Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
CORE Application expenses far exceed the revenue of Gas in the underlying chain
Looking at the on-chain data of @Coredao_Org, it can clearly be seen that the real economic engine of the Core network lies in the application layer, not the underlying chain. In the past 30 days, the Core ecosystem's application-layer expenses totaled $58,900, while the bottom-chain Gas expenses were only $274. This means that apps generate approximately 215 times more fees than the underlying chain-a signal that users are actually participating in DeFi and pledging products, rather than just transferring money.
During the same period, on-chain fees also increased by 14.9%. Although the total value of online lockings is facing overall pressure, this directional change is still a positive signal. Daily activity data further confirms this: On August 13, Core recorded approximately 8,755 active users and 47,299 transactions.
Core DAO is currently the Bitcoin sidechain with the largest locked value, reaching US$314.4 million. A total of 5,541 BTC items have been pledged, accounting for 26.4% of the total locked value of all Bitcoin sidechains. This background makes current application fee data more meaningful: the network attracts a lot of long-term capital, and its applications are generating real revenue from it.
Token prices and TVL reflect a more cautious trend
Not all indicators are rising. The TVL on the Core chain currently stands at US$4.35 million, and the price of the $CORE token is US$0.019, far below the all-time high of US$6.14 set in 2023. The gap between application revenue and token prices suggests that the market has not yet factored in the price for expense activities generated by the application layer.
Core differs from other chains in its 2026 roadmap, which clearly shifts from demonstrating benefits to realizing benefits. The agreement now uses actual agreement revenue to fund $CORE token buybacks, rather than relying on token issuance to subsidize user acquisition. In Core's dual pledge model, 35% of BTC pledgers also pledge $CORE tokens, thereby establishing true economic consistency between the two assets.
For observers following @Coredao_Org, the short-term question is: Can rising application fees and increased transaction volume translate into a continued recovery in TVL and a revaluation of the $CORE token? The gap between application and underlying chain Gas fees is unusually large, but it reflects Core's design philosophy: Core bridges the gap between Bitcoin and DeFi, creating a dedicated layer that allows Bitcoin holders to participate in. Self-managed pledges allow developers to build DeFi applications, transforming Bitcoin from a passive store of value into an active revenue-generating asset.
