Core becomes largest Bitcoin sidechain with $423m in TVL

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

According to data provided by DefiLlama, Core’s (CORE) 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 Ethereum Virtual Machine-compatible decentralized finance ecosystem to Bitcoin. 

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 consensus makes it more scalable for decentralized applications.

According to a Messari report 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.

Core 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.