Core

Satoshi

Bitcoin

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Celestia

Core has emerged as the largest Bitcoin sidechain as its total value locked surpasses the $400 million mark.
According to <a href="https://defillama.com/chain/CORE" target="_blank" rel="noopener noreferrer nofollow">data</a> provided by DefiLlama, Core’s (<a href="https://crypto.news/price/core/" target="_blank" rel="noopener noreferrer nofollow">CORE</a>) TVL increased by over $100 million over the past 30 days and is currently sitting at $423 million. This accounts for over 26% of the total TVL across all Bitcoin (BTC) sidechains, per a press release shared with crypto.news.
Core was launched in January 2023 to bring an <a href="https://crypto.news/glossary/ethereum-virtual-machine-evm/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Virtual Machine</a>-compatible decentralized finance ecosystem to Bitcoin.&nbsp;
What makes Core unique is its Satoshi Plus consensus — using delegated proof-of-work and delegated proof-of-stake. Per the press release, 55% of the Bitcoin hash rate is keeping the network secure and the DPoS <a href="https://crypto.news/pros-and-cons-of-each-blockchain-consensus/" target="_blank" rel="noopener noreferrer nofollow">consensus</a> makes it more scalable for decentralized applications.
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According to a Messari <a href="https://messari.io/report/state-of-core-q2-2024" target="_blank" rel="noopener noreferrer nofollow">report</a> on Sept. 17, Core recorded $2.5 in average daily decentralized exchange trading volume in Q2 this year. Moreover, the network recorded an average transaction fee of $0.01 with its total revenue reaching $263,000 in the same timeframe.
Thanks to its DPoS consensus, Core contributors have staked 5,639 BTC, worth roughly $358 million at the reporting time, per the press release. However, the Messari research shows that the Bitcoin sidechain only had 23 validators as of Q2.
<a href="https://crypto.news/bitcoin-powered-core-dao-debuts-its-own-etp-on-swiss-stock-exchange/" target="_blank" rel="noopener noreferrer nofollow">Core</a> shared it will launch Liquid Staked Bitcoin for its stakers to benefit from the dApps in the BTCfi ecosystem — such as lending, borrowing and swapping — and get rewards for their participation.
However, the Bitcoin scaling solution did not reveal the exact date of launching LstBTC.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/celestia-foundation-secures-100m-in-new-fundraising/"> Celestia Foundation secures $100m in new fundraising </a>

Core becomes largest Bitcoin sidechain with $423m in TVL

crypto.news

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