Despite a wider market pullback, the total value locked (TVL) in DeFi on Core CORE/USD, Bitcoin BTC/USD Layer-2 blockchain, has grown significantly in the second quarter of 2024.

What Happened: According to a Messari report, Core’s DeFi TVL grew by 1,032% in Q2, reaching $76.4 million. The blockchain’s native decentralized exchange (DEX) CoreX outperformed SushiSwap, a multi-chain DEX.

Non-custodial bitcoin staking, launched on Core's platform in April, saw 3,504 BTC, equivalent to $215 million, staked in Q2, broadening investor access and exposure to Core.

Valour, a subsidiary of DeFi Technologies, introduced a unique yield-bearing Core BTC exchange-traded product (ETP) to German investors on the Frankfurt stock exchange in June. This initiative offers users a 5.65% yield in addition to Bitcoin exposure.

Core and Valour have since listed other BTC ETPs on Sweden's Spotlight Stock Market and the London Stock Exchange.

Why it Matters: Secured by and aligned with Bitcoin, Core’s blockchain is unlocking over $1.25 trillion in trapped Bitcoin liquidity. The platform hosts over 100 Dapps, enabling Bitcoin holders to utilize their Bitcoin in innovative ways.

The significant growth in DeFi TVL and the introduction of non-custodial BTC staking underscore Core’s commitment to providing diverse investment opportunities and enhancing investor access.

The listing of BTC ETPs on various stock exchanges also reflects Core’s expanding global presence and its efforts to offer investors yield-bearing opportunities in addition to Bitcoin exposure.

Rich Rines, an Initial Contributor to Core, noted that demand for Bitcoin staking and Core DeFi is increasing, commenting, “The first quarter with live Non-Custodial Bitcoin Staking represents a new epoch for Bitcoin, powered by Core.”

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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