Core has become the biggest Bitcoin sidechain, with more than $400 million locked in its entire value.
DefiLlama’s statistics indicate that Core’s TVL climbed by more than $100 million in the last 30 days, reaching $423 million at this time.
According to a press release this represents more than 26% of the total TVL across all Bitcoin (BTC) sidechains.
In January 2023, Core was introduced to provide Bitcoin users with a decentralized finance ecosystem compatible with the Ethereum Virtual Machine.
Core’s Satoshi Plus consensus, which employs delegated proof-of-work and delegated proof-of-stake, sets it apart from other platforms.
According to the news release, the DPoS consensus increases the network’s scalability for decentralized apps, and 55% of the Bitcoin hash rate maintains network security.
In Q2 of this year, Core reported an average daily decentralized exchange trading volume of $2.5, according to a Messari research published on September 17.
In addition, the network’s total revenue over the same period was $263,000, with an average transaction charge of $0.01.
As to the news announcement, Core contributors have contributed 5,639 BTC, which is about $358 million at the time of reporting, because of its DPoS consensus.
However, according to the Messari study, as of Q2, there were just 23 validators on the Bitcoin sidechain.
In order to allow its stakers to use the dApps in the BTCfi ecosystem, like lending, borrowing, and swapping, and to receive incentives for their involvement, Core announced that it would introduce Liquid Staked Bitcoin.
However, the Bitcoin scaling solution did not disclose the precise date of LstBTC’s launch.
