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Who Will Adopt The Avax BTC.B: An Overview

AVAX BTC.B: THE JOURNEY TO THE MOON ๐Ÿš€

I remember many people saying, "but who is going to move their BTC to Avalanche?" ๐Ÿ˜ณ

Dive into this overview to find out how many have decided to take the step to make the most of their BTC๐Ÿงต.

You know, Avalabs recently launched @coreapp its browser-based web3 wallet.

Among the innovations featured in Core is the native bridge functionality, which allows users to access the AvalancheBridge to make native BTC transfers.

Now, let's see how it all started ๐Ÿ”ฝ.

โš™ Jun 22, 2022

It's official! Avalanche Bridge added native Bitcoin support.

Bitcoin holders can access extensive earning and yield opportunities on DeFi's best protocols while keeping BTC in their wallets.

Fun fact:

The BTC pool on the AVAX-based DeFi protocol, @Platypusdefi has 11.7 million in TVL and offers yields ranging from 23.72% to 62.84%.

Also, a BTC.AVAX pool has also opened up on @traderjoe_xyz with yields of 17.5%.

Source:

CoinDesk: Bitcoin, Ethereum, Crypto News and Price DataCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

More than 300 BTC were bridged only on the first day. Not bad for a first day, right?

Through Intel SGX technology, the Avalanche Bridge was designed to meet some specific requirements and satisfy the user needs:

Security, cost-effectiveness, speed, transparency, user-friendly, ecosystem support, and multichain.

โš™ Jul 14, 2022

By this date, there was already a record of approximately 29.6M worth of BTC.

That is about +1000 BTC bridged since the official integration of the bridge to the Core app ๐Ÿš€.

โš™ Jul 21, 2022

Over the first month since launch, the Avalanche Bridge registered 45 million worth of Bitcoin bridged natively to the red ecosystem ๐Ÿ”บ.

That is almost 2000 BTC bridged ๐Ÿ’ฅ.

โš™ Aug 8, 2022

It did not take long for the 50 million worth of BTC to be accounted for, just at the beginning of August.

That day, we celebrated a new milestone of 60B of assets that have crossed the bridge since it launched in 2021๐ŸŽ‰ .

โš™ Sep 29, 2022

IMO, the first ATH from BTC bridged to Avalanche ๐Ÿ”ฅ.

More than 1,000 BTCs were transferred in a single day! ๐Ÿ’ฅ๐Ÿ˜ฒ.

It is impressive how much has been moved between the 2 chains in only 3 months after the launch of the Avalanche Bridge with BTC support.

The future of BTC.b

Trying to predict the future of any technology is never easy, and the Avalanche Bridge is no exception, especially since its history is so short.

However, if it follows its current course, one thing is sure. The BTC community will enjoy the profits of DeFi (loans, credit, and trade, on a public network, accessible to anyone with an Internet connection).

Also, as BTC holders continue to bridge assets on Avalanche, they will realize the benefits such as security, privacy, scalability, and interoperability.

In the future, this bridge will also give Bitcoin users access to Avalanche subnets such as DeFi Kingdoms and Swimmer, as well as other blockchain networks like Ethereum.

I don't know about you, but I think something big is brewing ๐Ÿ‘ฉ๐Ÿปโ€๐Ÿณ๐Ÿ”ฅ.

The future is multichain ๐Ÿ’ช๐Ÿป

For quick tutorials and questions on how to use the bridge, you can visit the Avalanche FAQ page for more information:

Core | Avalanche SupportCore | Avalanche Support

You can track bridge volume here โฌ‡๏ธ

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This post is based on this twitter thread.

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