Bitcoin Locked in Avalanche Surpasses Lightning Network as DeFi Demand Grows
• Bitcoin in Avalanche exceeded the amount locked in the Lightning Network (LN) at 5,701 BTC versus 5,229.30 BTC on Jan. 18.
• Avalanche is a smart contracting platform that provides developers with an alternative besides Ethereum.
• The Bitcoin-Avalanche Bridge was launched in June 2022 and allows users to securely move their coins and earn rewards and capital gains if BTC prices rise.
Bitcoin surpassed its previous record on January 18th, with 5,701 Bitcoin locked in the Avalanche protocol, exceeding the amount of Bitcoin in the Lightning Network (LN) by 472.3 Bitcoin. Avalanche is a modern blockchain platform known for its scalability and low on-chain fees, which has attracted a large DeFi community in recent years. In June 2022, the Bitcoin-Avalanche Bridge was launched, enabling users to securely move their coins from Bitcoin to Avalanche and earn rewards and capital gains if Bitcoin prices rise.
Morgan Krupetsky, the director of business development for institutions in Ava Labs, said that the bridge offered by Avalanche is better than most of its competitors in terms of cost and speed. The bridge allows users to tokenize their Bitcoin on the Avalanche network, while still being able to redeem their Bitcoin should they choose to do so. This feature has attracted many savvy traders to Avalanche, leading to a surge in its circulating supply.
The data indicates that Avalanche is becoming a popular choice for those looking to explore the world of DeFi, and with its increasing user base, the demand for tokenized Bitcoin on the Avalanche network is likely to continue to rise. With increased adoption of Avalanche, we may see even more Bitcoin locked away in the near future.