Core (CORE)
Bitcoin-staking L1 using Satoshi Plus consensus (PoW + DPoS); BTC staking TVL real but token severely diluted
Ranked 144th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
CORE scores 100 of 250 across the 25-variable framework, which places it 144th of 251 rated tokens and inside the lower half of the set. The framework verdict is WATCH.
The score rests on BTC Alpha Potential 5/10, 13th of 251, Regulatory Safety 7/10, 17th of 251, Real Staking Yield 6/10, 17th of 251 and TVL Trend 5/10, 30th of 251.
Against the same universe, CORE sits in the bottom third on Supply Inflation 2/10, 228th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Vesting Schedule 2/10, 223rd of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
Only 59.4% of CORE's maximum supply is in circulation, so 1.68x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 40.6% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
CORE trades 99.67% below its all-time high of $6.14. Recovering that level is a 303x move, not a 99.67% one, which is the arithmetic most drawdown charts hide.
The framework score gained 10 points against the previous pass (90 to 100). Revisions of this size follow a change in the underlying variables, not a change in price.
$65.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 6 | 17th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 3 | 225th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Non-custodial BTC staking via CORE allows BTC holders to earn yield, genuine demand driver if BTC bull continues
Principal risk
Only 40% of tokens circulating with massive vesting schedule ahead; token ATH 99.6% away; speculative overhang extreme
Market and supply
| Price | $0.0203 |
| Market cap | $25.3Mrank 709 |
| All-time high | $6.148 Feb 2023 |
| Circulating supply | 1,246,376,644 |
| Eventual supply (max supply) | 2,100,000,000 |
| Dilution to full supply | 1.68x |
| Total value locked | $65.0M |
| Listed on | Bybit, Gate.io, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to CORE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Core DAO] Core enables non-custodial BTC staking through Satoshi Plus consensus with $65M+ TVL
- [CoinGecko] CORE ATH $9.45 in Feb 2023; 60% of supply still locked with vesting schedule through 2028
- [DeFiLlama] Core DeFi TVL ~$65M primarily from BTC staking yield products
Common questions
- What is the Early Thunder score for Core (CORE)?
- CORE scores 100 out of 250 on the 25-variable framework, ranking 144th of 251 rated tokens (lower half). The framework verdict is WATCH.
- What are CORE's strongest fundamentals?
- CORE ranks highest on BTC Alpha Potential 5/10, 13th of 251, Regulatory Safety 7/10, 17th of 251, Real Staking Yield 6/10, 17th of 251 and TVL Trend 5/10, 30th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the CORE thesis?
- CORE scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Vesting Schedule 2/10, 223rd of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: Only 40% of tokens circulating with massive vesting schedule ahead; token ATH 99.6% away; speculative overhang extreme
- How much CORE supply is still to enter circulation?
- 59.4% of eventual CORE supply is circulating today, leaving 1.68x the current float still to arrive. At a flat price per token that is 40.6% of fully diluted value ahead of current holders.
- How far is CORE from its all-time high?
- CORE trades 99.67% below its all-time high of $6.14. Returning to that high requires a 303x move from the level used in this scoring pass.
- Which tokens have a similar profile to CORE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to CORE are APT (116), SEI (100), MINA (98) and SSV (106). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for CORE?
- Non-custodial BTC staking via CORE allows BTC holders to earn yield, genuine demand driver if BTC bull continues
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.