The post Bitcoin achieves record Total Value Locked (TVL) and surges in NFT volumes appeared on BitcoinEthereumNews.com.

In a recent data revelation, Bitcoin has broken records by achieving an unprecedented Total Value Locked (TVL) of approximately $315 million, signaling its continued dominance in the cryptocurrency space. Furthermore, the network has witnessed a remarkable surge in Non-Fungible Token (NFT) volume, a sector previously unrelated to Bitcoin’s core functionality. This article explores these groundbreaking developments in the world of Bitcoin and NFTs. Bitcoin TVL Soars to Historic Highs Recent data provided showcased Bitcoin’s remarkable ascent to an all-time high in its Total Value Locked (TVL). This achievement is particularly remarkable because Bitcoin is not traditionally regarded as a Decentralized Finance (DeFi) platform. The previous record in TVL was set in November 2021, underscoring the substantial growth the network has experienced. The key to Bitcoin’s success in this regard lies in its unique approach. While Bitcoin lacks support for smart contracts, developers have strategically leveraged its base layer as a settlement layer. By offloading complex use cases to higher layers, they have enhanced functionality without compromising scalability or security. This strategic shift has led to the emergence of various protocols with locked assets, significantly contributing to the surge in TVL. Additionally, the positive price trends observed in Bitcoin have further boosted TVL. Until recently, Bitcoin had been on a remarkable upward trajectory, consistently reaching new all-time highs. However, in the past 48 hours, this rapid ascent has momentarily paused, marked by minor declines in its value. At the time of writing, Bitcoin was trading with a slight decline of less than 1% following several days of consecutive falls. It is worth noting that despite these declines, Bitcoin has managed to maintain its position within the $43,000 price range. The earlier surge in Bitcoin’s price had a notable impact on the value of locked BTCs, playing a pivotal role in the…

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Filed under: News - @ December 9, 2023 9:26 am