Table of Contents

1. Coreum: An Enterprise-Ready Layer 1 Blockchain

2. $CORE Tokenomics

3. Ecosystem and Use Cases

4. On-Chain Performance
4.1 Network activity
4.2 Network security

5. 1Q24 Key Events
5.1 Partnership with Bitgo to strengthen network security
5.2 Onboarding USDC to scale the DeFi ecosystem
5.3 Advancing cross-network interoperability with the XRPL Bridge
5.4 The intergration with BandChain opens up opportunities for Coreum to engage RWA

6. Coreum's Roadmap to Expand Smart Tokens and the DeFi Ecosystem

7. Recap

1. Coreum: An Enterprise-Ready Layer 1 Blockchain

Coreum, developed by Sologenic, is a layer 1 blockchain based on the Cosmos SDK. It offers ISO20022 compatibility, IBC interoperability, and smart token capabilities, providing essential tools for enterprises to develop and run decentralized applications (dApps). With up to 7000 transactions per second (TPS), low transaction fees, and WASM-based smart contracts, Coreum ensures high scalability, versatility, and low latency with its Bonded Proof of Stake (BPoS) consensus algorithm. This makes it an enterprise-ready blockchain, facilitating the adoption of decentralized technologies by large organizations.

Coreum adopts Cosmos' Tendermint and SDK-based BPoS consensus algorithm. Tendermint consists of a consensus engine that manages networking and consensus among nodes, and an application layer that contains the business logic of the blockchain. With BPoS, nodes are rewarded for performing network management and governance voting but are penalized for failing to produce blocks in their assigned turn. This mechanism encourages nodes to continuously invest knowledge and capital in maintaining the network.

Coreum has also introduced "smart tokens" with built-in smart contract functionality to simplify transactions. Smart tokens are programmable and customizable tokens issued on the Coreum network. They exist in the chain's storage and memory, eliminating the need to call a smart contract to interact with them. This provides the advantage of a fixed transaction fee, even during transaction spikes. Smart tokens can independently execute smart contract-like functions, allowing their behavior to be pre-designed. As a result, smart tokens offer benefits in terms of speed, cost-effectiveness, and scalability.

With this technical architecture, Coreum has advantages in TPS, block generation time, and more compared to other layer 1 chains. Coreum aims to become an enterprise layer 1 blockchain that provides specialized features and infrastructure for enterprises.

2. $CORE Tokenomics

As the native token of Coreum, $CORE's tokenomics are structured as follows: there is a total supply of 500 million tokens, with 70% allocated for community incentives, equating to 350 million tokens. The remaining 30%, or 150 million tokens, will be used for network operations. Of the 70% of tokens allocated to the community, 50% will be used for airdrops, 10% for validator rewards, and 10% for community developers.

The $CORE token will be used for a variety of purposes, including network governance, staking, paying transaction fees, and providing liquidity. Holders of $CORE tokens can participate in key decisions on the network and be rewarded for enhancing network security through staking. They can also use $CORE to pay transaction fees and earn fees for providing liquidity on decentralized exchanges.

Tokens allocated to teams and developers are distributed in stages over a period of time, while community incentives are distributed based on activity and participation. Through this tokenomics structure, Coreum aims to support the growth and stability of the network and foster community engagement.

3. Ecosystem and Use Cases

The Coreum ecosystem comprises 48 projects and partners. Below are some representative projects and use cases within the Coreum ecosystem:

Source: Coreum

D’CENT Wallet

Source: D’CENT Wallet

D'cent Wallet is a hardware wallet designed for use within the Coreum ecosystem. It develops comprehensive embedded security solutions based on secure chip technology (SE and TEE). To safeguard users' digital assets, it integrates both software and hardware security solutions, offering options such as biometric wallets, card-based wallets, and software wallets. Given Coreum's focus on enterprise layer 1 solutions, security and customization are paramount. Consequently, Coreum supports various wallet projects. Currently, 11 wallets are supported, including D'cent, offering diverse wallet solutions such as Web3 wallets, hardware wallets, and cold wallets.

Whelp

Source: Whelp

Whelp, a project backed by Coreum's Development Grant program, has launched a decentralized exchange (Dex) to facilitate seamless smart token trading within the Coreum ecosystem. With a core commitment to providing a user-centric experience, Whelp has emerged as an integral component of the Coreum ecosystem, offering a convenient and intuitive UI/UX.

VideoMaster

Source: VideoMaster

VideoMaster, another project supported by Coreum's Development Grant program, is a Web3-based streaming platform aiming to establish a fair and transparent creator economy. It allows creators to determine the value of their content. On VideoMaster, content creators set the price for their content and retain the entire revenue, minus a 7.5% commission. Users pay solely for the content they consume, with no monthly subscription or advertisements. In addition to paid content, VideoMaster also hosts free content and currently emphasizes onboarding stand-up comedy videos.

4. On-Chain Performance

4.1 Network activity

Coreum's quarterly active wallet count has been steadily increasing since 2Q23. In 1Q24, the number of active wallets surpassed 10K, marking a 50% increase from the previous quarter. Coreum's consistent quarterly growth in active wallets is attributed to the $CORE airdrops that have been ongoing since the mainnet launch. Additionally, the 1Q24 increase reflects the expansion of the DeFi ecosystem with the launch of USDC onboarding and the XRPL bridge.

4.2 Network security

As of 1Q24, Coreum has a total of 64 validators and 330,511,926 $COREUM in deposits. These validators include entities such as Huobi and Cosmostation, with no single validator holding more than a 15% stake. This distribution indicates that the Coreum network is sufficiently decentralized.

5.1Q24 Key Events

5.1 Partnership with Bitgo to strengthen network security

Source: techstory

On January 10, Coreum announced a partnership with BitGo, a digital asset security company. Coreum will upgrade its network with expanded security and streamlined gateways, including adding an additional layer of security through BitGo's custody services. In addition, Coreum's regulatory-friendly framework and collaboration with BitGo will create an integrated DEX that offers secure on-chain token operations, including KYC functionality, support for a wide range of assets, a organic order book, and an automated market maker (AMM).

5.2 Onboarding USDC to scale the DeFi ecosystem

Source: Coreum

On January 25, Coreum announced that it has completed USDC onboarding on the Coreum Mainnet, enabling users to conduct various activities using USDC within the ecosystem. Coreum emphasized that USDC serves as an important bridge between the safety of traditional finance and the innovation of blockchain, backed by strong security audits and trusted founders. The strategic benefits of utilizing USDC include:

• DeFi: Across many of Coreum's projects, USDC serves as a practical means of providing liquidity and easy user onboarding, enabling a wide range of DeFi opportunities.
• Cross-chain diversity: Coreum acts as the primary intermediary for transactions between the IBC chain and the XRP Ledger. USDC is based on 10 blockchains, including Coreum, making it a versatile and chain-neutral currency.
• Secure and reliable: Coreum's robust security protocols protect USDC transactions, increasing user trust in the integrity and safety of their digital assets.

USDC onboarding will significantly improve the DeFi user experience on Coreum and contribute to the expansion of the DeFi ecosystem.

5.3 Advancing cross-network interoperability with the XRPL Bridge

Source: Coreum

Coreum has launched the XRP Ledger (XRPL) Bridge, marking a breakthrough in blockchain interoperability. XRP Ledger is an open-source distributed ledger technology (DLT) network developed by Ripple Labs and designed to support fast and efficient financial transactions.

The launch of the bridge enables seamless asset transfers between XRPL and IBC-compatible appchains. The Coreum-XRPL Bridge operates based on smart contract logic on the Coreum blockchain that interacts with XRPL's multi-signature accounts through a set of 32 relayers. Asset flows occur in a decentralized and non-custodial manner, with no single entity operating or managing user assets. The bridge consists of a multi-signature account, a mediator, and a bridge smart contract. Shortly after the launch of the bridge, there was an explosion of interest within the ecosystem, with XRP holders on Coreum spiking by 2,287%. The interoperability with other networks is expected to have a positive impact on the activity of the Coreum network.

5.4 The intergration with BandChain opens up opportunities for Coreum to engage RWA

Source: Coreum

BandChain is a cross-chain data oracle platform that aggregates real-world data and APIs and connects them to smart contracts. With the integration of Coreum and BandChain, Coreum aims to simplify RWA tokenization and provide seamless access to real-time data provided by BandChain through CW-Band, a library that allows BandChain and CosmWasm to interact. This integration will enable Coreum to enter the RWA market.

6. Coreum's Roadmap to Expand Smart Tokens and the DeFi Ecosystem

By 4Q24, Coreum plans to deploy an open-source token hub, expand smart tokens, and implement a native DEX. With these developments, Coreum will empower developers to issue their own smart tokens and extend their functionality by attaching custom logic to them using smart contracts. Additionally, Coreum is developing a DEX for smart tokens to expand the DeFi ecosystem. Leveraging the advantages of smart tokens, such as speed, scalability, and predictability, Coreum's ongoing development roadmap is poised to establish it as an enterprise Layer 1 network. Coreum's roadmap details are as follows:

7. Recap

Coreum aims to establish itself as an infrastructure standard that is interoperable, smart token-capable, and essential for enterprises to develop and run dApps. Developed with the Cosmos SDK, Coreum boasts high scalability and versatility, outperforming existing layer 1 solutions. Various development updates are planned for Q1 and beyond, with a particular focus on excelling in RWA tokenization and security through partnerships with entities such as BandChain and BitGo. Although there are still developers and users unfamiliar with smart tokens, the release of the open-source token hub and updates to the developer playground will simplify token issuance and development within the Coreum environment. Currently, a range of services, including the wallet security service D'CENT Wallet, the smart token DeFi platform Whelp, and the user-centered streaming platform Video Master, are operational and under development within the Coreum ecosystem. As an enterprise blockchain, Coreum is positioned to facilitate the development and launch of dApps by various companies in the future.