023.

Future Developments: Liquid Staked Bitcoin

Core has announced plans to launch Liquid Staked Bitcoin (LstBTC) for its stakers. This initiative will allow participants to benefit from the BTCfi ecosystem’s dApps, which include lending, borrowing, and swapping functionalities, while earning rewards for their participation. The exact launch date for LstBTC has not yet been disclosed.

“Core’s unique Satoshi Plus consensus mechanism significantly enhances its scalability and security, positioning it as the leading Bitcoin sidechain.”

Stay tuned for more updates on Core and other developments in the cryptocurrency world. For the latest news and insights, explore more on Global Crypto News.

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