WATCH

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.

Score
100/250
144th of 251
Percentile
43%
of the rated universe
Circulating
59.4%
40.6% of value still to vest
Off all-time high
-99.67%
303x to recover
CoreNative L1+10 since last pass
01

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.

02

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

Cash flow variables for CORE, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
398th of 251
Revenue Trend
471st of 251
P/S Multiple
4104th of 251
Real Staking Yield
617th of 251

Supply

Supply variables for CORE, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
2228th of 251
Vesting Schedule
2223rd of 251
Circulating / FDV Ratio
3225th of 251
Buyback and Burn
2114th of 251

Ownership

Ownership variables for CORE, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
493rd of 251
Insider Selling
3201st of 251
Holder Concentration
458th of 251

Traction

Traction variables for CORE, scored 1 to 10 and ranked against 251 tokens
TVL Trend
530th of 251
Active Users
491st of 251
Developer Activity
4158th of 251
Network Growth
552nd of 251

Position

Position variables for CORE, scored 1 to 10 and ranked against 251 tokens
Market Share
3131st of 251
Competitive Moat
557th of 251
Institutional Adoption
3115th of 251
Exchange Depth
4157th of 251
Social Mindshare
486th of 251

Risk

Risk variables for CORE, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
717th of 251
Catalyst Calendar
550th of 251
BTC Alpha Potential
513th of 251
Team Execution
4147th of 251
Treasury Runway
574th 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.

03

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

04

Market and supply

Price$0.0203
Market cap$25.3Mrank 709
All-time high$6.148 Feb 2023
Circulating supply1,246,376,644
Eventual supply (max supply)2,100,000,000
Dilution to full supply1.68x
Total value locked$65.0M
Listed onBybit, 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.

05

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.

06

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
07

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.