Core DAO (CORE), the cryptocurrency behind the Core blockchain, has seen its price skyrocket by 220% over the last week, marking a significant milestone in its market performance. As of the last 24 hours, CORE has seen an additional 63% increase, accumulating a staggering 350% gain in just nine days. This rally has elevated Core DAO to the 55th position among all cryptocurrencies by market cap.
What Is Core DAO?
Core DAO operates on the Core blockchain, a Layer 1, EVM-compatible platform that supports the Bitcoin network by offering a secondary BTC block reward. The Core blockchain distinguishes itself through its unique Satoshi Plus consensus mechanism—a hybrid of Bitcoin’s Proof-of-Work (PoW) and a delegated Proof-of-Stake (DPoS). This mechanism aims to address the blockchain trilemma, ensuring decentralization, scalability, and security.
Core aims to create a strong and inclusive community within the Web 3 ecosystem, offering various features such as a stake bridge, airdrops, and a mining app to facilitate participation and engagement. The project is focused on building Web3 infrastructure and promoting public chains based on Bitcoin’s Proof-of-Work consensus, boasting over 10 million transactions, 550,000 addresses, and significant social media presence​​​​.
As of press time, Core’s market cap was about $2.3 billion, with a 24-hour trading volume of approximately $447 million. The circulating supply of CORE tokens is 875,161,702 out of a maximum supply of 2,100,000,000 CORE tokens.
Factors Behind CORE’s Exponential Rally
The recent price rally of CORE can be attributed to a confluence of factors, including the anticipation of the Bitcoin halving, scheduled in 20 days, and significant project announcements.
One of the pivotal developments propelling Core’s rise is the soon-to-come launch of non-custodial Bitcoin staking, which is expected to boost the public chain’s TVL and favor a rise in CORE price.
Moreover, the launch of coreBTC has been a significant catalyst. CoreBTC enables Bitcoin holders to engage in the DeFi space on the Core Chain without compromising on Bitcoin’s foundational principles of trustlessness and security. This initiative paves the way for Bitcoin to become a central asset in DeFi’s future, backed by decentralized smart contracts and rigorous overcollateralization requirements.
1/ coreBTC is live on Core Chain, which means users can trustlessly bridge their BTC to a Bitcoin-secured DeFi experience on Core Chain. pic.twitter.com/6KFWdbQzbR
— Core DAO 🔶 (@Coredao_Org) March 28, 2024
Additionally, Core has kick-started a 6-month incentive program targeting the BTCfi ecosystem. This program is designed to fuel growth and adoption by rewarding contributions to the ecosystem, particularly in bridging assets and exploring decentralized applications (dApps). The initiative covers assets from various blockchains, including Ethereum, Arbitrum, Optimism, Avalanche, Polygon, and BNB, thereby enhancing participation in Core’s flagship dApps.
At press time, CORE traded at $2.69.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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- Source: https://www.newsbtc.com/news/bitcoin-powered-core-dao-core-skyrockets-by-220/
