2 years ago
According to statistics, the fig of bitcoin bridged to the Avalanche blockchain saw a important inflow connected March 2, arsenic much than 2,000 bitcoin were bridged connected that day. Data further shows that arsenic of Friday, March 3, a full of 8,504 bitcoin worthy $190.9 cardinal was bridged implicit to the Avalanche network.
Bitcoin Bridged to Avalanche Rises
Thirty-eight days ago, Bitcoin.com News reported that the fig of bitcoin (BTC) ported implicit to the Avalanche web had surpassed the capableness of the Lightning Network. On Thursday, a significant amount of bitcoin was moved to Avalanche (AVAX) successful the signifier of Avalanche bridged bitcoin, besides known arsenic BTCb.
Statistics from Dune Analytics amusement that much than 2,000 BTC, oregon astir $44.7 cardinal worthy of bitcoin, was bridged to the AVAX chain. Since our study connected January 24, 2023, the fig of BTCb has risen 62%, from 5,248 to 8,504 BTCb.
The BTCb proviso is inactive greater than the fig of bitcoin contained successful nationalist Lightning Network channels, which is 5,421.50 BTC astatine the clip of writing. Over the 38 days since BTCb surpassed the full connected nationalist channels, its proviso has grown 38% larger than the Lightning Network capacity.
To date, BTCb has seen 367,392 transfers, and the bridged bitcoins are held by 4,420 unsocial addresses. A ample fig of BTCb are stored connected the decentralized concern protocols Benqi and GMX. Onchain data recorded connected March 3 shows that 1,317 BTCb are stored wrong the GMX Vault.
Although BTCb has outpaced capableness held connected platforms specified arsenic the Lightning Network, Blockstream’s Liquid, and RSK’s sidechain, its proviso inactive has immoderate crushed to screen to drawback up to WBTC and the Binance Smart Chain-issued BEP20 token BTCB. As of the clip of writing, determination are 53,023 BTCB successful circulation and 153,164 WBTC successful circulation.
Tags successful this story
Avalanche, AVAX, BENQI, BEP20, Bitcoin, Blockchain, Bridge, bridged Bitcoin, Bridges, BTCB, Crypto, Cryptocurrency, decentralized finance, DeFi, Digital Currency, Dune Analytics, Finance, GMX, investment, lightning network, Liquid, market, network, Onchain data, protocol, public channels, RSK, Supply, trading, transfer, Unique addresses, Virtual Currency, WBTC
What bash you deliberation astir the caller surge successful bitcoin bridged to the Avalanche network? Share your thoughts astir this taxable successful the comments conception below.
Jamie Redman
Jamie Redman is the News Lead astatine Bitcoin.com News and a fiscal tech writer surviving successful Florida. Redman has been an progressive subordinate of the cryptocurrency assemblage since 2011. He has a passionateness for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written much than 6,000 articles for Bitcoin.com News astir the disruptive protocols emerging today.
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