Core DAO (CORE), the cryptocurrency behind the Core blockchain, has seen its price soar 220% over the past week, marking a major milestone in its market performance. In the last 24 hours, CORE has seen a further 63% increase, accumulating a staggering 350% gain in just nine days. This rally has elevated Core DAO to 55th position among all cryptocurrencies by market capitalization.
What is DAO core?
Core DAO operates on the Core blockchain, an EVM-compatible Layer 1 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, ensuring decentralization, scalability and security.
Core aims to create a strong and inclusive community within the Web 3 ecosystem, offering several features such as a staking bridge, airdrops, and a mining app to facilitate participation and engagement. The project focuses on building Web3 infrastructure and promoting public chains based on bitcoin proof-of-work consensus, with over 10 million transactions, 550,000 addresses and a significant social media presence.
At press time, Core's market capitalization 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 rally
CORE's recent price rally can be attributed to a confluence of factors, including anticipation of the bitcoin halving, scheduled for 20 days from now, and major project announcements.
One of the pivotal developments driving Core's rise is the upcoming launch of bitcoin non-custodial staking, which is expected to boost the public chain's TVL and favor an increase in CORE's price.
Additionally, the launch of coreBTC has been a major catalyst. CoreBTC allows bitcoin holders to participate in the DeFi space on the Core Chain without compromising bitcoin's fundamental trustless and secure principles. This initiative paves the way for bitcoin to become a core asset in the future of DeFi, backed by decentralized smart contracts and rigorous overcollateralization requirements.
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1/ coreBTC is active on Core Chain, meaning users can trustlessly connect their btc to a secure DeFi experience with bitcoin on Core Chain. pic.twitter.com/6KFWdbQzbR
– DAO Core (@Coredao_Org) twitter.com/Coredao_Org/status/1773396319329227193?ref_src=twsrc%5Etfw” rel=”nofollow”>March 28, 2024
Additionally, Core has twitter.com/Coredao_Org/status/1772269243909734562″ target=”_blank” rel=”nofollow”>turn on a 6-month incentive program aimed at the BTCfi ecosystem. This program is designed to drive growth and adoption by rewarding contributions to the ecosystem, particularly in pooling assets and exploring decentralized applications (dApps). The initiative covers assets from several blockchains, including ethereum, Arbitrum, Optimism, Avalanche, Polygon and BNB, thereby improving participation in Core's flagship dApps.
At press time, CORE was trading 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 NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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