Bitcoin Enters Top 10 Chains by Total Value Locked (TVL), Eyes Higher Rankings

DefiLlama, a leading platform providing transparent analytics in the decentralized finance (DeFi) space, has announced that Bitcoin has climbed into the top 10 chains by total value locked (TVL). Bitcoin now occupies the 9th spot with a TVL of $1.146 billion. This achievement places Bitcoin just about $400 million away from reaching the 6th position on the list. Currently, Base is on the 6^th spot which has 276 protocols.

Top 10 Chains by TVL today. Bitcoin is now in the top 10 at 9th place, just about $400 million from reaching as far as the 6th spot pic.twitter.com/ycKxfokegQ

— DefiLlama.com (@DefiLlama) May 18, 2024

Ethereum Leads DeFi Market, Bitcoin Makes Significant Entry into Top 10

Ethereum continues to dominate the chart, leading by a significant margin with a TVL of $55.173 billion. Following 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.

Here 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 entry into the top 10 is a significant milestone, indicating growing interest and investment in its DeFi ecosystem. As Bitcoin continues to gain traction, it could potentially surpass other chains, given the current momentum.

Bitcoin’s DeFi Surge Highlights Shifting Trends in the Crypto Landscape

The achievement underscores the evolving dynamics in the DeFi landscape, where traditionally non-DeFi-centric blockchains like Bitcoin are now making substantial inroads. This trend highlights the increasing versatility and adoption of Bitcoin beyond its original use case as a store of value and medium of exchange. However, Merlin and Blast chains have surprised critics in 2024 with astonishing performance.

As the DeFi ecosystem expands, platforms like DefiLlama provide crucial insights into how value is distributed across different blockchains. Bitcoin’s rising TVL is a testament to its robust security, widespread recognition, and the expanding range of financial products and services being built on top of its network. As $BTC dominance is growing, so it the people’s trust on Bitcoin. With Bitcoin’s current trajectory, the crypto community is keenly observing its progress and the potential shifts in the DeFi rankings in the coming months.