Core deploys Fusion Upgrade to expand staking accessibility on its network
Core Blockchain Overview - November 21, 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.
Reminder: Join our quarterly webinar focused on the Core ecosystem and its growth on Nov. 22 from 11am-12pm EST. Sign up here.
New here? Subscribe here to get updates to your inbox. Every other Thursday.
The Core blockchain by the numbers
Network’s daily transactions: 682.3K (+25.58%)
Total unique addresses: 28.2M (+4.52%)
ERC-20 daily tokens transferred: 149.8K (+10.64%)
Total CORE delegated: 158.2M CORE (-1.64%)
Total BTC staked: 6,468 BTC (-10.15%)
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: Core announced the launch of its Fusion Upgrade, a network change that brings Dual Staking and Liquid Bitcoin Staking (LstBTC) to the blockchain.
🔸Why it matters: The Fusion Upgrade is the network’s next step to strengthen Core’s alignment with the Bitcoin ecosystem by incentivizing participation across both networks.
Dual Staking utilizes a tiered reward structure where users can select where they earn yield based on their network preference. This system would ensure network sustainability without inflating the rewards pool. In addition, it can expand the utility of the CORE token by positioning it as the main driver for users who want to maximize their staking yield.
The LstBTC token, set to go live soon, encourages stakers to participate in the broader Core’s ecosystem without compromising ownership of their assets. This means users can retain the amount of liquidity they control, thus making bitcoin staking more versatile and accessible. This is one of Core’s mission statements as they want to provide users the ability to earn yield on their holdings, but still be exposed to bitcoin’s upside potential.
With the addition of these two functions, Core aims to create more attention for Bitcoin DeFi (BTCfi). As Bitcoin becomes more popular, users may be attracted to the BTCfi space because of the yield-generating solutions Core offers.
🔸The bigger picture: The Fusion Upgrade can be a secure environment for users who want to earn yield on their bitcoin. In terms of market share, Core is number one for networks focused on helping scale bitcoin, across multiple key metrics and categories like TVL and DeFi protocols created onchain, according to data presented by Footprint Analytics.
Core looks to increase this percentage by aligning the Bitcoin network with its own network so users can engage with both chain’s assets. The network also wants to drive growth in scaling and cater to both institutional and individual participants.
Scaling the ecosystem
Core DAO hosted its Bitcoin Fusion Webinar #2 that dove into how the network upgrade impacts ecosystem’s staking tools
DeFi Technologies launched CoreFi Strategy, a regulated, leveraged way for users to gain exposure to bitcoin yield and CORE
Colend deployed its token $CLND to give users the ability to borrow from over $250M in assets on its platform
Core TVL hit $924M, up 23,000% YTD (graph shown below)
Source: DefiLlama
Check out the Core blog for more updates.
Into the Core community
Core DAO Institutional Contributor Hong Sun spoke on the A blocmates Orange podcast
Learn more about the “Exploring Core” campaign from a thread by X user Keyroots
Hear from Core Contributors Barbakusi and Sumit about the community in a spaces by X user MANI
Core Chain developers spoke on an X spaces about DeFi developments on Bitcoin
Making headlines
State of Core Q3 2024 (Messari)
DeFi Technologies aims to replicate MicroStrategy's success with upcoming CoreFi Strategy launch (The Block)
Join in the fun
Want to dive deeper into the Core blockchain?
Core hosted a live stream showcasing the Fusion Upgrade - rewatch it here
Interested in learning more about Dual Staking? Read Core’s official guide on how to get involved
To get this newsletter delivered to your inbox every other Thursday, subscribe here.
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.