Bitcoin-centric Core saw network TVL hit new high at $433M

Core Blockchain Overview - September 26, 2024

Sep 26, 2024

Welcome to the Core Blockchain Overview. A one-stop-shop for the Core community to get up to speed on the network’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.

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The Core blockchain by the numbers

Network’s daily transactions: 303K (+10.87%)
Total unique addresses: 21.48M (+2.63%)
ERC-20 daily tokens transferred: 178.2K (+76.44%)
Total CORE delegated: 171.2M (+3.63%)
Total BTC staked: 4,696 (-15.4%)
Top 3 Core validators by hybrid score:

The metrics are accurate at the time of publication. The percentage change is over a 14-day period.

Inside the network

🔸What we’re watching: The Core network hit a new all-time high of ~$433 million in total value locked (TVL) on Wednesday, according to DefiLlama data.

🔸Why it matters: The amount of TVL on Core has been on an upward trajectory since June and is up over 10,000% from about $4 million TVL in the beginning of the year.

Although market data shows this metric has been increasing slowly from January to June, the network saw a huge spike in activity between mid-July to now.

This scale is arguably fueled by new partnerships with Copper and Valour, ecosystem innovations such as its dual staking model, and the Ignition Sparks Drop campaign.

🔸The bigger picture: Across the ecosystem, a lot of blockchains are far from their all-time high TVLs. But as Core hit a new TVL peak for its network, it signals a healthy level of adoption from users for its services and overall initiative within a short period of time.

As market data shows, the amount of TVL on the Core network has been on an upward trend since the beginning of September. If more value is brought in by DeFi projects, then the Core ecosystem can see an increase in users and potential developers.

Similar to other networks, a high TVL count can be an attractive statistic for people who want to explore DeFi opportunities.

Scaling the ecosystem

Coinbase’s L2 Base is now connected to Core, enabling wETH and USDC bridging to Core’s BTCfi ecosystem
Bitcoin Layers released a tool that features the Core network and a technical overview
COREx, a decentralized exchange built on Core network, hit 880K total transactions
Colend, a lending and borrowing platform on the Core network, hit $213M in TVL, according to DefiLlama (shown below)

Check out the Core blog for more updates.

Into the Core community

BTCfi Brothers Podcast, a show hosted by Core Contributors Dylan and Kieran Dennis, released their latest episode
Check out this visualization that details Core’s dual staking model, posted by X user BitcoinEcoTK
Blocmates Orange, a podcast series that highlights the Core ecosystem, posted a podcast interview that dove into Bitcoin’s influence in South Africa
The Core DAO X account hosted an X space featuring projects building in the BTCfi ecosystem

By the headlines

Initial Core Contributor Rich Rines went on CNBC to talk about Bitcoin, market trends, Core and more
“Core became largest Bitcoin sidechain with $423m in TVL” (Crypto.news)
“Core Wants to Launch a Bitcoin Yield ETF in US Within Five Years,” Says Exec (Decrypt)
Core DAO Overview (Reflexitiy Research)
State of Core Q2 2024 (Messari)
- Prefer audio? Check out the video breakdown here

Join in the fun

Want to dive deeper into the Core blockchain?

Core Contributors spoke on an X space about how someone can become a part of its ecosystem
Season 2 of Core’s Ignition Drop campaign is currently underway
- Check out this video that goes into how users can maximize participation
Join the Core DAO Discord for an upcoming AMA session with the community on Oct. 2

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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.