Bitcoin has made significant progress since its establishment. With the ecosystem’s advancements, its network has become an exciting environment for numerous networks and assets, happily thriving on the Bitcoin network.
While there are several projects operating on the Bitcoin blockchain, many are outstanding because of their performance. Today, CryptoRank.io highlighted top 10 projects on the Bitcoin blockchain by TVL, as listed below.
Successful projects on Bitcoin
Babylon Labs, a Bitcoin staking protocol that allows BTC holders to stake while maintaining control over their assets independently, emerged as the largest project on the Bitcoin network. Its current TVL valued $4.38 billion shows its dominant role in the Bitcoin ecosystem.
Lombard Finance settled as the second largest protocol on the Bitcoin network with a TVL of $1.59 billion. Lombard is changing Bitcoin’s utility from a store of value into a useful investment instrument through its liquid Bitcoin staking platform.
Solv Protocol took the third position. It is a major Bitcoin staking platform that enables Bitcoin holders to unlock the full potential of their BTC assets. It’s TVL of $685 million highlights its quick adoption and widespread impact in the crypto market.
exSat Network, a Bitcoin scaling solution, took the fourth spot with a TVL of $558 million. It is a Bitcoin scaling solution that supports the development of Bitcoin’s utility and allows the deployment of DApps on the Bitcoin network.
Lightning Labs secured the fifth place with a $379 million TVL. It is Layer 2 protocol that facilitates scalability on Bitcoin blockchain by minimizing costs and traffic congestion on the Bitcoin network.
tBTC took on the sixth spot with a TVL of $356 million. It is a protocol that enables Bitcoin holders to use their holdings to mint tBTC tokens, enabling them to access DeFi applications.
Coffer Network occupied the seventh place with a $231 million TVL. It is a decentralized custody solution that allows BTC users to manage and earn from their Bitcoin Layer1 and Layer2 assets.
Other popular Bitcoin projects, which also gained visibility based in their TVL include B14g Network, BedRock, and AILayer XYZ. B14g Network, a Bitcoin Merge Restaking platform, settled on the eighth place with a TVL of $107 million. While, BedRock, a Bitcoin staking protocols, followed with a TVL of $106 million, AILayer XYZ, a Bitcoin Layer2 solution, wrapped it up with a TVL of $83.7 million.
Bitcoin’s role in DeFi
As abovementioned, Bitcoin blockchain has transformed into been a useful network where multiple projects operate to offer various services to crypto users. This reflects a wider world of interoperability and scaling solutions. Through this way, Bitcoin’s value has been validated by the rise of protocols and services running on top of its proof-of-work network.
The achievements of the protocols mentioned above highlights an important trend in blockchain advancement: associating with Bitcoin’s ecosystem offers tremendous advantages, especially with reference to adoption and sustainability.
By developing interoperability with Bitcoin, these chains have placed themselves in an advantageous position. By operating on the Bitcoin network, they benefit from massive adoption and growth by taking advantage of BTC’s powerful brand name, security, and network impacts.
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