Ethereum's Layer 2 networks aren't the only ones experiencing significant growth in the blockchain ecosystem, so are those based on Bitcoin technology, such as Core Blockchain.
On-chain data shows that Core Blockchain, a Bitcoin-powered Layer 2 network, is emerging as a key player in the ecosystem of second-layer scalability solutions. According to DeFi platform Llama, recently, this innovative blockchain reached a remarkable milestone by surpassing $440 million in Total Value Locked (TVL)The 27 September.
According to the platform data, Core network TVL has grown by more than 11.000% so far this year, establishing itself as one of the main Bitcoin scaling solutions.
This growth not only highlights the importance of Core in the Bitcoin ecosystem, but also highlights the interest of cryptocurrency users in efficient and cost-effective solutions for BTC transactions.
Exponential growth of TVL on Core Blockchain
The Core Blockchain network has seen impressive growth since early 2024, when its TVL was just around $3,8 million. Currently, as data from DeFi Llama shows, the TVL of this blockchain has reached $440 million, placing Core Blockchain above other Bitcoin-based Layer 2 solutions, including Lightning Network and Rootstock.
Source: DeFi Llama
Experts have pointed to the Core network’s ability to process transactions off-chain as one of the key drivers of this growth. The network allows for faster and cheaper transactions to be offered to users than on the main network, which has proved attractive to blockchain ecosystem participants.
On the other hand, this remarkable increase in TVL suggests that Core has found an important niche in the Bitcoin ecosystem. According to experts, Core presents itself as a viable solution for all those looking for alternatives that allow them to carry out transactions more efficiently on the blockchain.
Core connects with Base to expand its ecosystem
In addition to the advantages that this network offers to Bitcoin users, the Core Blockchain developers also announced an integration that has captured the market's attention. At the end of last week, Core Blockchain announced its connection with Base, one of the main Layer 2 networks in the Ethereum ecosystem.
The integration between Core and Base allows Base users to connect their assets, such as WETH and USDC, to Core’s BTCfi ecosystem, thereby not only expanding Core’s reach in the blockchain ecosystem but also opening up new opportunities for users looking to explore the capabilities of this network.
What is Core Blockchain?
Core Blockchain is a second-layer blockchain compatible with the Ethereum Virtual Machine (EVM) powered by Bitcoin, meaning it can interact with decentralized applications (dApps) and smart contracts running on Ethereum. This feature is critical as it allows developers to leverage Ethereum’s existing infrastructure while benefiting from the scalability advantages offered by Core and the robust security of Bitcoin.
The recently announced connection with Base is an important step that can facilitate the adoption of Core by a broader user base and encourage the creation of new applications and services within the network.
Finally, despite the achievements Core has made so far, the Layer 2 solutions space for Bitcoin is still in its early stages.
While the TVL of this blockchain has reached a significant milestone, currently standing at over $440 million USD, it is important to note that the total value locked across all Bitcoin Layer 2 solutions is still a comparative fraction of the Ethereum ecosystem. However, this also indicates that there is considerable room for growth and innovation in the realm of Bitcoin scaling solutions.
