DefiLlama, a prominent platform that offers transparent analytics in the decentralized finance (DeFi) sector, has announced that Bitcoin has climbed its way into the top 10 chains based on total value locked (TVL).
Bitcoin now holds the 9th position on the list, with a TVL of $1.146 billion. This achievement brings Bitcoin just $400 million away from reaching the 6th spot. Currently, Base holds the 6th position with 276 protocols.
The latest report on the top 10 chains by TVL shows that Ethereum continues to dominate the DeFi market with a significant lead, boasting a TVL of $55.173 billion. Tron follows in second place with $8.753 billion, while Binance Smart Chain (BSC) secures the third spot with $5.247 billion. Solana and Arbitrum complete the top five with $4.695 billion and $2.763 billion in TVL, respectively.
Below is the detailed 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 entrance into the top 10 marks a significant milestone, indicating a growing interest and investment in its DeFi ecosystem. With Bitcoin gaining momentum, it has the potential to surpass other chains in the future.
The surge of Bitcoin in the DeFi space highlights the changing trends in the crypto landscape. Non-DeFi-centric blockchains like Bitcoin are now making substantial progress, showcasing the versatility and adoption of Bitcoin beyond its original purpose as a store of value and medium of exchange. However, the surprising performance of Merlin and Blast chains in 2024 has also caught the attention of critics.
As the DeFi ecosystem expands, platforms like DefiLlama play a crucial role in providing insights into the distribution of value across different blockchains. Bitcoin’s increasing TVL reflects its robust security, widespread recognition, and the growing range of financial products and services being built on its network. With Bitcoin’s current trajectory, the cryptocurrency community is closely monitoring its progress and potential shifts in the DeFi rankings in the upcoming months.