Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4%

The AVAX token is beginning to gain some upside momentum despite a drop-off in DeFi activity.

AccessTimeIconJun 23, 2022 at 1:12 p.m. UTC
Updated Jun 23, 2022 at 2:20 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Trending

1
CoinDesk - Unknown
Coordinape Is Decentralizing Compensation Decision-Making

“The future of labor needs to be able to break out of the top-down rigid, hierarchical structures we’re familiar with from the corporate world,” says Coordinape co-founder Tracheopteryx.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitmain to Start Selling New Ethereum Mining Rig Model Tomorrow

Despite the Merge edging closer, Bitmain is releasing an Ethereum ASIC.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto News Roundup for July 5, 2022

With the crypto market appearing to have stabilized while altcoins take the lead, plus a look at the surprising lack of crypto contagion, CoinDesk’s “Markets Daily” is back with the latest news roundup.

CoinDesk - Unknown
4
CoinDesk - Unknown
TeraWulf Adds $50M in Debt to Build Data Center Infrastructure

The miner aims to seize opportunities created by the market slump.

CoinDesk - Unknown