In 2024, Bitcoin’s DeFi sector experienced substantial growth, increasing its TVL over 2,000%. Key factors included advancements in Bitcoin staking and the launch of spot Bitcoin ETFs, which catered to rising institutional interest, pushing Bitcoin’s price up by 121%.
Babylon, a leading Bitcoin-native DeFi platform, held over 80% of the sector’s TVL, with its mainnet launching in August 2024. This contributed to Bitcoin’s price surge, with Bitcoin surpassing 100,000 USD following major events like the US presidential elections.
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