Bitcoin needs to have more solutions for its $1.2T market cap, initial Core contributor says
Core Blockchain Overview - August 29, 2024
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The Core blockchain by the numbers
Network’s daily transactions: 307.27K (+22.35%)
Total unique addresses: 20.31M (+1.70%)
ERC-20 daily tokens transferred: 164.5K (+6.27%)
Total CORE delegated: 152.59M (+4.05%)
Total BTC staked: 5,444 (+4.78%)
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 happened: As the bitcoin ecosystem continues to evolve, there needs to be more use cases and “solutions” for the $1.2 trillion market cap asset to expand its reach, Initial Core Contributor Rich Rines said during the Core Quarterly Webinar with Token Relations.
🔸Why it matters: Core aims to provide investors the opportunity to generate yield on their bitcoin, without having to give up their private keys. Rines believes that bitcoin is for everyone, especially as demand for it grows from institutional markets.
“Wall Street is not gonna stop at spot bitcoin ETFs,” Rines added. “Wall Street wants yield products,” Rines said.
“The perfect evolution of what Bitcoin products are going to look like, is going to be a slow process,” Rines said. “But I do think yield-bearing products are desired from institutional products.They don’t just want to hold spot, they want spot with yield.”
One of Core’s focuses is on creating the best user experience for Bitcoiners, whether that’s through the ecosystem or new product offerings.
A huge research topic amongst the community is bridging assets and how it can be optimized and made easier for everyday investors. Throughout the whole web3 sector, it’s a common belief that products need to become more user friendly and accessible.
Currently, if someone wants to use blockchain-based products, there tends to be a lot of friction with onboarding, educating and a lot of clicking back and forth. “Core is a product-focused blockchain,” Rines added. “We care about product market fit and building products for real users today, and that’s by design. We want to be the go-to PoS layer on top of Bitcoin.”
🔸The bigger picture: Core is trying to build the most liquid Bitcoin decentralized finance system, as well as a staking product, and blend both together.
As many call bitcoin the “king of crypto,” the network hasn’t seen as much innovation over the years compared to other major blockchains like Ethereum or Solana. But with advancements like this, that can change.
“Core is a 10-year plus project,” Rines said. “In order to solve a problem for Bitcoin, Core has to be the one to do it because as great as Bitcoin is, it innovates very slowly.”
Scaling the ecosystem
APRO Oracle announced it will integrate its cloud application and data services to the Core ecosystem
Core DAO released an article that dove into its goal of making bitcoin staking more accessible
Core shared it surpassed 20M unique addresses, and achieved over $300M in TVL
Check out the Core ecosystem, containing over 90 projects building on top of the network, spanning across DeFi, NFTs, bridging, and more (pictured below)
Check out the Core blog for more updates.
Into the Core community
BTCfi Summer Hackathon has concluded. Check out the winners here and learn more about what they’re building
X user everstake_pool created a thread that dove into the Core blockchain and its staking model
A blocmates Orange released a video discussion with Rines to discuss the network’s latest developments
Rines appeared on a video to discuss the important of decentralized yield sources and the growing Bitcoin DeFi landscape
Join in the fun
Want to dive deeper into the Core ecosystem?
Meet up with the Core community at Bitcoin Fusion on Sept. 17 in Singapore during Token2049
Share your ideas on this forum thread for what you want to see developed next on the Core network
Tune in to the upcoming Core community call on Aug. 30 at 2PM UTC
Check out the details for Season 2 of Core’s Ignition Drop campaign
Learn more about the Core ecosystem and get to know community members by joining its Discord
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This product was built by Token Relations.
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.