Defies Downturn in DeFi Market, strengthens Main Chain to a Record-Breaking TVL in Colend
Core blockchain, launched in 2023, has witnessed remarkable growth in the decentralised finance (DeFi) sector. This surge can be attributed to the significant contributions of two key players - Colend Protocol and Pell Network.
Colend Protocol's TVL Growth
Colend Protocol, a decentralised lending app on the Core blockchain, has experienced a substantial increase in its Total Value Locked (TVL). As of the current writing, Colend Protocol's TVL stands at $116 million, making it the second-largest DeFi app on Core after Pell Network. This growth is primarily due to Core's dominant position in the Bitcoin Finance (BTCFi) space, with Colend accounting for a substantial share of active BTCFi projects on Core, reinforcing its dominant role within this niche DeFi ecosystem.
Core Blockchain's Strength
Core blockchain leverages Bitcoin infrastructure via its unique Satoshi Plus Consensus Mechanism. This mechanism integrates Delegated Proof of Work secured by Bitcoin mining pools, providing high security and establishing Core as a natural home for Bitcoin-related DeFi applications.
Solv Protocol's Role
Solv Protocol, a leading real-world asset (RWA) dapp, plays a significant role in Colend's deposits. Solv Protocol issues Bitcoin-related tokens, SOLVBTC.B and SOLVBTC.M, which are the most deposited tokens by USD value on Colend Protocol. These tokens facilitate DeFi interactions on Core, increasing the liquidity and capital deposited on protocols like Colend.
Bitcoin Yield Strategies
Integration with Bitcoin yield protocols such as BitFi enhances TVL by locking more Bitcoin into Core through custody and yield strategies. This drives deeper Bitcoin liquidity and collateral, strengthens Bitcoin-native DeFi, democratises sophisticated financial strategies, and creates network effects that benefit Colend and other DeFi apps on Core.
Pell Network's Contributions
Pell Network, a multi-chain restaking protocol, has a total liquidity valuation of over $300 million, with Core being the largest chain for Pell assets. Over the weekend, Core surpassed Bitlayer, BounceBit, BSquared, Merlin, and BNB Smart Chain to become the leading chain for Pell's restaked assets. Additionally, Pell Network supports 10 other chains and has experienced a monthly TVL increase of over 75,000% on Core.
Core's Record TVL
As a result of these contributions, Core blockchain's TVL has doubled over the past week and reached a record $259 million. This growth has advanced Core to become the 25 largest chain by TVL in DeFi.
In summary, the growth of Colend Protocol and Pell Network on Core blockchain has been driven by Core's dominant position in Bitcoin DeFi, the strength of its unique Satoshi Plus Consensus, the role of Solv Protocol's Bitcoin-related tokens, and the integration of Bitcoin yield strategies. These factors have propelled Colend to be one of the top DeFi apps by TVL on Core, underpinned by the robust Bitcoin-oriented infrastructure and assets provided by Solv Protocol and other ecosystem players.
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