TL;DR
- The Core blockchain's DeFi total value locked (TVL) skyrocketed by 1,032% to $76.4 million in Q2 2024, driven by the launch of non-custodial $BTC staking and new DeFi protocols.
- The ecosystem saw a 48% increase in decentralized applications (dApps), highlighting its potential leadership in Bitcoin-focused DeFi solutions.

Core DAO's analysis of the Core blockchain in Q2 2024 reveals remarkable growth and innovation within its ecosystem. The DeFi total value locked (TVL) surged by 1,032% quarter-over-quarter to reach $76.4 million, showcasing the resilience of Core's offerings despite broader market challenges. Key contributors to this growth included the introduction of non-custodial $BTC staking and the Sparks Incentive Program, which significantly boosted user engagement.

By the end of Q2, 3,504 $BTC, valued at approximately $215 million, had been staked through the non-custodial staking introduced in April. The Sparks Incentive Program, launched in May, further encouraged user activity on the platform. Additionally, Valour's launch of a yield-bearing $BTC exchange-traded product (ETP) in June provided a unique opportunity for investors to earn a 5.65% yield on their Bitcoin holdings.

The Core blockchain operates on a hybrid consensus model known as Satoshi Plus, which enhances security while allowing for Ethereum-compatible applications. Average daily active addresses increased by 52% to 64,700, although average daily transactions declined by 68% to 277,800 due to reduced inscription activity. The ecosystem expanded with a 48% increase in dApps, totaling 61, with new entrants like Colend, COREx, and Avalon Finance offering various financial services. The integration of SolvBTC into Colend played a significant role in the surge of TVL, further indicating Core's potential in Bitcoin-focused decentralized finance solutions.

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