Avalanche Surpasses Lightning Network’s BTC Lockup, Attracts DeFi Traders

• There is more tokenized bitcoin locked in Avalanche than BTC in the Lightning Network (LN) as of Jan. 18.
• The spike in the number of BTC tokenized in Avalanche is primarily for DeFi activities.
• Morgan Krupetsky from Ava Labs said their cross-chain bridge is better than those offered by competitors due to cost and speed.

As of Jan. 18, there is more tokenized bitcoin locked in Avalanche than BTC in the Lightning Network (LN), data reveals. This spike in the number of BTC tokenized in Avalanche is indicative of a growing interest in DeFi activities as traders opt to use dApps deployed on the network. The Bitcoin-Avalanche Bridge, launched in June 2022, allows BTC holders to securely move their coins and benefit from the rewards and capital gains that come with holding a tokenized asset.

Morgan Krupetsky, the director of business development for institutions in Ava Labs, said their cross-chain bridge is better than those offered by competitors due to cost and speed. According to Krupetsky, the bridge allows for an easier and more reliable way to use Bitcoin in DeFi without having to sell the asset. He said that this has led to $BTC.b setting new records for circulating supply at over 5,700 Bitcoin.

The low on-chain fees and scalability of Avalanche have made it an attractive option for developers and traders looking to explore the world of DeFi. The bridge also allows for users to redeem BTC.b for BTC should they wish to convert their tokenized asset. Avalanche is proving to be a viable alternative to Ethereum, and the increasing value of BTC locked in the network is testament to its growing popularity.

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