The Bitcoin network is seeing a huge development with big amounts of locked $BTC tokens on diverse protocols and blockchains. As per the latest data, the cumulative $BTC amount locked on different entities is increasing, denoting the expansion in the trust in the respective technologies as well as their use cases.
Total #Bitcoin Locked on Blockchains & Protocols Data from @BitcoinLayers 's dashboard@Coredao_Org – 6850.85 BTC@BitlayerLabs – 5377.44 BTC@lightning – 5201.90 BTC@Liquid_BTC – 3833.39 BTC@rootstock_io – 2685.32 BTC@build_on_bob – 1128.32 BTC@Stacks -… pic.twitter.com/sVT74IFfM2
— Bitcoin Ecosystem (@BitcoinEcoTK) October 14, 2024
Bitcoin Network Sees a Huge Dominance with a Jump in $BTC Coins Locked on Multiple Entities
The surge in the locked $BTC denotes that the increasing dominance of Bitcoin in the crypto sector is resilient. In this respect, additional decentralized entities are incorporating $BTC into their ecosystems. Hence, they are leveraging the security and stability of the Bitcoin network. The data points toward CoreDAO, BitlayerLabs, Lightning Network, Liquid Network, Rootstock, and more among the protocols with maximum locked $BTC.
CoreDAO reportedly leads the list with up to 6,850.85 locked $BTC in its ecosystem. It has gained significant attention for its preference for decentralized governance and applications. It reportedly has turned into a crucial player in the DeFi sector. Subsequently, BitlayerLabs possesses nearly 5,377.44 $BTC tokens. It has obtained traction among the $BTC consumers who look for innovative solutions to improve and scale transfer speeds.
Additionally, Lightning Network presently holds almost 5,201.90 $BTC coins. The protocol has become popular as a 2nd-layer solution that makes $BTC transfers cheaper and faster. It also prioritizes micropayments and regular transfers. Moreover, Liquid Network now has 3,833.39 locked $BTC. As a sidechain, it chiefly targets exchanges and traders. The $BTC tokens locked in its ecosystem denote the increasing interest in its privacy-centric technology.
Along with that, Rootstock emerges as another well-known player with approximately 2,685.32 $BTC locked. The smart contract entity is pegged to the top crypto asset and provides the Bitcoin blockchain’s security. The rest of the platforms in this respect include Build on Bob with 1,128.32 $BTC, Stacks with 496.39 $BTC, Dfinity with 296.33 $BTC, BTC Layer2 with 69.84 $BTC, and Libre with 2.70 $BTC.
The Increasing Locked $BTC Signifies the Expansion in Bitcoin’s Adoption by Additional Protocols
The cumulative amount of $BTC locked on the respective platforms offers evidence of the current innovation in the wider $BTC ecosystem. With the adoption of $BTC by more protocols, the utility of the prominent crypto keeps expanding. This reinforces its status as the most significant participant in DeFi.
