DeFi
New Report Shows How Sushiswap Led CORE’s 74% QoQ DeFi TVL Growth | CryptoTvplus
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- In the first quarter, the Core ecosystem progressed with stCORE, the ramp-up of Glyph, and the launch of Core Ignition.
In the first quarter of 2024, the market capitalization of Core Chain flew to $1.21 billion, marking a 144% quarter-over-quarter rise in the price of the Core token, driven by a 1% increase in its circulating supply. This growth raised CORE’s CoinMarketCap ranking from 119 to 58.
The Core blockchain is a layer one blockchain that uses and supports Bitcoin miners (and holders) on an EVM-enabled chain. It is designed to solve the blockchain trilemma by leveraging a unique two-way consensus mechanism called Satoshi Plus. This mechanism combines proof-of-work (PoW) and proof-of-stake (PoS) to ensure network security and decentralization.
CORE is the native token of Core Chain. It is used for transaction fees, staking (and mining) rewards, and governance. Its total supply is 2.1 billion, distributed in the form of block rewards over 81 years. CORE has a minor deflationary mechanism, which can burn excess rewards from relayers and verifiers.
A report published by Messari showed that the token’s price surge also led to a 28% increase in Core Chain’s USD revenue in the first quarter, reaching $94,000, while CORE token revenue saw a modest increase by 8% to reach 153,000 CORE. The increase is due to user involvement in Core Chain listings, which are pieces of data, like images, posted to a blockchain.
Another primary review showed that active addresses and average daily transactions increased by 22% to 43,000 and 8% to 863,000, respectively, in the first quarter. Although the number of active addresses in the first quarter was lower than in the first three quarters of 2023, the increase in transactions indicates that more “power users” are transacting frequently.
Core Chain’s DeFi TVL increased 74% QoQ to $6.75 million
Core Chain’s DeFi total value locked (TVL) grew 74% quarter-over-quarter, reaching $6.75 million at the end of Q1 2024. According to the report, this growth occurred mainly in March and coincided with a rise in CORE prices, as previously mentioned. .
Additionally, in Q1, SushiSwap was the leading DeFi platform on Core Chain in terms of TVL. The multi-chain DEX held around $2.1 million in TVL, putting it at the top among other DeFi platforms such as Glyph, LFGSwap, and Archer.
It’s also worth noting that Glyph was the fastest growing, launching in March and surpassing $1 million in TVL in just a few weeks.
The Core Chain ecosystem focuses on BTC assets and BTC derivatives. NFT marketplaces such as Wizard Gallery act as launchpads and platforms for trading NFTs and support trading in bridged Bitcoin Ordinals.
Core Chain is connected to other networks via LayerZero, among other bridges. LayerZero activity to and from Core Chain is primarily done with BNB or Polygon. However, activity with Ethereum L2s Arbitrum and Optimism resumed in the first quarter.
Other developments
The Core ecosystem saw several important advancements and initiatives in the first quarter. The introduction of stCORE unveiled a liquidity-staking variant of the CORE token, providing users with flexibility and potential rewards.
Meanwhile, Glyph has emerged as a new decentralized exchange, providing a venue for direct cryptocurrency trading. Core Ignition, a six-month program, was set up to drive the growth of Bitcoin DeFi by incentivizing developers and new projects.
Core Chain Ventures, a network of 50 venture capitalists and investors, has begun providing resources to support ecosystem builders. The Core Foundation further fueled innovation by creating a $5 million fund to support emerging projects.
In March, coreBTC launched, offering a bridged version of Bitcoin designed to enhance Bitcoin DeFi capabilities within the Core ecosystem.