BlockBeats News, January 5th, recently, the authenticity of data surrounding TVL (Total Value Locked) in the Bitcoin ecosystem has sparked widespread controversy. Issues such as false statistics and double counting are rampant, severely 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 the (Proof of TVL) report, directly addressing the opaque situation in the BTCFi field, calling for the establishment of higher standards for asset transparency verification mechanisms, and proposing open-source TVL verification tools to provide strong support for the transparency of the Bitcoin ecosystem.
The report points out that in many existing BTCFi projects, a lot of TVL data is exaggerated by reusing the same assets or fabricating 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 locking' rather than relying on fancy numerical games.
Nubit has open-sourced a locked asset verification solution centered on BitVM in the report, using native Bitcoin technologies such as zero-knowledge proofs to ensure that the status of every BTC can be verified, eliminating the possibility of TVL data fraud.
'TVL should not be a fig leaf for digital scams; Bitcoin must represent transparency and trust,' stated the Nubit team. The team emphasizes that the future development of the Bitcoin ecosystem needs to start with combating TVL fraud, promoting the entire industry to achieve data transparency.
The reshuffling of the BTCFi industry has already begun, and the exposure of false TVL issues is just the first step. Nubit hopes to unveil the disguise through the power of technology and community, reshaping the transparency and trust of Bitcoin finance.
Nubit Original Text