BlockBeats reported on January 5th that there has been widespread controversy over the authenticity of TVL (Total Value Locked) data in the Bitcoin ecosystem. Issues such as false statistics and double counting are rampant, 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), directly addressing the opaque status 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 significant amount 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 flashy digital games.
Nubit has open-sourced a locking verification scheme based on BitVM in its report, utilizing native Bitcoin technologies such as zero-knowledge proofs to ensure that the state of every BTC can be verified, eliminating the possibility of TVL data fraud.
“TVL should not serve as a fig leaf 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 and promoting data transparency across the industry.
The reshuffling of the BTCFi industry has already begun, and the exposure of the false TVL issue is just the first step. Nubit hopes to unveil the disguise and reshape the transparency and trust of Bitcoin finance through the power of technology and community.
Nubit Original Text
