LBTC hasn't had its TGE yet, but it has already become the largest market share in BTCFi? In the past year, the BTCFi ecosystem has experienced unprecedented growth. Especially LBTC, which has grown from a zero starting point in April 2024 to a stable supply of nearly 4B BTC tokens by mid-2025. It has not only become the largest representative in market share but has gradually evolved into the core infrastructure of the entire sector! The data charts clearly show: The green LBTC blocks dominate. By the second half of 2024, LBTC had quickly surpassed competitors like uniBTC, swBTC, and stBTC; by 2025, with the overall explosion of BTCFi, LBTC still maintains an overwhelming share advantage. In contrast: ※ While uniBTC / swBTC / stBTC have seen some growth, their overall share remains limited. ※ pumpBTC / mBTC / SolvBTC.BBN briefly emerged at certain stages but were quickly squeezed back by LBTC. The entire sector has not seen balanced competition but has formed a pattern where LBTC stands out alone. Impressive! Why LBTC? ※ Security and Trust BTC users value fund security and transparency the most, and LBTC has a higher trust premium in its design mechanism and asset backing! ※ Liquidity and Ecosystem Depth LBTC has been widely adopted in core applications like Babylon, possessing a continuously growing depth of funding pools, making it the preferred choice for most users. ※ Ecosystem Flywheel Effect LBTC is not just a tokenization tool; it can also be used as collateral, participate in DeFi, and enter the Restaking yield system, gradually becoming the main growth token for liquidity in BTCFi! Prospects? The most concerning point is that LBTC has already occupied an absolute market share without having a TGE! What does this mean? The current scale and ecosystem foundation are merely a rehearsal! Once the TGE arrives, the token economic effects will be released, and LBTC is expected to achieve a second explosion in user incentives, ecosystem expansion, and capital attraction! Looking ahead? ※ Short-term: As more DeFi protocols are integrated, LBTC will continue to expand its market share. ※ Mid-term: Other BTC derivatives may rise in specific ecosystems, but it will be difficult to shake LBTC's dominant position. ※ Long-term: If LBTC can maintain over 50% market share, it is very likely to become the stETH of the BTCFi world, recognized as the industry standard for liquidity. Summary LBTC has already proven its market dominance, but the bigger highlight is that its token hasn't even had a formal TGE yet. This not only showcases the future of the BTCFi ecosystem but also makes LBTC's potential seem limitless! This is why I, Binance Labs, and Grayscale are all keeping a close eye on it! In the process of BTC officially moving towards on-chain financialization, LBTC may be the indispensable cornerstone!