Review of Binance's September-launched BTC Ecosystem Project, with Over Half Showing Strong Market Performance

2025-10-02 19:00

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Binance Spot and Alpha Launchpad have successfully launched over 20 BTC ecosystem projects, with most of the projects launching on the Alpha Launchpad and contract, and a few projects only launching on the Alpha Launchpad.

Original Article Title: "September Review: Focus on BTC Ecosystem Projects in Binance, Over Half Show Strong Performance"

Recently, according to statistics, more than 20 BTC ecosystem projects have been listed on Binance Spot and Alpha platforms. Data source for the statistical table: Click to View; most projects have been listed on Alpha + Futures, with only a few projects listed on Alpha alone. Three of the projects have been listed on Binance Spot. The BTC ecosystem covers various directions such as cross-chain bridges, different technical paths of BTC L2, BTC Fi, and more. Close to 2/3 of the projects' FDVs are maintained above $100 million, with only 3 projects having an FDV below $80 million.

Apart from previously popular projects like MERL and BABY, the new listing projects in September such as HEMI, BARD, LIGHT, PTB, RIVER have shown very strong market performance, with FDVs all above $250 million. This indicates that the next wave of heat in the BTC ecosystem will focus on sub-tracks related to BTC ecosystem infrastructure, cross-chain bridges, RGB protocol, etc.

Binance BTC Concept Project FDV Ranking (including Spot, Alpha platforms), Snapshot Time: 9/29/2025

TVL data is also impressive, for example, HEMI, BARD, MERL, SOLV have already locked in TVL of over $1 billion. BABY, as the fundamental infrastructure of the BTC ecosystem, comparable to ETH ecosystem's Eigen Layer, provides security support for BTC L2 using a PoS consensus mechanism, achieving cross-chain security sharing; its TVL is over $6 billion.

In addition, MERL's performance is also very outstanding. Even though it has been online for a year and a half, it still maintains a considerable scale of active users and community. As a leading project in BTC L2, MERL surged over 50% in late September, creating its own uptrend, proving the market's recognition of Merlin Chain.

The rest include L2, BTC Fi, and other projects, with their TVL exceeding 500 million USD. The total TVL data exceeds 15 billion USD, demonstrating the promising future development of the BTC ecosystem.

Binance BTC concept project TVL ranking, Snapshot time: 9/29/2025 (Note: TVL is based on project websites and DeFiLlama, official website data is preferred for reference)

Additionally, as shown in the graph, Binance's Alpha sector has been launching 1-2 BTC ecosystem projects on average every month since April, proving that Binance is gradually and systematically betting on the BTC ecosystem, covering nearly all parts from infrastructure to the application layer. Projects in areas such as L2, cross-chain bridges, and the RGB protocol have shown impressive market performance. With various technological paths in the future BTC ecosystem gradually being implemented and applied, Binance Alpha is expected to become the user traffic gateway for a new wave of prosperity in the BTC ecosystem.

Binance Alpha BTC concept project launch date summary, Snapshot time: 9/29/2025

According to analysis from Binance Market data, the narrative of BTC ecosystem tokens can be classified from the perspective of ecosystem composition into the Infrastructure Layer (L2) and Upper-layer Financial Protocols (BTCFi). Among these infrastructure projects launched by the Alpha sector, they are orderly building a liquidity gateway for the on-chain capital market, which will be the most important and largest source of funds in the future—safely bringing BTC into the market in a trustless manner.

BTC serves as the underlying anchor asset for the entire crypto industry, possessing liquidity and value-carrying capacity that cannot be matched by any other crypto asset. However, due to the highly simplified scripting language of the BTC network and the natural limitations of PoW consensus in speed and scalability, a large amount of its potential value remains untapped. Based on a value estimate of $100,000 per coin, introducing just 10% of the total supply into on-chain finance can provide up to $210 billion in potential liquidity to the market, making it a core driving force of on-chain finance in the crypto industry.

Binance Alpha BTC Concept Project Introduction, Snapshot Time: 9/29/2025

Combined with Binance Alpha's frequent listing of BTC concept tokens in September and the strong performance of these tokens, it can be said that if the market welcomes another "meme coin season" in the future, the BTC ecosystem concept sector is highly likely to become a key track that cannot be ignored.