Avalanche Bridge adds Bitcoin Support to allow BTC use in its DeFi protocols
Avalanche, a popular Layer 1 blockchain, has announced new support for native Bitcoin (BTC) through its bridge solution built on its cryptocurrency wallet Core. As a result, in the past 24 hours, AVAX has outperformed major digital…
Trader Joe and Platypus are just some of the new DeFi protocols that will now be available to bitcoin users via the bridge.
Avalanche, a popular Layer 1 blockchain, has announced new support for native Bitcoin (BTC) through its bridge solution built on its cryptocurrency wallet Core. As a result, in the past 24 hours, AVAX has outperformed major digital assets such as Bitcoin and Ethereum.
Yield
The BTC pool on AVAX-based Decentralized Finance protocol Platypus offers yields ranging from 23.72% to 62.84% and is worth $11.7 million. TraderJoe has also opened up a BTC.b to AVAX pool that boasts yields of 17.5%.
Avalanche’s bridge launched in August enables ERC20 token transfers between the Ethereum and Avalanche networks.
You can bridge over your BTC to Avalanche to take advantage of instant transfers, swaps and, very soon, borrowing against your BTC holdings. https://t.co/aOBkGHxpos
— Emin Gün Sirer🔺 (@el33th4xor) June 23, 2022
According to DefiLlama that the total TVL across the Avalanche ecosystem stands at $2.68 billion, which represents an 11 percent decline from December’s level amid concerns about lending protocols.
From the YFarmX archive · originally published on the previous site
