DefiLlama, a renowned platform offering transparent analytics in the decentralized finance (DeFi) sector, has revealed that Bitcoin has broken into the top 10 chains by total value locked (TVL).
Bitcoin has now secured the 9th position with a TVL of $1.146 billion. This accomplishment brings Bitcoin within striking distance of the 6th spot on the list, with just approximately $400 million separating the two. Currently, Base holds the 6th spot with 276 protocols.
Today’s Top 10 Chains by TVL showcase Bitcoin’s ascent into the top 10, now positioned at 9th place and edging closer to the 6th spot by around $400 million.
Ethereum Maintains Lead in DeFi Market, Bitcoin Makes Notable Entry into Top 10
Ethereum continues to reign supreme on the chart, leading by a significant margin with a TVL of $55.173 billion. Trailing behind Ethereum are Tron with $8.753 billion and Binance Smart Chain (BSC) with $5.247 billion, securing the 2nd and 3rd spots, respectively. Solana and Arbitrum round out the top five with $4.695 billion and $2.763 billion in TVL.
Below is the comprehensive list of the top 10 chains by TVL:
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
Bitcoin’s entry into the top 10 marks a significant milestone, reflecting increasing interest and investment in its DeFi ecosystem. As Bitcoin gains momentum, it stands a chance to surpass other chains in the near future.
Bitcoin’s DeFi Surge Reflects Changing Trends in the Crypto Landscape
This achievement highlights the shifting dynamics in the DeFi sector, where traditionally non-DeFi-focused blockchains like Bitcoin are now making substantial progress. This trend showcases Bitcoin’s expanding utility and adoption beyond its original role as a store of value and medium of exchange. Nevertheless, Merlin and Blast chains have surprised critics in 2024 with their impressive performance.
As the DeFi ecosystem expands, platforms like DefiLlama play a crucial role in providing insights into the distribution of value across various blockchains. Bitcoin’s rising TVL underscores its strong security, widespread acceptance, and the growing array of financial products and services being developed on its network. With Bitcoin’s increasing dominance, the community is closely monitoring its progress and the potential changes in the DeFi rankings in the upcoming months.