Monthly TVL on Core Chain's COREx Decentralized Exchange Experiences a 600% Boost
In a recent turn of events, the decentralized exchange (DEX) for the Core blockchain ecosystem, COREx, has found itself at the centre of a liquidity controversy. On September 4, DefiLlama reported a sudden drop in COREx's liquidity. However, a closer look at the situation reveals that this drop may not be as drastic as initially thought.
A Matter of Misreporting
Upon investigation, it appears that the reported liquidity drop was more likely a reporting or data feed issue rather than an actual liquidity crisis. COREx's own Total Value Locked (TVL) report on September 5 contradicted DefiLlama’s data, showing stable liquidity levels.
The discrepancy could be due to several factors. For instance, delayed or incomplete data synchronization is common among DeFi analytics platforms like DefiLlama, which rely on on-chain data and APIs. Additionally, different methodologies in TVL calculation between DefiLlama and COREx might lead to apparent discrepancies. Lastly, manual reconciliation by COREx could have corrected or updated figures reflecting the actual liquidity.
A Look at the Numbers
Despite the initial report, COREx saw record inflows on September 2, with nearly $10 million of new deposits. As of now, COREx's TVL stands approximately at $44 million. It is unclear whether the deviation in TVL data observed on September 5 is due to an issue with DefiLlama's tracking or a sudden drop in COREx's liquidity.
The Dominance of SolvBTC.B
One interesting factor in the COREx ecosystem is the dominance of SolvBTC.B, a yield-generating Bitcoin derivative issued by the Solv Protocol on the BNB Chain. SolvBTC.B accounts for nearly 85% of the total value deposited on COREx, with over $28 million.
The Largest Native Dapp on Core: Colend
In other news, Colend, a lending dapp for the Core chain, remains the largest native dapp with $119 million in TVL. Core, a layer 1 chain that combines elements from Bitcoin and Ethereum, continues to grow its ecosystem.
COREx, forked from Uniswap, the largest DEX by TVL and trading volume, remains the third-largest dapp on Core and the largest DEX. It continues to play a significant role in the Core blockchain ecosystem.
In summary, while there was a reported sudden liquidity drop by DefiLlama, it appears that this was a reporting or data feed issue, which COREx corrected or clarified in their TVL report on September 5. There is no evidence of an actual liquidity crisis or on-chain event causing a drastic change.
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