2026-01-13 12:26:48

Bitcoin's role is shifting from being a dormant store of value to an active economic layer where real work gets done. Protocols like those integrating tBTC and similar mechanisms are turning locked BTC into productive assets through mechanisms like minting MUSD.

The metrics tell an interesting story. Current TVL sits at $81.83M on Ethereum—a significant pullback from the $230M seen in early 2025 and the $300M peaks reached previously. The chart doesn't look glamorous, yet genuine users are still participating. This isn't hype-driven liquidity; it's actual activity.

The model is straightforward: users lock their Bitcoin, mint MUSD against it, and participate in the economic layer. While TVL has compressed, the retention of real users suggests the mechanism has found product-market fit among those seeking to unlock capital utility without sacrificing Bitcoin custody. The question now is whether this economic layer can rebuild momentum as market conditions evolve.

BTC4,55%

ETH7,48%

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CommunityWorker

· 12h ago

The logic of locking BTC to mine MUSD is indeed attractive... but dropping from 300M to 80M, this plunge is a bit painful. The positive sign is that real users are still participating, indicating it's not just air. Whether the downward trend can be reversed depends on the market’s future performance.

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AirdropHunterXM

· 12h ago

Ha, TVL dropped from 300M to 80M. This decline was really harsh, but as long as there are genuine users still participating, it's worth monitoring. But on the other hand, whether tBTC can truly take off depends on the subsequent market performance. The current data is indeed a bit ugly. Wait, could this be another round of rug pulling? Using locked BTC as bait—who knows how MUSD will end up. That's why I never go all-in on a single protocol; diversifying risk is the right approach. Has anyone experienced pitfalls with the big players? Share your real experiences. BTW, if genuine users are truly retained, it indicates that the product itself still has value and is worth keeping an eye on.

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DataBartender

· 13h ago

TVL dropped from 300m to 81m... Is this what they call finding product-market fit? I laughed.

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StakeWhisperer

· 13h ago

Genuine product strength is much more impressive than just the numbers. Even with TVL dropping like this, real users are still staying, which shows that this logic truly resonates with people.

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