Are you guys aware of the HUGE benefits of bridging BTC to the Avalanche network? I spent last night testing the waters and chatting with peers about it. I open thread for a quick insight. (1/???) 📄
First I bridged my BTC to Avalanche using the Core Wallet bridge. It was a quick process that didn't last more than a couple of minutes. I used this vid as a guide:
After the transaction was succesful, the Bitcoin appeared as "BTC.b". This is where things get interesting; I can access DeFi. (3/???)
Now the BTC can be used as collateral on the @AaveAave protocol, with around 5-6% sustainable apr and 70% ltv. It's the safest and most consistent way to earn passive income ATM. (4/???)
I also read this morning something about an @steakhut_fi auto-compunder for BTC.b yields, which makes the whole strat even more attractive. 👀 What do you guys think?
ignore: crypto AVAX Avalanche Bitcoin DeFi
cryptocurrenciesThis post is based on this twitter thread.