@Coredao_Org, the Bitcoin-backed blockchain that supports $BTC staking and DeFi, has so far stayed away from memecoins. With activity on the network thinning out, a debate is emerging over wh
@Coredao_Org, the Bitcoin-backed blockchain that supports $BTC staking and DeFi, has so far stayed away from memecoins. With activity on the network thinning out, a debate is emerging over whether that should change.
Core's current DeFi total value locked (TVL) is about $3.7 million, a long way from the hundreds of millions recorded in 2024 and 2025. Messari reported that Core's DeFi TVL rose 90% quarter on quarter to $811.8 million in the fourth quarter of 2024, with Avalon Labs, Colend and Pell Network among the leading protocols.
The decline is not unique to Core. Spark's BTCFi research found that TVL on Bitcoin Layer 2 sidechains had contracted by more than 74% by the first quarter of 2026, with only a handful of protocols retaining meaningful value. Core was still the largest Bitcoin sidechain by TVL in that report, at $314.4 million.
Core has built its network around Bitcoin staking and DeFi applications, according to crypto.news, which also reported that South Korean exchanges Bithumb and Coinone suspended CORE deposits and withdrawals over security concerns tied to the network.
@RobinhoodCrypto Chain offers a recent example of how quickly memecoins can draw users and capital. Memeburn reported that the Ethereum Layer 2 reached $312 million in TVL and 3.6 million daily transactions within two weeks of its July 1 mainnet launch. Tokenized stocks held just $13 million on the chain, against $156 million for the CASHCAT memecoin alone.
The momentum has continued. Bloomingbit reported that the chain's TVL is now close to $1 billion, with daily DEX volume hitting $1.88 billion on Sept. 13, more than half of Uniswap's total volume. Analysts cited by the outlet pointed to Robinhood's brand recognition, gas-fee subsidies and the link between memecoins and tokenized stocks as key drivers.
That context matters for Core. A meme boom could lift trading volumes, fees and wallet creation on Core in the short term. Robinhood, however, starts from a very different position: a large retail user base and a chain that is already in the billion-dollar range for TVL. Core has no equivalent distribution advantage.
There are also risks. Reporting on Robinhood Chain noted that concentrated memecoin activity raises volatility and regulatory risk, so lasting growth depends on attracting other applications, according to CryptoRank.
Whether Core's community should lean into memecoins to revive the chain remains an open question. Short-term activity may be achievable, but it is not yet clear that a meme-led strategy would translate into durable DeFi growth for $CORE.
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