As a seasoned crypto investor with over a decade of experience under my belt, I find myself intrigued by the rapid growth and development of Core, the leading Bitcoin sidechain. With its TVL surpassing $400 million and accounting for over 26% of the total TVL across all BTC sidechains, it’s evident that this project is making waves in the crypto space.
The main Bitcoin sidechain, known as ‘Core’, has gained the top spot with a locked-in value exceeding $400 million.
Based on DefiLlama’s figures, Core’s TVL has surged past the $100 million mark within the last month, now standing at approximately $423 million. This represents more than a quarter of the total TVL distributed across all Bitcoin sidechains, as stated in a press release that was recently made available to crypto.news.
In simple terms, the Core project debuted in January 2023 with a goal to create a decentralized finance system compatible with the Ethereum Virtual Machine within the Bitcoin network.
As a crypto investor, I find Core’s uniqueness lies in its Satoshi Plus consensus mechanism. This innovative approach combines delegated proof-of-work and delegated proof-of-stake. According to the press release, an impressive 55% of Bitcoin’s mining power is ensuring the network’s security. The DPoS (Delegated Proof-of-Stake) consensus, on the other hand, makes it more scalable, enabling it to support a greater number of decentralized applications smoothly.
As per a Messari report from September 17th, the decentralized exchange Core reported an average daily trading volume of approximately $2.5 million during Q2 this year. Additionally, the network’s average transaction fee was around $0.01, leading to a total revenue of roughly $263,000 within the same period.
According to a recent press release, the Core contributors have locked in approximately 5,639 BTC, which equates to around $358 million at the time of reporting, due to its Delegated Proof-of-Stake (DPoS) consensus mechanism. Interestingly, research conducted by Messari reveals that as of Q2, there were merely 23 active validators on the Bitcoin sidechain.
Core has announced that they will introduce Liquid-Staked Bitcoin for their stakeholders, allowing them to take advantage of the decentralized applications within the BTCfi ecosystem, including lending, borrowing, and exchanging, while also earning rewards for their involvement.
However, the Bitcoin scaling solution did not reveal the exact date of launching LstBTC.
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2024-09-24 14:26