According to BlockBeats, on January 5, a widespread controversy has arisen regarding the authenticity of TVL (Total Value Locked) data in the Bitcoin ecosystem. Issues such as false statistics and double counting have emerged, seriously harming user interests and industry trust. In response to this phenomenon, several BTC ecosystem projects, including Nubit, Nebra, Bitcoin Layers, and Alpen Labs, jointly released a report (Proof of TVL) that directly points to the opaque state of the BTCFi sector, calling for the establishment of higher standards for asset transparency verification mechanisms and proposing open-source TVL verification tools to strongly support the transparency of the Bitcoin ecosystem.
The report points out that in many existing BTCFi projects, a significant amount of TVL data is exaggerated through the reuse of the same assets or the fabrication of locked amounts. This not only misleads users but also poses a threat to the long-term development of the Bitcoin ecosystem. The report calls for Bitcoin's TVL to return to 'real locked assets,' rather than relying on flashy numerical games.
Nubit has open-sourced a locked asset verification scheme based on BitVM in its report. Through native Bitcoin technologies such as zero-knowledge proofs, it ensures that the status of every BTC can be verified, eliminating the possibility of TVL data fraud.
"TVL should not be a cover for digital scams; Bitcoin must represent transparency and trust," stated the Nubit team. The team emphasized that the future development of the Bitcoin ecosystem needs to start with combating TVL fraud, promoting data transparency across the industry.
The reshuffle of the BTCFi industry has already begun, and the exposure of TVL fraud issues is just the first step. Nubit hopes to unveil the facade and reshape the transparency and trust of Bitcoin finance through the power of technology and community.
Nubit Original Text
