According to @julian2kwan, Bitcoin DeFi total value locked rose from about $300 million on Jan 1, 2024 to over $7 billion by mid-2025, a roughly 22x increase that underscores rapid adoption of on-chain BTC yield products; source: Julian Kwan on X, Sep 1, 2025. @julian2kwan adds that the surge is driven by the emergence of transparent, widely available on-chain yield generation for BTC; source: Julian Kwan on X, Sep 1, 2025.