Q4 set the base for Threshold’s DeFi position today. Threshold DeFi TVL ended Q4 at $427M, down 3% QoQ in USD terms. The decline was primarily BTC price driven, with BTC down 23% QoQ versus a 7% decline in underlying tBTC supply.

That momentum is why this matters now. Even with Q4 price pressure, DeFi TVL was up 65% YoY in BTC terms and 55% YoY in USD terms. This signals deeper utility, broader deployment, and a stronger base in 2026. Source: Threshold Network Benchmark Report by @AleaResearch