Bitcoin Restaking TVL Nears $1.6 Billion

TVL in the Bitcoin restaking category has surpassed $1 billion, currently standing at nearly $1.6 billion. 

The total TVL across the entire DeFi ecosystem of the first cryptocurrency amounts to $2.174 billion, placing the network seventh in the rankings by this measure. 

The value has surged: on October 21, TVL was $587 million, and by October 22, it had reached $2.19 billion.

New Products

On October 24, the tokenization protocol Midas announced the launch of a wrapped Bitcoin product, mBTC, offering a 4% annual yield in the first cryptocurrency. 

? New Product: We’re excited to announce the launch of mBTC, our Bitcoin product offering 4% BTC-denominated yield! ??

Get early access: https://t.co/ciMmT5wmkV

(1/6) ??

⚡ Why mBTC? pic.twitter.com/VZOvYlPkiK

— Midas (@MidasRWA) October 24, 2024

The income is generated “through collaboration with institutional asset managers and lenders.” Users are offered the opportunity to exchange wBTC and cbBTC for mBTC. The token is created on the Ethereum network. 

The mBTC is supported by the lending protocol Morpho, with further integrations expected. 

Earlier in October, the major smart contract oracle provider RedStone released a tool for liquid Bitcoin staking. 

In July, the Core Chain team introduced a dual staking model for digital gold.