The second quarter of 2024, from April 1st to June 30th, has been a transformative period for the Core blockchain, setting new benchmarks in the BTCfi landscape. With a community committed to innovation and community-driven decentralized development, Core has not only achieved significant technical advancements but also fostered broader adoption and engagement within the blockchain ecosystem. As Core continues to expand its ecosystem and enhance its offerings, it remains poised to shape the future of decentralized technologies and BTCfi and redefine the standards of adoption and utility for BTC.
In this blog, we will delve into some milestones for the Core blockchain network in Q2 2024, highlighting ecosystem growth and the burgeoning potential of BTCfi. Join us as we explore how Core is paving the way for BTCfi and better utility of BTC.
Core Q2 Data
Disclaimer: Please note that the figures in this blog belong to the time period of 1st April to 30th June 2024.
Driving Forward: Core's Striking Network Growth
In Q2 2024, Core Chain demonstrated robust growth across key metrics, underscoring its expanding influence in the BTCfi ecosystem. From heightened user engagement to increased transaction activity, Core's performance highlights its emergence as a pivotal player in decentralized finance.
Ranking up in Top 5 Bitcoin Scaling Chains
One of the major achievements in Q2 was Core Chain propelling into the top 5 among the blockchain ecosystems that are contributing towards achieving better utility for Bitcoin through BTCfi. This jumping up the ladder signifies Core's robust infrastructure and innovative ecosystem, which is aimed at enhancing the utility use cases for Bitcoin and catalyzing substantial growth of BTCfi. Through innovative solutions and a thriving community, Core has emerged as a key player in expanding the horizons of the Bitcoin ecosystem, solidifying its pivotal role in shaping the future of BTCfi.
Core is in Top 5 Bitcoin Scaling Chains
Source: DefiLlama Data as of June 30th, 2024
Swift and Responsive: Core's 3-Second Block Time
Core offers a consistent block time of 3 secs, which was ensured in Q2 as well. This rapid block time makes swift transaction processing possible and enhances the overall performance and responsiveness of the Core ecosystem.
Core Average Block Time Chart
Source: CoreScan Data as of June 30th, 2024
Explosive Total Value Locked (TVL) Growth
The Core ecosystem experienced substantial growth across TVL in terms of both USD and CORE tokens. The TVL in USD surged from $6.75M to $74.77M, marking an impressive increase of 1007.41%. Simultaneously, the TVL denoted in CORE tokens escalated from $4.85M to $74.77M, reflecting an even higher percentage growth of 1440.62%. These significant increases emphasize the growing confidence and participation within the Core ecosystem, positioning it as a pivotal player in the blockchain and BTCfi space.
Core TVL Locked
Source: DefiLlama Data as of June 30th, 2024
Leaderboard for TVL Contributors
Colend, with a TVL of $44.15M, topped the leaderboard for top 10 projects contributing to the TVL of the Core ecosystem in Q2.
Leaderboard for Core TVL Contributors
Source: DefiLlama Data as of June 30th, 2024
Increase of Core Unique Address
By the end of Q2 the total number of Core Unique addresses had jumped up to 19,143,764 from 15,575,193 in Q1, which is a significant increase of 22.91%. This surge signifies growing adoption and a broadening user base within the Core ecosystem, indicating increasing interest and participation in Core's offerings.
Core Unique Address Chart
Source: CoreScan Data as of June 30th, 2024
Growing Engagement: Daily Active Users (DAU) Increase
The DAU count on the Core blockchain also saw a significant rise as compared to 43K in the Q1, the DAU rose to an average DAU of 55.8K, showing an impressive increase of 29.976%. This significant growth illustrates the growing interest and a vibrant community of users who are actively engaging with the Core ecosystem.
Active Core Addresses
Source: CoreScan Data as of June 30th, 2024
Rising Activity: Daily Transaction Count
The average Daily Transaction Count on the Core blockchain also saw a significant rise to an average of 232K daily transactions. The increase in the average Daily Transaction Count on the Core blockchain signifies heightened network activity and utilization, reflecting growing usage and engagement within the Core ecosystem.
Core Daily Transaction Chart
Source: CoreScan Data as of June 30th, 2024
Expanding Frontiers: Core’s Ecosystem Expansion
The Core ecosystem experienced remarkable expansion, marked by increased adoption and integration of new projects. This growth was fueled by a surge in staking activities, expansion of the active validator set, and enhanced developer participation. The expanding ecosystem is a testament to Core's robust infrastructure and its ability to attract diverse stakeholders, driving innovation and collaboration within the blockchain space.
Strengthening Security and Decentralization: Validator Set Expansion
Validators are responsible for maintaining the integrity of the Core blockchain. In Q2 Core proposed the expansion of its active validator set from 21 to 31 by the Q2 of 2025. In the Q2 of 2024, Core expanded its validator set from 21 to 23. This modest expansion of the validator set involves no drawbacks in terms of performance; however, it does increase the decentralization of the network. Validators on Core are elected for block production per cycle based on the hybrid score that calculates how much hash power, staked CORE tokens, and staked BTC are
delegated from BTC miners/mining pools, CORE stakers, and BTC stakers respectively. The 23 active validators with the most delegated hash power, CORE tokens, and BTC are then made part of the validator set for that particular cycle.
Fueling Growth: Staking Milestones and Achievements
Q2 2024 witnessed a significant surge in staking activities on the Core blockchain. There was a massive increase in the staking of CORE tokens, Bitcoin (BTC), and BTC hash power on Core. By the end of Q2, the Delegated Hash Rate of Bitcoin miners on Core was 237 EH/s. The total staked CORE tokens jumped up to 126M which is ~$169M USD in worth. Launched early in Q2 2024, Non-custodial BTC Staking on Core also saw an impressive growth of 3,504.843 BTC staked with a worth of ~$215M USD.
Expanding Utility: dApp Onboarding for a vibrant ecosystem
By the end of Q2 2024, a total of 61 dApps were made part of the Core ecosystem. The Core ecosystem saw significant growth of 47.83% with an average of 34 dApps being onboarded, as compared to 23 dApps in Q1. This influx of dApps highlights the platform's appeal and its capability to support a diverse range of applications, contributing to the vibrancy and utility of the Core ecosystem.
Core Blockchain Ecosystem
Data as of June 30th, 2024
Fueling Innovation: Core's New Builder Programs and Hackathons
Core Ignition Builders’ Incentive Program
The Core Ignition Builders’ Incentive Program was revamped and launched with the aim of incentivizing developers who are building on Core Chain. It seeks to foster innovation and drive growth within the Core ecosystem. You can find more details about the program on the official website.
BTCfi Summer Hackathon
To provide developers with a platform to build transformative applications within the BTCfi ecosystem on Core Chain, the BTCfi Summer Hackathon is launched and is currently in the submission stage. This is a 12-week hackathon sponsored by the Core Foundation to drive innovation in the Bitcoin economy leveraging the Core ecosystem. With a massive prize pool of $250,000 USD, BTCfi Summer Hackathon aims to inspire developers to create groundbreaking applications utilizing the capabilities of the Core Chain platform. For more information refer to the official website.
Conclusion
Core Chain's Q2 2024 performance is a testament to its growing influence and innovation within the BTCfi landscape through features like Non-Custodial BTC staking. Core is poised to continue its impressive trajectory, solidifying its position as a pivotal player in the BTCfi space.
Stay tuned for more updates as Core continues to grow and innovate!