Bitcoin reclaimed $100,000 and the dapp ecosystem building on the Bitcoin blockchain is thriving. With Rootstock and Core, Bitcoin has two chains tapping into its mining power to ensure network security. Bitcoin may not natively be meant for decentralized applications, but technological innovation now allows other networks to tap into Bitcoin and its strong network.
When looking at Rootstock and Core, the growth on the latter really stands out. What’s interesting about Core is that it uses a unique consensus mechanism called Satoshi Plus. This combines Delegated Proof of Work (DPoW), leveraging Bitcoin’s hash power, with Delegated Proof of Stake (DPoS) and non-custodial Bitcoin staking to achieve security, scalability, and decentralization. More importantly, Satoshi Plus is compatible with Ethereum Virtual Machine (EVM), making it much easier for developers to bring their dapps to Core.
In the past 30 days, over 4.65 million active wallets engaged with applications built on Core. That’s an increase of 4.8%, while dapp volume pumped 32% to $141 million. The inflow of value into Core suggests a healthy, growing and ambitious ecosystem.
Bitcoin DeFi
Decentralized finance has often been strongly associated with Ethereum and other blockchain networks, but not with Bitcoin. That’s because Bitcoin doesn’t natively support smart contracts. Instead, other networks – such as Core and Rootstock – connect to the Bitcoin network, and these networks then allow for DeFi protocols to launch their platforms. This is often referred to as BTCfi, or Bitcoin DeFi.
Looking at Core, DeFi dapps such as Colend, Glyph Exchange and SushiSwap V3 have all seen tremendous boosts to their dapp volume in the past 30 days. For example, Colend increased its volume by 44% to $62 million, making it the leading platform by dapp volume.
Glyph Exchange sits in second place thanks to a 156% boost, bringing its volume to $26.3 million. SushiSwap V3 remains in third place thanks to a 61% pump in volume, reaching a total of $25.5 million. You can find more details about DeFi on Core through the tab on the Core page.
There sure is something brewing at Core…
CORE token regaining traction
Despite still being far away from its all-time high, CORE has seen increased demand in recent weeks. In the past 30 days the token gained 58% in value, reaching its current valuation of $0.821. Over the past 90 days we’re clearly seeing an upward trend.
Most popular dapps on Core
Sort the blockchains by their number of active wallets, Core sits in 10th place. The Bitcoin-infused network attracts higher numbers than established blockchains, such as Polygon, Ethereum and WAX. This success can be attributed to the rise of gaming projects. Out of the top 10 dapps on Core, 9 fit into the gaming category.
After the hype surrounding Telegram mini apps, Core jumped into that market with blockchain-powered versions of classic games. Those looking for games on Core, will find unique versions of legendary titles like Tetris, Snake, Flappy Bird and various card games.
The most popular dapps on Core right now are:
- Pixudi, the treasure hunting board game built across various chains
- World of Dypians, the gamified metaverse that merges games and social
- Dmail Network, the Web3-infused SocialFi email platform
- Core Tetris, the blockchain version of the famous puzzle game
- Playzap Games, a multichain gaming and engagement platform
Closing words
Even though dapps technically don’t exist on Bitcoin, the most influential blockchain in the world does power networks that support dapps. Rootstock and Core are clear examples, fueling the dream of a thriving BTCfi ecosystem. Through Core, already millions engage with gaming dapps. This emphasizes that Bitcoin isn’t only digital gold, but it’s also the backbone of a booming, decentralized future.
