Core Emerges As Leading Bitcoin Sidechain By Total Value Locked

Benzinga09-25

Core CORE/USD, a blockchain platform that aims to unlock Bitcoin BTC/USD-powered decentralized finance (DeFi), has become the largest Bitcoin sidechain in terms of Total Value Locked (TVL), according ...

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00:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/24/09/41008797/core-emerges-as-leading-bitcoin-sidechain-by-total-value-locked><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Core CORE/USD, a blockchain platform that aims to unlock Bitcoin BTC/USD-powered decentralized finance (DeFi), has become the largest Bitcoin sidechain in terms of Total Value Locked (TVL), according ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/24/09/41008797/core-emerges-as-leading-bitcoin-sidechain-by-total-value-locked\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://www.benzinga.com/markets/cryptocurrency/24/09/41008797/core-emerges-as-leading-bitcoin-sidechain-by-total-value-locked","article_id":"2470374411","we_media_id":null,"thumbnails":["https://www.benzinga.com/files/images/story/2024/09/24/bitcoin-3089728.jpeg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2470374411","pubTimestamp":1727194292,"sourceInfo":{"source_id":"Benzinga","name":"Benzinga Cypto"},"weMediaInfo":null,"summary":"Core (CRYPTO: CORE), a blockchain platform that aims to unlock Bitcoin (CRYPTO: BTC)-powered decentralized finance (DeFi), has become the largest Bitcoin sidechain in terms of ","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4588":"碎股","COIN":"Coinbase Global, Inc.","TSS":"Total System Services"},"translate_title":"Core凭借锁定的总价值成为领先的比特币侧链","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSS":1,"COIN":0.7},"content_text":"Core CORE/USD, a blockchain platform that aims to unlock Bitcoin BTC/USD-powered decentralized finance (DeFi), has become the largest Bitcoin sidechain in terms of Total Value Locked (TVL), according to data from DeFiLlama.\nWhat Happened: The platform now accounts for 26.4% of the total TVL across all Bitcoin sidechains, with over $300 million in locked assets.\nThe rise in Core’s TVL comes amid growing interest in its non-custodial Bitcoin staking feature, which allows users to earn yield on their Bitcoin holdings. \nAs of the latest data, 5,639 bitcoin (worth approximately $335 million at current prices) have been staked on the Core network.\n“Users are rapidly adopting BTCfi on the most Bitcoin-aligned blockchain,” Rich Rines, an initial contributor to Core, said.\nHowever, it’s important to note that while the growth in TVL is significant, it represents a small fraction of the overall Bitcoin market cap, which exceeds $1 trillion.\nCore’s recent partnerships have likely contributed to its growth. \nEarlier this year, the platform collaborated with Valour to launch what they claim is the world’s first yield-bearing Bitcoin Exchange Traded Product (ETP).\n\nAlso Read: Bitcoin ETFs See $4.5M Inflow, But Miners Could Actually Cause The Next Big Move Up\nAdditionally, Core has partnered with digital asset custody provider Copper to support its staking activities.\nThe platform is preparing to launch LstBTC, a liquid staking token pegged to Bitcoin’s value, which aims to address liquidity challenges in Bitcoin DeFi. \nThis token will allow users to stake their Bitcoin while still using it within Core’s DeFi ecosystem.\nWhile Core’s growth is noteworthy, it’s essential to consider the broader context of Bitcoin sidechains and the nascent state of Bitcoin-based DeFi. \nThe total value locked across all Bitcoin sidechains remains a small portion of the overall cryptocurrency market.\nAs the cryptocurrency industry continues to evolve, platforms like Core are attempting to bridge the gap between Bitcoin’s store of value proposition and the yield-generating potential of DeFi. \nWhat’s Next: For those interested in learning more about the future of Bitcoin-based DeFi and other digital asset innovations, Benzinga’s upcoming Future of Digital Assets event on November 19 may provide valuable insights.\nRead Next: \n\nRAIR Technologies Joins Denarii Labs Accelerator To Refine Web3 Tokenomics\n\nImage: Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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