# PancakeSwap Reclaims Top Spot on BSC; Uniswap Down 37%

The DeFi market experienced a mostly stagnant period this week (February 8 to February 14), with Bitcoin (BTC) making a notable surge. The Bitcoin network climbed to third place in Total Value Locked (TVL), reaching $6.67 billion. This ascent was significantly driven by the Bitcoin staking protocol, Babylon.

# Impact of Trump Tariff Comments Leads to DeFi TVL Contraction

According to DeFiLlama, the total DeFi TVL was $109.94 billion as of February 14, continuing a decline from the $120 billion recorded in January. The tariff comments by former President Trump expanded global uncertainties, shrinking investor appetite for risk assets, including digital assets.

Ethereum (ETH) continued to hold the top position with a TVL of $57.77 billion, though it showed signs of stagnation. Solana (SOL) took second place with $9.059 billion, marking a 5.46% month-on-month increase but a 4.07% decrease over the past seven days.

# BTC TVL Jumps to Third Place; A Shift in DeFi Landscape?

Bitcoin’s performance was particularly noteworthy. The BTC network’s TVL surged past $6.6 billion, expanding its footprint in the market. Babylon played a pivotal role in this growth, rapidly increasing its TVL since late 2024 to stand at $5.41 billion as of February 2025.

Experts anticipate a shift in the DeFi landscape as Bitcoin’s DeFi ecosystem enters a new phase. Alexei, co-founder of DeFi Dad and Build On Bitcoin (BOB), noted that “Bitcoin L2s have increased to over 80, strengthening the technical foundation. The BTC DeFi ecosystem could potentially expand to hundreds of billions of dollars.”

# PancakeSwap Reclaims Top Spot in DEX Market; Uniswap Down 37%

In the decentralized exchange (DEX) market, PancakeSwap recorded a seven-day trading volume of $21.27 billion, reclaiming the top spot. The exchange has been recovering quickly as users return to the BNB Smart Chain ecosystem, following a period of slow growth due to decreased trading of BNB chain tokens.

Despite Uniswap’s launch of its V4 liquidity pool, which added trading volume, PancakeSwap still outpaced it. Uniswap, which held the top spot last week, fell to second place with a trading volume of $16.929 billion, a sharp 37.52% decline for the week.

By chain, Solana (SOL) led with a trading volume of $29.774 billion, followed by the Binance Smart Chain (BSC) at $22.073 billion. Ethereum’s trading volume decreased to $16.725 billion this week, dropping it to third place from its previous top position.