CoindeskAccording to the news of , one of the popular blockchains Avalanche (AVAX) bridged and transported Bitcoin (BTC) number, Lightning NetworkIt exceeded the number of BTC held in .
Coindesk stated that the total number of bridged BTC on Avalanche has risen to 5,700, according to data from Dune Analytics.
Although the Lightning Network is a second-layer solution to Bitcoin’s scalability issues, the number of BTC locked in the Lightning Network remained at 4,929.
Commenting on this, BD Director of Corporate and Capital Markets at Ava Labs Morgan Krupetsky said:
“It was a pretty great milestone for both Bitcoin and Avalanche as the total supply of Bitcoins on Avalanche as of January 18 exceeded 5,700 and exceeded the current capacity of the Lightning network in just a few months.”
As known Avalanche In June of 2022, it announced that it added Bitcoin support on its network, allowing BTC holders to transfer funds to the Avalanche network.
In this context, a user who wants to transfer BTC to Avalanche can make some transactions and keep the BTC equivalent in his wallet. BTC.B creates.
Comparing BTC.B to Wrapped Bitcoin in this context, Krupetsky said that BTC.B is for institutions and anyone who wants to earn a return on BTC through DeFi. From Wrapped Bitcoin (WBTC) Said it was a better option.
“Many institutions I spoke to have allocated at least some of their holdings to BTC as a reserve asset for portfolio diversification or other reasons.
Send and receive BTC quickly and cost-effectively and earn money.
On Avalanche, BTC.B is your easiest option to passively leverage your BTC holdings.
Also, unlike WBTC, BTC.B allows users to seamlessly bridge between Bitcoin and Avalanche at any time at a relatively small cost.”
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!