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Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined


Published on 2025-05-09 15:00:43 - CoinTelegraph
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  • Despite the crypto market booming, April crypto hacks surged to $357 million across 18 incidents, with a $330 million Bitcoin theft leading the month's exploits.

The total value locked (TVL) in Bitcoin decentralized finance (DeFi) protocols dropped by 11.5% in April, reaching $590 million, influenced by a series of hacks and the growing interest in AI-powered decentralized applications (dApps). The month saw significant security breaches, including a $1.8 million hack on the Bitcoin-based DeFi protocol MerlinSwap and a $2.5 million exploit on the cross-chain bridge Multichain. Despite these setbacks, the sector saw the launch of new AI-driven dApps like ChainML, which raised $1.5 million in a seed round, and the introduction of AI-powered lending protocols such as Bitlayer, which offers Bitcoin-backed loans. Additionally, the Bitcoin lending market experienced growth, with platforms like Sovryn and Aave reporting increased loan volumes, indicating a robust demand for Bitcoin-backed financial services amidst the challenges.

Read the Full CoinTelegraph Article at:
[ https://cointelegraph.com/news/bitcoin-defi-tvl-drop-april-hacks-ai-dapps-btc-loans ]