Core becomes largest Bitcoin sidechain with $423m in TVL

Core has emerged as the largest Bitcoin sidechain with its total locked value exceeding $400 million.

According to data provided by DefiLlama, Core’s (CORE) TVL has increased by more than $100 million in the last 30 days and currently stands at $423 million. This accounts for more than 26% of the total TVL across all Bitcoin (BTC) sidechains, according to a press release shared with crypto.news.

Core was launched in January 2023 with the aim of bringing an Ethereum Virtual Machine compatible decentralized finance ecosystem to Bitcoin.

What makes Core unique is its Satoshi Plus consensus, which uses delegated proof of work and delegated proof of stake. According to the press release, 55% of Bitcoin’s hash rate keeps the network secure, and its DPoS consensus makes it more scalable for decentralized applications.

According to a September 17 report by Messari, Core recorded an average daily decentralized exchange trading volume of $2.5 in Q2 of this year. Moreover, the network recorded an average of $0.01 in trading fees while reaching $263,000 in total revenue during the same time period.

According to the press release, thanks to DPoS consensus, Core participants have staked 5,639 BTC worth approximately $358 million at reporting time. However, Messari research shows that the Bitcoin sidechain had only 23 validators as of Q2.

Core has announced the launch of Liquid Staked Bitcoin, a token for stakers to utilize dApps (such as lending, borrowing, and swapping) within the BTCfi ecosystem and earn rewards for their participation.

However, he did not reveal when exactly his Bitcoin scaling solution LstBTC would be launched.