COREx, a decentralized exchange (DEX) for the Core blockchain ecosystem, saw its total value locked (TVL) surge to a record $34 million on September 5. Its TVL has surged by over 600% in the past month alone.
Data from DefiLlama shows that the platform’s liquidity tumbled to only $4 million the previous day after losing over $23 million in TVL since September 3. It’s unclear whether this deviation stems from an issue with DefiLlama’s tracking or a sudden drop in COREx’s liquidity, though the former seems more likely based on token flow data
Today, COREx itself reports nearly $44 million in TVL.
Core is a DEX forked from Uniswap, the largest DEX by TVL and trading volume. It has been created specifically for the Core blockchain.
Core is a layer 1 chain combining elements from Bitcoin and Ethereum. While it is compatible with the Ethereum Virtual Machine (EVM), it uses a Bitcoin-friendly consensus mechanism called Satoshi Plus, which merges Delegated Proof of Work (DPoW), Delegated Proof of Stake (DPoS), and non-custodial Bitcoin staking. This combination enables Bitcoin miners to recycle their hash power to participate in the security of Core, while BTC holders can stake their coins directly on the chain.
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, the coin accounts for nearly 85% of the total value deposited on COREx.
On September 2, COREx saw record inflows when the platform registered nearly $10 million of new deposits.
Thanks to its rapid growth COREx has consolidated its position as the third-largest dapp on Core and the largest DEX.
Colend, a lending dapp for the Core chain, remains the largest native dapp with $119 million in TVL. Colend reached a record $180 million in TVL last month.
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