Ethereum competitor Avalanche announced new support for native Bitcoin (BTC) through its bridge solution built on its crypto wallet Core. Following the news, its native token AVX spiked higher, outperforming major digital assets like Bitcoin and Ethereum in the past 24 hours.
Wrapped BTC on Avalanche
Ava Lab – the foundation behind the smart contracts platform Avalanche – launched a new bridge solution that allows users to tokenize their BTC as an Avalanche-based asset called BTC.b. The newly introduced “wrapped” BTC could make the Avalanche DeFi ecosystem available to Bitcoin network users. The official blog post stated:
“This enables Bitcoin holders to directly access extensive earning and yield opportunities on top DeFi protocols, while still maintaining BTC on their portfolio.”
The current BTC bridge is only available on Avalanche’s Web3 wallet Core. The post noted that Core Chrome Extension is a customized product that supports cross-chain bridging, enabling other...
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