web3.0Core Blockchain Unlocks Over $1.25T in Trapped Bitcoin Liquidity, DeFi TVL Grows 1,032% in Q2
Secured by and aligned with Bitcoin, Core's blockchain is unlocking over $1.25 trillion in trapped Bitcoin liquidity. The platform hosts over 100 Dapps
Despite a wider market pullback, the total value locked (TVL) in decentralized finance (DeFi) on Core (CORE/USD) blockchain, Bitcoin’s (BTC/USD) Layer-2 network, has seen a substantial increase in the second quarter (Q2) of 2024.
As highlighted by a Messari report, Core’s DeFi TVL surged by 1,032% in Q2, reaching $76.4 million. The blockchain’s native decentralized exchange (DEX), CoreX, outperformed SushiSwap, a multi-chain DEX, in terms of trading volume.
Moreover, non-custodial bitcoin staking, which was launched on Core’s platform in April, saw 3,504 BTC (around $215 million) staked in Q2, expanding investor access and exposure to Core’s ecosystem.
In another development, Valour, a subsidiary of DeFi Technologies, introduced a unique yield-bearing Core BTC exchange-traded product (ETP) for German investors on the Frankfurt stock exchange in June. This initiative offered users a 5.65% yield in addition to exposure to Bitcoin.
Core and Valour have since listed other BTC ETPs on Sweden’s Spotlight Stock Market and the London Stock Exchange.
Core’s blockchain, which is secured by and aligns with Bitcoin, unlocks over $1.25 trillion in trapped Bitcoin liquidity. The platform hosts over 100 decentralized applications (Dapps), enabling Bitcoin holders to utilize their BTC in innovative ways.
The significant growth in DeFi TVL and the introduction of non-custodial BTC staking in Q2 of 2024 demonstrate Core’s commitment to providing diverse investment opportunities and enhancing investor access.
The listing of BTC ETPs on various stock exchanges also reflects Core’s expanding global presence and its efforts to offer investors yield-bearing opportunities in addition to exposure to Bitcoin.
"The first quarter with live Non-Custodial Bitcoin Staking represents a new epoch for Bitcoin, powered by Core. Demand for Bitcoin Staking and Core DeFi is increasing," said Rich Rines, an Initial Contributor to Core.
Benzinga will be further exploring the influence of Bitcoin as an institutional asset class at its upcoming Future of Digital Assets event on Nov. 19.
Continue reading on Benzinga: Blockchain Core Foundation Launches Liquid Staking Token Pegged Against Bitcoin
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