How can bitcoin-backed stablecoins affect BTCfi?

Core Blockchain Overview - January 2, 2025

Jan 02, 2025

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: 539.5K (+51.84%)
Total unique addresses: 34.8M (+9.1%)
ERC-20 daily tokens transferred: 47.3K (-59.61%)
Total CORE delegated: 159.8M (-1.3%)
Total BTC staked: 5,990 (-4.14%)
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 released an end of year recap video with a teaser for a bitcoin-backed stablecoin and other 2025 developments.

🔸Why it matters: Bitcoin and stablecoins are the two types of digital assets that are some of the most well known and most used by trading volume and market cap. Both assets have generally found product-market fit. Bitcoin has been compared to "digital gold," while stablecoins allow for people to retain dollar-backed values across different macroeconomic environments.

Core has been able to enhance Bitcoin’s DeFi utility, turning it from a passive store of value into a productive asset. The network concluded 2024 with notable metrics including: 6,619 BTC staked, 167,857,445 CORE staked and $814.2 million in TVL. Given that its non-custodial staking launched in April 2024, its growth in a short time frame showcases strong – and growing – user demand to leverage bitcoin for DeFi purposes.

In 2025, Core plans to create a bitcoin-backed stablecoin.

Stablecoins are an important asset in the DeFi sector because it gives users the ability to combine the speed and efficiency of blockchain with the reliability of traditional fiat systems. This makes it useful as a store of value, safe haven from market volatility, as well as useful for payments, borrowing and lending, to name a few.

Even though there are plenty of stablecoins in circulation, creating a bitcoin-backed stablecoin would align with Core’s mission to help users put their bitcoin to work in DeFi for staking or lending purposes. In addition, a stablecoin like this can provide interoperability in the Bitcoin ecosystem, allowing the value of the asset to be used across multiple chains.

🔸The bigger picture: Core’s goal for bitcoin is to turn a once-perceived passive asset into a productive one by providing a number of DeFi applications to users.

Heading into 2025, Core looks to expand bitcoin’s capabilities even further by creating additional and novel use cases for it. Overall, stablecoins are an integral part of the broader DeFi sector. If Core can successfully utilize bitcoin to create a stablecoin-backed coin, the network would prove again that bitcoin can be used as more than just a passive asset.

Scaling the ecosystem

Akka Finance, a Core-centric DEX, saw its volume increase 58% on the month to $971K on Dec 28, data on DappRadar shows
ICYMI: Vault Layer launched its lending platform for Bitcoin NFTs
BitFLUX, a swap platform for BTC-pegged assets, hit a new high in TVL on Dec. 26 (shown below)

Source: DefiLlama

Check out the Core blog for more updates.

Into the Core community

BTCFi protocol Colend shared a thread on X discussing how its community can participate in upcoming ecosystem airdrops
Initial Core Contributor Rich Rines went on Beanstock to discuss Core’s ecosystem growth during 2024, BTCfi and more
ICYMI: Core hosted a fourth episode of its Bitcoin Fusion Webinar series

Join in the fun

Want to dive deeper into the Core blockchain?

Core Contributor DefiBNS held an X spaces featuring the Core community
COREx shared its TGE will take place on Jan 6th, 2025, at 15:00 UTC. - learn more here

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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.