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Bitcoin L2 networks grow to $1.31 billion in locked value

Bitcoin L2 networks grow to $1.31 billion in locked value

GrafaGrafa2024/09/19 04:30
By:Liezl Gambe

Bitcoin (CRYPTO:BTC) layer two (L2) solutions and sidechains have experienced significant growth in 2024, reaching a total of $1.31 billion in locked value (TVL). 

The top ten Bitcoin-based protocols now account for 1.65% of the $79.46 billion locked across decentralized finance (DeFi) platforms. 

Leading the surge are two networks, Core and Bitlayer, which together control over 56% of the total locked value. 

Core leads the pack with $387.94 million locked as of September 18, representing 29.46% of the total Bitcoin-centric TVL. 

Close behind, Bitlayer holds $358.75 million or 27.24%. 

Other major players include Rootstock with $158.18 million, Merlin at $138.73 million, and Bsquared with $95.54 million. 

These five networks make up the bulk of Bitcoin’s sidechain and L2 ecosystem. 

The rapid rise of Core is particularly notable, with the network growing by an impressive 11,343.66% since February 2024. 

This dramatic increase highlights the growing demand for scalability solutions within the Bitcoin ecosystem. 

In February, Rootstock and Stacks led the market, with Rootstock accounting for 50.34% of the total locked value and Stacks at 43.63%. 

However, both have seen declines in TVL over the past few months, with Rootstock now holding $158.18 million and Stacks dropping to $87.9 million. 

Other notable Bitcoin-focused networks include BOB (CRYPTO:BOB) ($35.5M), Bouncebit (CRYPTO:BB) ($26.15M), MAP Protocol (CRYPTO:MAPO) ($20.18M), and Interlay (CRYPTO:INTR) ($2.83M). 

Despite fluctuations among some protocols, the overall trend shows increasing value flowing into Bitcoin’s L2 solutions and sidechains, signaling the growing need for interoperability and scalability within the ecosystem. 

At press time, the Bitcoin (BTC) price was $62,226.02.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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