Bitcoin Protocol Locks More BTC, Babylon, Has Recently Experienced a Significant Increase in Its Total Value Locked (TVL)

The surge follows the removal of certain staking restrictions. Also, this change allowed more BTC to be staked, setting a new milestone for the network.

Bitcoin [BTC] Protocol, Babylon, has seen a substantial rise in its Total Value Locked (TVL) recently, following the removal of certain staking restrictions.

This change enabled more BTC to be staked, setting a new milestone for the network.

Moreover, the expanded staking function marks another step in its evolution, featuring amongst networks with the highest NFT sales volume.

Bitcoin Protocol locks up more BTC

Recent data showed that the Bitcoin Protocol, Babylon, now has nearly 24,000 BTC locked, which amounts to almost $415 million at the current market price.

This milestone was reached as the protocol lifted its cap on new deposits on 8 August, allowing users to stake more BTC.

Thousands of BTC were staked within just over an hour, spanning around 10 Bitcoin blocks.

The only restriction was a 500 BTC limit per transaction, which was changed from the initial 1,000 BTC cap when the protocol launched earlier in August.

This removal of the staking cap spurred rapid growth in the TVL, highlighting the increasing interest in utilizing the Bitcoin Protocol for staking purposes.

Comparing Bitcoin Protocol’s staked assets to Ethereum

Out of the circulating supply, approximately 24,000 BTC—around 0.122%—is staked in the Bitcoin Protocol. Bitcoin has a market capitalization exceeding $1.2 trillion and a circulating supply of over 19.7 million BTC.

While this percentage is noteworthy considering the protocol’s relatively new staking function, it pales compared to Ethereum [ETH].

Data from Dune Analytics showed that nearly 35 million ETH is currently staked, which accounts for more than 28% of the total ETH supply.

Data showed that the Ethereum market cap is approximately $294 billion and a circulating supply of about 120.4 million ETH. With this, Ethereum’s staking participation far surpasses Bitcoin’s.

Source: DuneAnalytics

Read Bitcoin’s [BTC] Price Prediction 2024-25

Growth in NFT sales volume

In addition to staking, the Bitcoin network has made strides in NFT. The network ranks amongst the top five networks in terms of NFT sales volume.

Moreover, according to Crypto Slam, Bitcoin recorded nearly $15 million in NFT sales over the past seven days. This positions it as the third-highest network for NFT sales, trailing only Ethereum and Mythos.