DefiLlama, a prominent platform offering clear analytics within the decentralized finance (DeFi) sector, has revealed that Bitcoin has ascended to the top 10 chains based on total value locked (TVL).
Bitcoin now holds the 9th spot with a TVL of $1.146 billion. This development places Bitcoin just shy of $400 million away from claiming the 6th position on the list. Currently, Base holds the 6th spot with 276 protocols.
Today’s Top 10 Chains by TVL see Bitcoin entering the top 10 at 9th place, inching closer to the 6th spot by about $400 million. pic.twitter.com/ycKxfokegQ — DefiLlama.com (@DefiLlama) May 18, 2024
Ethereum Leads DeFi Market, Bitcoin Makes Noteworthy Entry into Top 10 Ethereum maintains its dominance on the chart, leading significantly with a TVL of $55.173 billion. Trailing Ethereum are Tron with $8.753 billion and Binance Smart Chain (BSC) with $5.247 billion, securing the 2nd and 3rd positions, respectively. Solana and Arbitrum complete the top five with $4.695 billion and $2.763 billion in TVL.
Here is the breakdown of the top 10 chains by TVL: Ethereum: $55.173 billion Tron: $8.753 billion Binance Smart Chain (BSC): $5.247 billion Solana: $4.695 billion Arbitrum: $2.763 billion Base: $1.574 billion Blast: $1.569 billion Merlin: $1.205 billion Bitcoin: $1.146 billion Avalanche: $990.46 million Bitcoin’s inclusion in the top 10 marks a significant milestone, showcasing the growing interest and investment in its DeFi ecosystem. With Bitcoin gaining momentum, it has the potential to surpass other chains in the near future.
Bitcoin’s DeFi Surge Highlights Changing Trends in the Crypto Landscape This achievement reflects the evolving dynamics within the DeFi landscape, where blockchains like Bitcoin, traditionally not focused on DeFi, are now making significant progress. This trend underscores Bitcoin’s expanding versatility and adoption beyond its original purpose as a store of value and medium of exchange. Nonetheless, Merlin and Blast chains have surprised observers in 2024 with impressive performances.
As the DeFi ecosystem expands, platforms like DefiLlama offer vital insights into the distribution of value across various blockchains. Bitcoin’s rising TVL underscores its strong security, broad recognition, and the growing array of financial products and services being developed on its network. With Bitcoin’s increasing dominance, there is a rise in people’s confidence in Bitcoin. The crypto community is closely monitoring Bitcoin’s trajectory and the potential changes in the DeFi rankings in the months to come.
Tags: ARB AVAX BSC BTC ETH SOL TRX