dualCORE Token Performance Analysis

Executive Summary

dualCORE is the first liquid dual-staking token built on Core chain. Users deposit CORE tokens into the dualCORE vault, which are automatically staked into the most profitable orders on b14g Merge Marketplace. In return, users receive dualCORE tokens, representing staked CORE plus generated rewards.

Current Supply

12.11 Million

Market Cap

$6.43 Million

Current Price

$0.53

Conversion Rate

1 CORE = 0.9201 dualCORE

Token Performance Overview

Price Performance

Price Chart

The price chart shows significant fluctuation over the Jan-Apr 2025 period, with values ranging from approximately $0.20 to as high as $1.20. The current price of $0.53 indicates a moderate recovery from previous lows, showing stabilization in the market.

Conversion Rate Analysis

Conversion Rate Chart

The conversion rate between CORE and dualCORE has fluctuated between 0.98 and 1.10 over the observed period. The current rate of 0.9201 indicates that dualCORE is trading at a slight discount to CORE, potentially offering an entry opportunity for investors.

Supply Growth

Supply Growth Chart

The supply of dualCORE has grown steadily from initial launch to the current 12.11 million tokens, with consistent growth throughout Q1 2025. This pattern demonstrates sustained user adoption and trust in the platform's dual-staking model.

Market Cap Trend

Market Cap Chart

The market cap has shown significant growth over the tracked period, reaching $6.43 million in early April 2025. The chart shows notable volatility with a peak of nearly $8 million in February, followed by consolidation in the $4-6 million range in recent months.

Token Economics Analysis

Mint and Redeem Activity

Daily Mint/Redeem Chart

Mint and redeem activity shows high volatility in user behavior. The chart reveals multiple instances where daily mints have exceeded 1 million tokens, with some spikes approaching 3 million tokens in a single day. Redemptions have generally been lower, suggesting continued user confidence in the protocol.

Total Mint vs Redeem Trend

Cumulative Mint/Redeem Chart

The cumulative data shows total mints significantly exceeding redemptions, with approximately 20 million tokens minted versus 5-7 million redeemed over the observed period. This persistent positive balance confirms user preference for holding the token rather than exiting positions.

Key Insight

The consistently higher mint-to-redeem ratio suggests users are actively participating in the dual-staking ecosystem and choosing to hold their positions rather than exit, demonstrating confidence in the protocol's value proposition and expected future rewards.

User Activity and Holder Analysis

Metric	Value	Significance
Number of Holders	2,970	Growing user base indicates expanding adoption
Total Transfers	11,470	Active trading and usage of the token
Transfer Volume	30.99 Million	High liquidity and circulation
TVL on DeFi Platforms	$1.30 Million	Strong integration with broader DeFi ecosystem
Swaps Volume	$151,690	Healthy trading activity on DEXs

Top Holder Distribution

Holder Distribution Chart

Analysis of the top 10 holders reveals:

The top two holders each control approximately 1.85 million tokens (about 15.3% each)
The third largest holder controls 1.72 million tokens (14.2%)
The top 3 holders collectively control 5.42 million tokens (44.8% of supply)
Addresses 4-10 hold between 55,260 and 707,890 tokens each

Transfer Activity Trend

Transfer Activity Chart

Transfer activity shows cyclical patterns with periods of high and low activity. The dashboard reveals transfer volume spikes of up to 6 million tokens on peak days, with daily transfer counts ranging from under 100 to over 800 transfers during high-activity periods.

DeFi Ecosystem Integration

TVL Composition

TVL Breakdown Chart

The Total Value Locked (TVL) of $1.30 million is distributed across lending platforms and DEXs. The pie chart shows lending platforms dominating the TVL distribution, indicating users are primarily leveraging dualCORE for yield generation rather than trading speculation.

DEX Activity Metrics

TVL on DEXs

$380.73K

Swaps Volume

$151.69K

Number of Swaps

786

Number of Swappers

133

Last 1D Swaps Volume

$477.18

🔴 -96.54%

Swaps Volume Trend

DEX Volume Chart

Swap volume shows variable activity with notable spikes reaching up to $32,000 in daily volume during March. The total cumulative volume has reached $151,690, indicating consistent trading interest despite recent decline in daily volumes.

Swapper Activity Analysis

Swapper Activity Chart

Daily swaps have ranged from near zero to over 300 on peak days. The number of active daily swappers typically ranges from 0-30 users, with peak activity in mid-March followed by a decline in activity through early April.

Lending Market Analysis

dualCORE Lending Markets

The primary lending platform for dualCORE is Sumer.Money, which shows:

Total Value Locked (TVL): $915.57K (🟢 +1.63% 1D change)
Total Supplied: 1.73M dualCORE ($917.62K) (🟢 +1.65% 1D change)
Total Borrows: 3.87K dualCORE ($2.05K)
User Metrics: 191 suppliers, 5 borrowers
Average Supply per User: 9,046 dualCORE ($4.8K)
Median Supply per User: 95.17 dualCORE ($50.54)
Average Borrow per User: 773.59 dualCORE ($410.84)
Median Borrow per User: 227 dualCORE ($120.56)

Market Size Growth

Lending Market Size Chart

The lending market has grown steadily since early March 2025, reaching approximately $1.25 million at its peak in early April. The chart shows consistent upward trajectory, indicating growing confidence in using dualCORE within lending markets.

Borrowing Activity

Lending Activity Chart

Borrowing activity remains relatively low compared to supply, with daily borrow amounts generally under $10,000. There have been a few instances of negative borrow values, likely indicating repayments exceeding new borrows on those days.

Key Lending Insight

The high supply-to-borrow ratio (over 400:1) indicates dualCORE is primarily being used as a yield-bearing asset rather than collateral for borrowing. This suggests users trust the underlying value and yield generation capabilities of the token, but may indicate untapped potential for more advanced DeFi strategies.

Conclusion and Outlook

Strengths

Solid token metrics with current supply of 12.11M tokens and market cap of $6.43M
Growing user base with 2,970 holders and 11,470 transfers
Positive mint-to-redeem ratio suggests user confidence in the protocol
Growing TVL across lending platforms ($915.57K) demonstrates utility beyond simple trading
Significant DEX integration with $380.73K TVL and 786 swaps executed by 133 unique traders

Areas for Monitoring

Concentration of holdings among top 3 addresses (44.8% of supply) presents centralization risk
Recent decline in swap volume (-96.54% in last 24h) may indicate reduced trading interest
Low borrowing activity relative to supply may indicate limited use of advanced DeFi strategies
Price volatility over the tracked period suggests potential for significant market movements

Future Outlook

dualCORE shows strong fundamentals as a liquid dual-staking solution on Core chain, with healthy growth metrics across supply, holders, and DeFi integration. While recent trading activity has slowed, the lending market continues to grow, suggesting users find value in the yield-bearing aspects of the token.

The stable conversion rate (currently 0.9201) provides a clear value proposition for CORE holders looking to optimize their staking returns while maintaining liquidity. If the protocol continues to deliver competitive yields and expands its DeFi integrations, dualCORE could strengthen its position as a key liquid staking solution in the Core ecosystem.