While many crypto users view Bitcoin as a digital store of value, several Layer-2 solutions are emerging top on the Bitcoin blockchain to unlock the hidden potential of BTC.
Today data reported by Phoenix Group listed the top 10 Bitcoin-based blockchains by TVL. The term “TVL” is often used in the DeFi landscape. It refers to an approach to measure how much value is locked within a blockchain’s smart contract. The higher the TVL, the more adoption a blockchain has in the DeFi ecosystem.
Top 10 Blockchains on Bitcoin
Core Chain
According to the Phoenix data, Core Chain emerged as the top protocol on the Bitcoin network. With its $668 million TVL, Core Chain is the largest Bitcoin-based blockchain. It is a BTC-focused blockchain that uses Bitcoin miners and holders to secure its smart contract platform. It is designed to unleash the power of both BTC and the Bitcoin network in the DeFi ecosystem.
Bitlayer
Bitlayer secured the second position with $406 million TVL. It is a Bitcoin L2 solution that specializes in improving the Bitcoin ecosystem through innovation, a variety of assets, and secured scalability.
Bsquared Network
Bsquared Network comes third with a $369 million TVL. It is a Bitcoin Layer-2 solution that strives to make Bitcoin become a versatile platform that can engage smoothly with different financial services and DApps.
BOB network
The next is the BOB network, which holds a $245 million TVL, placing it as the fourth largest Bitcoin-driven blockchain. It is a Bitcoin-secured blockchain, a hybrid type that integrates with the Ethereum network.
Rootstock
Moving down, having a $225 million TVL enabled the Rootstock platform to secure the fifth position. Rootstock offers DeFi services powered by the Bitcoin network. It is a smart contract platform that allows DApps to function more rapidly, with reduced fees.
Others
While AILayer, a Bitcoin-based Layer 2, followed with a $210 million, Stacks took position seven with a $180 million TVL. Stacks is a Bitcoin Layer-2 solution that enables smart contracts and DApps to use Bitcoin as an asset and settle trades.
Merlin Chain, a Bitcoin Layer-2 solution, settled on position eight with a $163 million TVL. BounceBit, a Bitcoin restaking chain, secured the ninth position with a $61.8 million TVL. Lastly, MAP Protocol, a Bitcoin layer-2 infrastructure, gained visibility with its $21.5 million TVL.
