Core, a Bitcoin Layer-2 blockchain, has witnessed a remarkable surge in its DeFi ecosystem during the second quarter of 2024. According to a report by Messari, Core’s total value locked (TVL) in DeFi skyrocketed by a staggering 1,032%, reaching $76.4 million. This growth can be attributed to a combination of factors, showcasing Core’s commitment to unlocking the potential of Bitcoin and providing innovative investment opportunities.
One key driver of this growth was the launch of non-custodial Bitcoin staking on Core’s platform in April. This feature allows users to stake their Bitcoin securely and earn rewards without relinquishing control of their assets. The success of this initiative is evident in the fact that 3,504 BTC, equivalent to $215 million, were staked in Q2 alone. This further solidifies Core’s position as a leading platform for Bitcoin-focused DeFi applications.
Core’s native decentralized exchange (DEX), CoreX, also played a significant role in the growth of the platform’s DeFi ecosystem. CoreX outperformed SushiSwap, a multi-chain DEX, demonstrating its ability to attract and retain liquidity. This success can be attributed to CoreX’s user-friendly interface, low fees, and seamless integration with the broader Core ecosystem.
The launch of yield-bearing Core BTC exchange-traded products (ETPs) by Valour, a subsidiary of DeFi Technologies, further expanded investor access to Core’s ecosystem. These ETPs, listed on the Frankfurt stock exchange, the Spotlight Stock Market in Sweden, and the London Stock Exchange, allow investors to earn a 5.65% yield while gaining exposure to Bitcoin. This innovative approach to Bitcoin investing has attracted a diverse range of investors seeking to diversify their portfolios and capitalize on the growth potential of the digital asset space.
Secured by and aligned with Bitcoin, Core’s blockchain is unlocking over $1.25 trillion in trapped Bitcoin liquidity. The platform currently hosts over 100 DApps, empowering Bitcoin holders to leverage their assets in novel and innovative ways. The significant growth in DeFi TVL, the successful introduction of non-custodial BTC staking, and the listing of BTC ETPs on various stock exchanges solidify Core’s position as a leader in the Bitcoin DeFi space. The platform is actively expanding its global presence and providing users with a wide range of investment opportunities to participate in the burgeoning digital asset economy. As Rich Rines, an Initial Contributor to Core, aptly noted, “The first quarter with live Non-Custodial Bitcoin Staking represents a new epoch for Bitcoin, powered by Core.”
The burgeoning influence of Bitcoin as an institutional asset class will be extensively explored at Benzinga’s upcoming Future of Digital Assets event on November 19th. This event will bring together industry leaders, investors, and experts to discuss the latest trends and innovations shaping the future of digital assets.
