Avalanche Bridged BTC Rise on Its Network With Over $44 Million in Bitcoin Ported Thursday –
According to statistics, the number of bitcoins bridges the avalanche Blockchain recorded a significant inflow on March 2 as more than 2,000 Bitcoin were bridged. Data further shows that as of Friday, March 3, a total of 8,504 Bitcoin worth $190.9 million were transferred to the Avalanche network.
Bitcoin bridges to Avalanche Rising
Thirty-eight days ago, Bitcoin.com News reported that the number of Bitcoins (BTC) transferred to the Avalanche network had the capacity of Lightning-Network exceeded. On Thursday, a significant amount Bitcoin has been moved to Avalanche (AVAX) in the form of Avalanche Bridged Bitcoin, also known as BTCb.
Statistics from Dune Analytics show that more than 2,000 BTC or Bitcoin worth around $44.7 million were bridged to the AVAX chain. Since our report on January 24, 2023, the number of BTCb has increased by 62% from 5,248 to 8,504 BTCb.
The BTCb supply is still larger than the number of bitcoins contained in the Lightning Network public channels, which is 5,421.50 BTC at the time of writing. In the 38 days since BTCb surpassed the total number of public channels, its supply has grown 38% larger than the Lightning Network’s capacity.
To date, BTCb has seen 367,392 transfers, and the bitcoins bridged are held by 4,420 unique addresses. A large amount of BTCb is stored on the Benqi and GMX decentralized finance protocols. Onchain data recorded on March 3 shows that 1,317 BTCb are stored in the GMX Vault.
Although BTCb has surpassed the capacity of platforms like Lightning Network, Blockstream’s Liquid, and RSK’s sidechain, its offering still has some way to go to catch up with WBTC and Binance Smart Chain-issued BEP20 token BTCB. At the time of writing, there are 53,023 BTCB and 153,164 WBTC in circulation.
What are your thoughts on the recent bitcoin surge bridged to the Avalanche network? Do share your thoughts on this topic in the comments section below.
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Source: Crypto News Deutsch
