CORE, a layer 1 token, has seen a remarkable increase of over 300% in just one week, despite a significant market downturn on Tuesday.
CORE has emerged as the top performer in the market this week, achieving triple-digit gains while other tokens struggle with corrections. Even with an $85.7 million net outflow from Bitcoin ETFs after the Easter holiday, causing a 5% dip in the cryptocurrency, CORE has remained resilient. In fact, its daily trading volume spiked by almost 70% today, showcasing its strong market performance. This surge can be attributed to recent upgrades to the Core network.
Today, Core unveiled a new NFT marketplace on the network, following an announcement yesterday by the network’s DAO of a new airdrop as part of its updated defi reward system.
Last week, the Core Foundation introduced coreBTC, a Bitcoin-backed and EVM-compatible asset on the network. This asset aims to connect Bitcoin with the defi ecosystem by maintaining a 1:1 peg with Bitcoin through an ERC-20 token. This allows users to interact with defi applications while preserving the security features of Bitcoin. The token utilizes a decentralized network for security and seamlessly integrates into the EVM ecosystem, providing a secure method for wrapping assets. The ultimate goal is to enhance Bitcoin’s utility and increase participation in the defi space.
These developments have played a significant role in driving CORE’s recent rally.