Bitcoin's L2 Total Value Locked

(TVL, as of early 2025)

CORE (1): $845M

Bitlayer (2): $478M

Liquid Network (3): $309M (highly centralized)

Rootstock (4): $245M

Stacks (5): $141M–$216M

Merlin Chain (6): Limited data, likely low due to recent launch

Mintlayer (7): Limited data, nascent ecosystem

Lightning Network (8): $309M (focus on payments, not DeFi, limits TVL relevance)

Botanix launched this month - likely trails Stacks and Rootstock but above Merlin and Mintlayer