Core Emerges as the Largest Bitcoin Sidechain as Its TVL Surpasses the $400 Million Mark

Core was launched in January 2023 to bring an Ethereum Virtual Machine-compatible decentralized finance ecosystem to Bitcoin.

Core, a Bitcoin (BTC) sidechain, has now become the largest with a total value locked (TVL) that crossed the $400 million mark.

Over the past 30 days, Core’s Core TVL increased by over $100 million, reaching 1.04% of the total TVL across all Bitcoin sidechains, a press release shared with crypto.news reveals.

Launched in January, Core brings an Ethereum Virtual Machine (EVM)-compatible decentralized finance (DeFi) ecosystem to Bitcoin.

Core is unique for its Satoshi Plus consensus, which utilizes delegated proof-of-work (DPoW) and delegated proof-of-stake (DPoS). According to the press release, 55% of the Bitcoin hash rate secures the network, and the DPoS consensus enables greater scalability for decentralized applications (dApps).

On Sept. 17, a Messari report revealed that Core recorded an average daily decentralized exchange (DEX) trading volume of $2.5 in Q2 this year.

Furthermore, the network’s average transaction fee was $0.01, and its total revenue reached $263,000 in the same period.

Thanks to its DPoS consensus, Core contributors have staked 5,639 BTC, which is approximately $358 million at the time of the report, the press release adds.

However, the Messari research shows that the Bitcoin sidechain had only 23 validators as of Q2.

Core announced that it will be launching Liquid Staked Bitcoin (LstBTC) for its stakers to utilize the dApps in the BTCfi ecosystem, such as lending, borrowing, and swapping, and earn rewards for their participation.

The Bitcoin scaling solution did not disclose the exact date of launching LstBTC.