$SUI
- The rise in the price of Bitcoin (Bitcoin-BTC) significantly impacts the decentralized finance (DeFi) sector on the Bitcoin Blockchain. Data from DefiLlama showed that the total value locked (TVL) in decentralized finance protocols on the Bitcoin Blockchain increased from $304.66 million on January 1, 2024, to $7.117 billion at the time of writing this news.
Source: DefiLlama The recent growth in the decentralized finance sector on the Bitcoin Blockchain – commonly referred to as BTCFi – is likely due to the influx of institutional investments, the launch of new protocols, flexible re-collateralization, Bitcoin-backed loans, yields, and more.