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Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4%

www.coindesk.com 23 June 2022 10:12, UTC
Reading time: ~2 m

Smart contracts platform Avalanche added support for native bitcoin (BTC) in its cross-chain bridge, according to a blog post.

The network's native token, AVAX, surged 7.4%, outperforming bitcoin and ether (ETH), which are up 0.64% and 2.34%, respectively.

The addition allows users to bridge native bitcoin and gain exposure to Avalanche's DeFi ecosystem by using the newly launched 'Core' wallet.

The BTC pool on AVAX-based decentralized finance (DeFi) protocol Platypus has $11.7 million in total value locked (TVL) and offers yields of between 23.72% and 62.84%.

A BTC.b to AVAX pool has also opened up on rival platform TraderJoe with yields of 17.5%.

The Avalanche bridge launched last August, supporting transfers of ERC20 tokens between the Ethereum and Avalanche networks.

There is currently $2.68 billion in TVL across the Avalanche ecosystem, according to DefiLlama, which marks an $11 billion drop from December as the DeFi sector recedes amid concerns over lending protocols.

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