CORE

Core DAO Ecosystem Update and Analysis: What’s New?

by BSCN

August 9, 2023

Core DAO commits to innovation even in the bear market. The protocol has made massive progress since launching in January 2023.

Core DAO has been at the forefront of the ever-changing Decentralized Finance (DeFi) industry since launching its mainnet on January 14.

Backed by the Satoshi Plus consensus mechanism, the Layer1 blockchain has been making waves. Let's delve into some of the essential updates.

Significant Growth: Validators and Projects

Since its inception, Core DAO has seen an increase in validators, partnering with projects such as InfStones, UnParallel, Bitget, and others. These validators play a vital role in producing blocks and validating transactions on the Core blockchain, maintaining a count of 21 active validators.

Moreover, numerous projects are building on the Layer One ecosystem, strengthening its position in the DeFi space.

Rising Number of Unique Addresses

One of the clear indicators of Core DAO's growth is the increasing number of unique addresses on the network. This number signifies the influx of new users joining the Core ecosystem by registering and deploying the network on their wallets.

According to Core Scan, the total number of unique addresses in August is nearing the 12M mark, representing a nearly 75% increase since March (300K addresses). This growth emphasizes the unmatched interest users have in Core's offerings.

A Dip in Daily Transactions

Interestingly, while the number of wallets has increased, daily transactions have dropped from 1.7M in March to just over 300K.

This decline aligns with the current bear market, which has seen several platforms struggle, with some even shutting down operations.

$CORE Price Dynamics

The $CORE coin, considered the future of Layer1 by many experts, has seen fluctuations in price. With a market cap of over 130M, it is trading at $0.86, down by 86% from its all-time high. Despite this drop, it's up by 17.55% from its all-time low in June–$0.73.

Though listed on multiple exchanges like MEXC, Huobi, and OKX, questions still need to be answered about the absence of $CORE on leading platforms such as Binance and Coinbase.

Ecosystem Update: Expanding DeFi Services

Recently, Core announced its integration with SushiSwap, a leading Decentralized Exchange (DEX). This collaboration introduces features like concentrated liquidity pools, cross-chain swaps, and a DEX aggregator.

SushiSwap's DeFi services, along with the significant liquidity it offers, provide Core developers with an enriched landscape for innovation. This partnership ensures a more diverse and dynamic DeFi ecosystem, empowering users and further solidifying Core's position.

Though faced with market challenges, Core DAO continues to expand, showing resilience and innovation. The figures and developments in the Core DAO ecosystem highlight a promising trajectory, indicating that Core is a force to reckon with in the decentralized world. BSC News will monitor Core DAO's continued growth and innovations.

What is Core DAO:

Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem's history and an even greater excitement for Core’s role in its future.