The 'BitcoinFi' ecosystem, signifying the expansion of Bitcoin's DeFi landscape, showed notable growth in the second quarter. According to blockchain infrastructure company Maestro, Bitcoin-based financial platforms are now evolving beyond a mere value storage mechanism to become the center of on-chain finance.
Maestro's recent report analyzed that Bitcoin is becoming a link between decentralized finance (DeFi) and traditional finance (TradFi). Marvin Bertin, co-founder and CEO of Maestro, stated, "For the first time, key financial infrastructure such as exchanges, loans, and stablecoins have been fully established within the Bitcoin ecosystem," evaluating that "this is proof that Bitcoin is evolving from a static reserve asset to a dynamic financial platform."
A prime example of BitcoinFi is staking. Currently, the total deposited Bitcoin is 68,500, valued at approximately $7.39 billion (about 1.026 trillion won). Among this, re-staked amounts reach around $3.32 billion (about 462.1 billion won). The largest platform is Babylon, managing about $4.79 billion (about 665.3 billion won). Platforms like Solv, Lombard, and CoreDAO are expanding the ecosystem through various strategies such as liquidity staking tokens (LST) and dual staking models.
The Bitcoin lending sector is also gaining attention. Liquidium is leading native Bitcoin loans, achieving over $500 million (about 695 billion won) in bond trading volume. Meanwhile, CoreDAO's dual staking has approximately $615 million (about 855.4 billion won) in Bitcoin deposits, providing returns through block rewards and fee sharing.
Expansion layers like Layer 2 and sidechains are also rapidly increasing. The total deposited assets in these layers have exceeded $5.52 billion (about 7.673 trillion won). Particularly, Stacks showed steep growth in the second quarter, and with the introduction of rollups and execution layers, the Bitcoin ecosystem is realizing its programmability.
Bitcoin-based meta protocols are also thriving. Runes, Ordinals, and BRC-20 tokens accounted for 40.6% of total Bitcoin transactions in the first half of the year, with BRC-20 trading volume reaching about $128 million (about 177.9 billion won). Ordinals issued over 80 million transactions by mid-year, generating approximately 6,940 BTC (about 68.1 billion won) in transaction fees.
In the stablecoin sector, about $860 million (about 1.195 trillion won) is deposited, mostly collateralized (CDP) stablecoins based on L2 environments. Notably, Avalon's USDa secured liquidity of about $559 million (about 776.1 billion won), and high-yield products like Hermetica (25% annual return) are gaining popularity.
One of the most notable changes is venture investment. In the first half of 2025, $175 million (about 243.3 billion won) was invested across 32 deals in BitcoinFi-related projects. Of these, 20 focused on user-oriented products like DeFi apps and custody services. The assessment is that the focus is now on practicality rather than existing infrastructure.
Notable investment firms include Pantera Capital, Founders Fund, and Standard Crypto, and their participation proves that BitcoinFi is no longer an experimental domain. A trend is forming where traditional financial institutions and crypto-native capital are simultaneously entering the market.
Ultimately, BitcoinFi is maintaining its original identity as a storage mechanism while building a new financial world through programmability and monetization. Bitcoin's future is not expected to remain just 'digital gold'.
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