Monthly surge of 600% observed in Total Value Locked on Core Chain's decentralized exchange, COREx DEX.
In the world of decentralized finance (DeFi), sudden spikes and drops in Total Value Locked (TVL) are not uncommon. Recently, COREx, a decentralized exchange forked from Uniswap and specifically designed for the Core blockchain, experienced such fluctuations.
On September 5, COREx saw its TVL surge to an impressive $34 million. However, the following day, the TVL plummeted to $4 million, raising questions about the causes behind this drastic change. Unfortunately, the search results do not contain specific information about the TVL surge or its subsequent drop on these dates, nor the current TVL according to COREx itself.
Common patterns in DeFi and crypto projects suggest several possible explanations for such large fluctuations in TVL. These include temporary large deposits or withdrawals by a few users or whales, migration or migration announcements causing TVL to shift between protocols, price changes of underlying assets locked in COREx affecting TVL valuations, and short-term incentives or liquidity mining campaigns causing rapid inflows followed by outflows.
To find accurate and up-to-date TVL figures for COREx, it's recommended to check COREx’s official sources like their website, DeFi analytics platforms such as DeFiLlama and DeBank, or announcements.
Meanwhile, COREx has consolidated its position as the third-largest dapp on Core and the largest DEX. Bitcoin miners can recycle their hash power to participate in the security of Core, while BTC holders can stake their coins directly on the chain. COREx is compatible with the Ethereum Virtual Machine (EVM).
Interestingly, the most deposited asset on COREx is SolvBTC.B, a yield-generating Bitcoin derivative issued by the Solv Protocol on the BNB Chain, with over $28 million. SolvBTC.B accounts for nearly 85% of the total value deposited on COREx.
On September 4, COREx's TVL was reported as $4 million, and on the same day, COREx registered nearly $10 million of new deposits. However, the TVL of COREx after the record inflows on September 2 and the TVL of other dapps on the Core chain are not provided in the available information.
It's also worth noting that the largest native dapp on Core, Colend, is not related to COREx. Colend, a lending dapp for the Core chain, remains the largest native dapp with $119 million in TVL, despite COREx's growth.
Core is a layer 1 chain that combines elements from Bitcoin and Ethereum, and uses a consensus mechanism called Satoshi Plus, which is a combination of Delegated Proof of Work (DPoW), Delegated Proof of Stake (DPoS), and non-custodial Bitcoin staking.
Despite the unclear reasons behind the deviation in TVL data between COREx's reports and DefiLlama's, COREx, as a significant player in the DeFi landscape on the Core blockchain, continues to attract attention and investment. For those interested in keeping up with its developments, it's essential to stay informed through COREx's official channels and DeFi analytics platforms.
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