Top 10 DeFi Protocols on Bitcoin Ecosystem Based on TVL

The Bitcoin ecosystem is rapidly growing as its cumulative TVL has reached $5.37B, with several DeFi protocols witnessing considerable rise in total value locked. As per the data from Phoenix Group, top DeFi protocols on the Bitcoin ecosystem in terms of TVL include Babylon, Lombard, and SOLV in the leading positions as of March 14th. The crypto data and analytics firm took to social media to share the list of top Bitcoin-based DeFi protocols.

TOP 10 #TVL ON #BITCOIN
#Babylon #Lombard $SOLV #exSat #Lorenzo #Lightning #tBTC #Coffer #b14g #Bedrock pic.twitter.com/lnIISJcpVN

— PHOENIX – Crypto News & Analytics (@pnxgrp) March 14, 2025

Babylon Dominates Top DeFi Protocols in Bitcoin Ecosystem with $4.40B in TVL

Babylon is the 1st among the top DeFi protocols operating within the Bitcoin ecosystem. The restaking protocol reportedly accounts for a total value locked of up to $4.40B, representing a staggering 49.63% share of the total Bitcoin ecosystem. The top 2nd protocol in this respect is Lombard with its total value locked reaching $1.63B. The Bitcoin-based restaking project’s TVL holds an 18.38% share of the ecosystem.

Subsequently, Solana protocol has secured the top 3rd place among the Bitcoin-based DeFi projects with $705.20M in its TVL. Hence, the restaking protocol possesses nearly 7.95% share of the Bitcoin ecosystem. The next name on the list is exSat, which is a restaking protocol, standing at $557.43M in terms of total value locked. In line with this, the restaking protocol possesses almost 6.29% of the overall Bitcoin ecosystem.

Apart from that, Lorenzo is another DeFi protocol in the Bitcoin ecosystem with significant TVL share. As per the market data, the total value locked in the restaking protocol is $384.26M, accounting for a 4.33% of the Bitcoin ecosystem. After that, Lightening has a TVL of almost $382.70M. With this figure, the payments protocol reportedly owns a 4.32% share of the entire ecosystem.

Bedrock Bottoms List with TVL Accounting for $107.28M

Phoenix Group’s list of top Bitcoin-based DeFi protocols in line with TVL places tBTC in the 7th rank. The ERC-20 BTC protocol’s TVL is $360.72M, underscoring a 4.07% ecosystem share. The next name is the restaking protocol Coffer, with a TVL of up to $230.72M, displaying a 2.60% ecosystem share. The top 9th player in this respect is b14g, with $108.01M in TVL, indicating a 1.22% share of the Bitcoin ecosystem. Following that, the anchor protocol Bedrock comes last in the list, with its TVL reaching $107.28M, expressing a 1.21% share of the total Bitcoin ecosystem.

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