Core DAO (CORE), the cryptocurrency behind the Core blockchain, has seen its price soar 220% in the last week, marking a significant milestone in its market performance. Over the past 24 hours, CORE has seen an additional 63% increase, racking up an impressive 350% gain in just nine days. This recovery has elevated Core DAO to 55th position among all cryptocurrencies by market cap.
What is DAO core?
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 is distinguished by its unique Satoshi Plus consensus mechanism – a hybrid of Bitcoin Proof of Work (PoW) and Delegated Proof of Stake (DPoS). This mechanism aims to address the blockchain trilemma by ensuring decentralization, scalability and security.
Core aims to create a strong and inclusive community within the Web 3 ecosystem by offering various features such as a staking 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 Proof of Work Consensus, boasting over 10 million transactions, 550,000 addresses and significant social media presence.
At press time, Core’s market cap was approximately $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 Recovery
The recent recovery in CORE prices can be attributed to a confluence of factors, including the anticipation of the Bitcoin halvedscheduled for 20 days, and significant project announcements.
One of the crucial developments driving the rise of Core is the upcoming launch of non-custodial Bitcoin staking, which is expected to boost the TVL of the public network and favor an increase in the price of CORE.
Additionally, the launch of coreBTC was a significant catalyst. CoreBTC allows Bitcoin holders to engage in the DeFi space on the Core Chain without compromising the trustless and secure fundamental principles of Bitcoin. This initiative paves the way for Bitcoin to become a central asset in the future of DeFi, supported by decentralized smart contracts and strict overcollateralization requirements.
1/ coreBTC is live on Core Chain, which means users can securely connect their BTC to a Bitcoin-secured DeFi experience on Core Chain. pic.twitter.com/6KFWdbQzbR
— Núcleo DAO 🔶 (@Coredao_Org) March 28, 2024
Additionally, Core has kicked off a 6-month incentive program targeting the BTCfi ecosystem. This program is designed to stimulate growth and adoption by rewarding contributions to the ecosystem, especially in bridging assets and exploring decentralized applications (dApps). The initiative encompasses assets from multiple blockchains, including Ethereum, Arbitrum, Optimism, Avalanche, Polygon, and BNB, thereby increasing participation in Core’s top dApps.
At press time, CORE traded at $2.69.
Featured image created with DALL·E, chart from TradingView.com
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