Despite Bitcoin's Growth, Ethereum Remains the Number One Player in the DeFi World

The DeFi world is growing rapidly, but Bitcoin is not part of it. In the DeFi world, Ethereum is currently the number one player, with its decentralized apps (DApps) like Uniswap, Compound, and Maker.

The decentralized finance (DeFi) world has been growing rapidly, but Bitcoin is not part of it. In the DeFi world, Ethereum is currently the number one player, with its decentralized apps (DApps) like Uniswap, Compound, and Maker.

Decentralized finance around Bitcoin simply doesn’t exist–at least not in any significant way–despite the fact that Bitcoin has more than tripled in value over the past year. Indeed, the total value locked up in Bitcoin-backed DApps amounts to a paltry $182 million, according to DeFi Pulse.

This lack of activity in the Bitcoin DeFi space is rather astonishing considering the fact that the TVL in the broader DeFi sector has reached $2.36 trillion. For perspective, the total value locked up in Ethereum DApps is equal to about 10% of the cryptocurrency’s market cap. Meanwhile, the TVL in Bitcoin DApps amounts to less than 0.5% of the world’s leading cryptocurrency.

But perhaps even more surprising is the fact that the vast majority of the $182 million in Bitcoin DApps is held by just three projects: DesynLab, Colend, and Pell Network. Together, these three projects account for 25.49% of the total TVL. The next largest project, BitFluxFi, has a TVL of $99.49 million, which is only about half of the smallest of the top three projects.

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The prominence of $CORE in the BTCFi space illustrates more than just its market standing; it underscores the CoreDAO ecosystem’s effectiveness and allure. The ecosystem is seeing consistent growth and adoption, powered by an array of integrated projects that supply a revenue stream and make the BTCFi space more useful and appealing. $CORE has more than 50% of the total locked value in its BTCFi products (that’s a pretty healthy growth factor). And it is now the dominant player in BTCFi products (which is more than just a place with a peachy user interface; those BTCFi products have some $-value attached to them).

The CoreDAO Ecosystem: A Broad Range of Partners Driving Growth

The $CORE ecosystem keeps gaining momentum, driven by the appearance of numerous projects that instil it with the kind of “liquidity” and “utility” that decentralized financial structures need to thrive. In addition to the performance of the $CORE token itself, which is leading a sector we call “BTCFi,” a number of high-performing projects in the DeFi space around CoreDAO have since unfurled their sails. And the total value locked (TVL) in these projects offers a glimpse at the kind of diverse capabilities that the $CORE ecosystem is crystallizing.

These projects include CoreSwap, CoreDEX, CoreBNB, and Adax.pro.

The key projects in the CoreDAO ecosystem are @DesynLab, @colend_xyz, and @Pell_Network. These projects have an incredible amount of trust and activity among users, as demonstrated by their TVL amounts. They are clearly driving the engagement and momentum of the Core ecosystem.

1. @DesynLab: TVL = $191.63 million, making it one of the top projects in both Core and the greater Web3 space.

2. @colend_xyz: TVL = $131.35 million, showing a very impressive amount of user interest and engagement.

CoreDAO’s appeal is even further enhanced by @Pell_Network, which has $113.97 million secured in its platform. Other contributors to the ecosystem include:

• @BitFluxFi, with a total value locked of $99.49 million.

• @SumerMoney, with a total value locked of $91.66 million.

• @avalonfinance_, with a total value locked of $70.87 million.

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Mapping out the TVL distribution within CORE thriving DeFi ecosystem.

🔸@DesynLab – $191.63M🔸@colend_xyz – $131.35M🔸@Pell_Network – $113.97M🔸@BitFluxFi – $99.49M🔸@SumerMoney – $91.66M🔸@avalonfinance_ – $70.87M…

— Bitcoin Ecosystem (@BitcoinEcoTK) March 26, 2025

All these projects are helping to shape the CoreDAO ecosystem into a vibrant hub of DeFi innovation.

Yet farther down the list, still playing a significant role, are @b14g_network, Core Earn, and @glyph_exchange, each contributing their own distinct offerings and ambiance to the community, as diverse outfits do in any neighborhood. @b14g_network has $12