BTC Price Rally Spurs 2,000% Growth in Bitcoin DeFi TVL for 2024

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The 22-fold increase was attributed to Bitcoin staking developments, the launch of spot Bitcoin ETFs in the US and BTC’s soaring prices during 2024.

Bitcoin-based decentralized finance applications saw a breakout year in 2024 after the April halving, with the industry’s value experiencing a 22-fold increase driven by infrastructure development and soaring Bitcoin prices.

Bitcoin-based decentralized finance (DeFi), also known as BTCFi, is a new technological paradigm that aims to bring DeFi capabilities to the world’s first blockchain network.

The total value locked (TVL) in the Bitcoin network saw more than a 2,000% increase during 2024, from $307 million in January to top $6.5 billion on Dec. 31, 2024, DefiLlama data shows.


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