CandleFocus Bitcoin total value locked reaches record with adoption of new protocols
2024-10-29
Author: Content Editor
Bitcoin (BTC) has seen a surge in value locked as new protocols emerge, using the coin as collateral. This increase in BTC lockups on Layer 2 (L2) projects is leading to a growing total value locked (TVL) in Bitcoin-based scaling projects, which now stands at over $2.35 billion. The appreciation of BTC has also expanded the value of collaterals, with BTC recently reaching a price of $73,172.43. The TVL in Bitcoin-based projects is on track to outcompete other leading L2 projects like Base and Arbitrum. However, it still lags behind Ethereum's TVL of $10 billion. Wrapped BTC (WBTC) remains one of the most widely used tokens, with over 95% of the TVL coming from WBTC. Various projects are attempting to lock in BTC as collateral, but they will need to prove their sustainability and ability to use the value effectively. Incentives and re-staking projects are being used to attract valuable BTC. Bitcoin sidechains have existed for some time but have relatively low value locked. The main use case for Bitcoin currently remains holding the coin or using the main net.
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