Bitcoin-based decentralized finance (DeFi) protocols have taken off recently, with the total value locked (TVL) across 34 distinct applications now sitting at roughly 65,280 BTC, equal to $5.5 billion. According to defillama.com metrics, Babylon holds $4.477 billion of this total and ranks as the second-largest restaking protocol in DeFi, just behind the Ethereum restaking application Eigenlayer.
At its core, a BTC-centric restaking protocol lets users stake BTC and then put their staked BTC to work again on other platforms. Restaked protocols are the networks, apps, or services that tap into restaked BTC to boost security or operations.
In the Bitcoin space, Lombard leads the restaked protocols pack, securing 53.29% of the $3.158 billion held across eight restaked BTC platforms in mid-March. Back on May 28, 2024, the restaked bitcoin ecosystem sat at a valuation of $69.26 million, marking an explosive growth of 4,459% since then.
All together, eight platforms focusing on restaked BTC account for $3.158 billion of the $5.5 billion spread across 34 BTC-centric DeFi applications. Source: Defillama.com
Lombard holds $1.683 billion in value, while Solv’s platform secures $719.08 million. Grabbing third place, Lorenzo holds $392.23 million, and Coffer Network rounds out the top four at $237.47 million.
Chakra, the fifth-place contender, falls just short of the $100 million mark at $62.42 million locked. Lombard, Solv, and Lorenzo have soared in recent months, while Coffer Network and Chakra have charted steadier climbs. Joining the list is exSat Credit Staking, a single-layer staking mechanism within the exSat Network. This Bitcoin DeFi platform is nipping at Solv’s heels with $575.76 million in total value locked.
Moreover, the top five BTC DeFi protocols have leapfrogged the Lightning Network in both value and speed of growth, leaving it in sixth place behind Babylon, Lombard, Solv, exSat, and Lorenzo.
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