Avalanche Bridge Launches Native Bitcoin Support;https://www.coindesk.com/business/2022/06/23/avalanche-bridge-launches-native-bitcoin-support-avax-surges-74/
The AVAX token is beginning to gain some upside momentum despite a drop-off in DeFi activity.
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.
AVAX could be the next Breakout.
One Love,
the FXPROFESSOR
The AVAX token is beginning to gain some upside momentum despite a drop-off in DeFi activity.
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.
AVAX could be the next Breakout.
One Love,
the FXPROFESSOR
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