🔸 Core TVL hits all-time high, ranking first against other bitcoin-centric chains
Core Blockchain Overview - November 7, 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: 543.3K
Total unique addresses: 26.98M
ERC-20 daily tokens transferred: 135.4K
Total CORE delegated: 160.83M CORE
Total BTC staked: 7,199 BTC
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 is ranked first place by TVL against other Bitcoin-powered networks.
🔸Why it matters: Core network TVL hit $712.3 million, data on DefiLlama showed at the time of writing. The chain had a TVL of $4.38 million at the beginning of the year, and is up 16,162% from that period. This growth is arguably fueled by the growing interest in bitcoin and attention the asset is gaining, as well as Core’s expansion in bitcoin-related products.
With that said, Core offers a non-custodial bitcoin staking feature and as interest for bitcoin grows, “people will want to find ways to earn yield on their bitcoin holdings,” Initial Core Contributor Rich Rines emphasized in the Core DAO quarterly webinar with Token Relations.
In comparison to other chains that are a part of the Bitcoin ecosystem, Core’s TVL amount is $300 million more than the others, according to DefiLlama data.
Bitlayer, an L2 built on top of the Bitcoin network, is the second largest by TVL at $403.8 million. This data metric shows that most value is being placed in Core compared to other bitcoin-centric networks.
🔸The bigger picture: Core’s ecosystem has been trending upward since the start of the year and gained user mindshare in the Bitcoin ecosystem.
In general, areas with high amounts of traction, capital and users tend to attract more interest.
As market data shows, the amount of TVL on the Core network has been increasing steadily since the beginning of the year. If more value is added to the ecosystem, then the Core can see an increase in users and potential developers. Similar to other networks, a high TVL metric can also be an attractive statistic for people who want to explore opportunities or broader their knowledge of DeFi overall.
Scaling the ecosystem
Core’s Fusion upgrade is coming soon - check out the tiers for dual staking participants
Colend hit $18M in borrowed coins on its Core-centric lending platform, according to DefiLlama data
Core shared 74% of Bitcoin mining hash rate is delegated to its network
The team also announced it will sunset coreBTC in favor of LstBTC for liquid staking uses
Unique active wallets and daily transactions on Core hit all-time highs on Oct. 30 at 644.91K and 713.34K, respectively (shown below)
Source: DappRadar
Check out the Core blog for more updates.
Into the Core community
Core DAO hosted an AMA session with Core Foundation Research Advisor Abdoulaye Ndiaye
X user 0xafonso created a post about recent staking performances on the Core network
A blocmates Orange featured two guests on its Bitcoin-centric podcast:
Initial Core Contributor Rich Rines
Core Contributor and CEO of “Satoshi App” Cassie Zhang
Featured headlines
You might have seen these Core-related headlines recently…
Initial Core Contributor Rich Rines spoke on the Luke Belmer podcast (Money Talks on X)
Core Dual Staking and Its Effect on the CORE Token (Blocmates)
Learn how to earn higher bitcoin yields with Dual Staking on Core
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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.