DefiLlama, a prominent platform that offers transparent analytics in the decentralized finance (DeFi) sector, has announced that Bitcoin has now entered the top 10 chains in terms of total value locked (TVL).
Bitcoin has secured the 9th position on the list with a TVL of $1.146 billion. This accomplishment means that Bitcoin is only approximately $400 million away from reaching the 6th position. Currently, Base holds the 6th spot with 276 protocols.
The top 10 chains by TVL today are as follows:
1. Ethereum: $55.173 billion
2. Tron: $8.753 billion
3. Binance Smart Chain (BSC): $5.247 billion
4. Solana: $4.695 billion
5. Arbitrum: $2.763 billion
6. Base: $1.574 billion
7. Blast: $1.569 billion
8. Merlin: $1.205 billion
9. Bitcoin: $1.146 billion
10. Avalanche: $990.46 million
Ethereum continues to lead the DeFi market by a significant margin with a TVL of $55.173 billion. Tron and Binance Smart Chain (BSC) follow closely behind, securing the 2nd and 3rd spots with $8.753 billion and $5.247 billion, respectively. Solana and Arbitrum complete the top five with $4.695 billion and $2.763 billion TVL.
Bitcoin’s entrance into the top 10 is a significant milestone, indicating the growing interest and investment in its DeFi ecosystem. As Bitcoin gains more traction, it has the potential to surpass other chains given its current momentum.
This achievement highlights the changing trends in the crypto landscape, where non-DeFi-centric blockchains like Bitcoin are now making substantial progress in the DeFi space. This trend showcases the increasing versatility and adoption of Bitcoin beyond its original purpose as a store of value and medium of exchange. Surprisingly, Merlin and Blast chains have also surprised critics in 2024 with their outstanding performance.
As the DeFi ecosystem expands, platforms like DefiLlama play a crucial role in providing insights into how value is distributed across different blockchains. Bitcoin’s increasing TVL is a testament to its strong security, widespread recognition, and the growing range of financial products and services being built on its network. The rising dominance of Bitcoin (BTC) is also leading to a greater trust in the cryptocurrency. With Bitcoin’s current trajectory, the crypto community is closely monitoring its progress and the potential shifts in the DeFi rankings in the upcoming months.
