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Finance

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.

By Oliver Knight
AccessTimeIconJun 23, 2022 at 1:12 p.m. UTC
Updated May 11, 2023 at 5:38 p.m. UTC
Avalanche bridge launches support for bitcoin. (Shutterstock)
Avalanche bridge launches support for bitcoin. (Shutterstock)

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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

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

    Follow @OKnightCrypto on Twitter