- The Bitcoin Protocol reached almost 24,000 blocked BTC, with a total value of approximately $1.5 billion.
- Bitcoin ranks third in NFT sales volume, with nearly $15 million in sales over seven days.
The Bitcoin [BTC] Protocol, Babylon, has recently experienced a significant increase in its Total Value Locked (TVL). The increase follows the lifting of certain strike restrictions.
This change also allowed for more BTC to be staked, marking a new milestone for the network.
Furthermore, the expanded staking feature marks a new step in its evolution, ranking among the networks with the highest NFT sales volume.
Bitcoin Protocol Locks More BTC
According to recent data, the Bitcoin Protocol, Babyloncurrently has almost 24,000 BTC locked up, equivalent to almost $1.5 billion at the current market price.
Furthermore, this milestone was reached after the protocol lifted the limit on new deposits on August 8, allowing users to stake more BTC.
Within just over an hour, thousands of BTC were staked across approximately 10 Bitcoin blocks.
The only restriction was a limit of 500 BTC per transaction, a change from the initial limit of 1,000 BTC when the protocol launched earlier in August.
Furthermore, the lifting of the staking limit caused rapid TVL growth, demonstrating the increasing interest in using the Bitcoin protocol for staking purposes.
Comparison of Bitcoin Protocol’s staked assets with Ethereum
Currently, approximately 24,000 BTC – approximately 0.122% of the circulating supply – has been invested in the Bitcoin Protocol. Bitcoin has a market cap of over $1.2 trillion and a circulating supply of over 19.7 million BTC.
While this percentage is notable considering the protocol’s relatively new staking feature, it pales in comparison to Ethereum [ETH].
Data from Dune Analytics indicates that there are currently almost 35 million ETH staked, accounting for more than 28% of the total ETH supply.
Data showed that Ethereum’s market cap is approximately $294 billion and there are approximately 120.4 million ETH in circulation. This means that Ethereum’s stake participation far exceeds that of Bitcoin.
Source: DuneAnalytics
Read Bitcoin’s [BTC] Price forecast 2024-25
Growth in NFT sales volume
In addition to staking, the Bitcoin network has made strides in the NFT space. The network is among the top five networks in terms of NFT sales volume.
Further according Crypto SlamBitcoin has recorded nearly $15 million in NFT sales in the past seven days. This positions it as the third-highest network for NFT sales, behind only Ethereum and Mythos.