Bitcoin DeFi TVL Hits Record Highs, Flips BNB

Bitcoin’s DeFi activity has surged to a new all-time high of $6.9 billion in Total Value Locked (TVL). This impressive rise has propelled Bitcoin past BNB Chain, making it the fourth-largest blockchain by TVL. 

Babylon Leads the Charge

The surge began in late October, driven by growing demand for Bitcoin yield. The rise isn’t just due to Bitcoin’s price increase but also a significant rise in locked BTC on the network.

A key factor behind this growth is the Babylon staking platform. Babylon now accounts for $5.6 billion of Bitcoin’s TVL. According to the Babylon dashboard, over 128,000 stakers have locked more than 54,000 BTC. 

The demand for Bitcoin yield on Babylon has grown rapidly, with the amount staked increasing by 151% in just one week. Babylon’s success has made it the largest Bitcoin DeFi project, surpassing even the Lightning Network. 

Bitcoin Nearing Tron’s TVL

The Lightning Network now ranks fifth, with a TVL of just $530 million. This shift signals a change in how Bitcoin is being used — from a payment tool to a DeFi powerhouse. Despite the rapid growth, Bitcoin still lags far behind Ethereum’s $88 billion TVL. 

Ethereum’s Lido staking platform alone holds $38 billion. However, Bitcoin is catching up quickly. After surpassing BNB Chain, Bitcoin is now closing in on Tron’s TVL of $8.08 billion. Bitcoin’s rise in DeFi marks a pivotal shift. 

The blockchain is evolving from just a store of value to a major player in decentralized finance. With rising demand for staking and DeFi yield, Bitcoin’s presence in the DeFi space is set to keep growing.