Written by: Evan Lu, Waterdrop Capital
Recently, according to statistics, Binance has launched over 20 BTC ecosystem projects in the spot and Alpha sectors, with the data source for the statistics table: click here; most projects have already launched in the Alpha sector + contracts, with only a few projects launching solely in Alpha. Among them, 3 projects have already launched in the Binance spot sector. The BTC ecosystem comprehensively covers various directions such as cross-chain bridges, different technical paths of BTC L2, and BTC Fi. Nearly 2/3 of the projects maintain an FDV of over $100M, with only 3 projects having an FDV below $80M.
Excluding the previously popular MERL and BABY, new token projects launched in September such as HEMI, BARD, LIGHT, PTB, and RIVER have shown impressive market performance, with FDVs all maintaining above $250 million. This indicates that the next wave of enthusiasm in the BTC ecosystem will likely focus on sub-tracks related to BTC ecosystem infrastructure, cross-chain bridges, RGB protocols, and more.
Binance BTC Concept Project FDV Ranking (including spot and Alpha sectors), snapshot date: 9/29/2025
TVL data is equally impressive; for example, HEMI, BARD, MERL, and SOLV have already exceeded $1 billion in locked value. BABY, as the foundational infrastructure of the BTC ecosystem, benchmarks against ETH ecosystem's Eigen Layer, providing security support for BTC L2 using PoS consensus mechanism, achieving cross-chain security sharing; its TVL has exceeded $6 billion.
Additionally, MERL's performance is also outstanding; even after being online for a year and a half, it still maintains a considerable scale of active users and community. As a leading project in BTC L2, MERL rose over 50% in late September, establishing its own market; this proves the market's recognition of Merlin Chain.
The remaining projects, including L2 and BTC Fi, have over half of their TVLs exceeding $500 million. The total TVL data exceeds $15 billion, indicating a promising future for the development of the BTC ecosystem.
Binance BTC Concept Project TVL Ranking, snapshot date: 9/29/2025 (Note: TVL is based on project official websites and DefiLlama, with a preference for official website data)
Furthermore, as can be seen from the chart, Binance's Alpha sector has launched 1 to 2 BTC ecosystem projects on average every month since April, which sufficiently proves that Binance is systematically betting on the BTC ecosystem, covering almost all parts from infrastructure to application layers. Projects in related fields such as L2, cross-chain bridges, and RGB protocols have performed well in the market. As various technical paths in the BTC ecosystem gradually land and are applied in the future, Binance Alpha is expected to become a new entry point for user traffic in the next round of BTC ecosystem prosperity.
Binance Alpha BTC Concept Project Launch Date Summary, snapshot date: 9/29/2025
Based on the analysis of information data from the Binance market, the narrative of BTC ecosystem tokens can be categorized from the perspective of ecosystem composition, broadly divided into infrastructure layer (L2) and upper-level financial protocols (BTCFi). The infrastructure projects launched in the Alpha sector are systematically building a liquidity entry for the on-chain capital market, which will be the most important and largest source of funds in the future—safely and trustlessly bringing BTC into the market.
As the underlying anchor asset of the entire crypto industry, BTC possesses liquidity and value-carrying capabilities that no other crypto asset can match. However, due to the extremely simplified scripting language of the BTC network itself, which lacks Turing completeness, and the inherent limitations of PoW consensus in terms of speed and scalability, a large amount of its potential value remains unexploited. If calculated at a value of $100,000 per coin, merely introducing 10% of the total supply into on-chain finance could provide the market with up to $210 billion in potential liquidity, which would be enough to become the core driving force of on-chain finance in the crypto industry.
Binance Alpha BTC Concept Project Overview, snapshot date: 9/29/2025
Combining the frequent launches of BTC concept tokens in Binance Alpha in September, along with the strong performance of these tokens; it can be said that if the market welcomes another "altcoin season" in the future, the BTC ecosystem concept sector is likely to become a key track that cannot be missed.
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