BTCFi: Analyzing Bitcoin DeFi Ecosystem Through On-chain Data

CoinMarketCap Research and Footprint Analytics report on the rise of Bitcoin DeFi (BTCFi), using on-chain data to assess its current state and outlook. As of September 8, 2024, total value locked across Bitcoin Layer-2 solutions and sidechains reached $1.07 billion, a 5.7x increase since January 1, 2024 and 18.4x since January 1, 2023. Core holds 27.6% of that TVL, followed by Bitlayer at 25.6%, Rootstock at 13.8% and Merlin Chain at 11.0%.