The recent surge in bitcoin bridged to the Avalanche network is a sign of the growing interest in decentralized finance (DeFi) and the potential of blockchain technology. According to statistics, more than 2,000 bitcoin, worth $44.7 million, were bridged to the AVAX chain on March 2. As of Friday, March 3, a total of 8,504 bitcoin worth $190.9 million was bridged over to the Avalanche network.
The increase in the number of bitcoin bridged to the Avalanche network is a testament to the growing demand for DeFi protocols and the potential of blockchain technology. The BTCb supply is still greater than the number of bitcoin contained in public Lightning Network channels, which is 5,421.50 BTC at the time of writing. Over the 38 days since BTCb surpassed the total on public channels, its supply has grown 38% larger than the Lightning Network capacity.
The surge in bitcoin bridged to the Avalanche network is also indicative of the growing interest in the Central Bank of Brazil’s proposed digital real. The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. This is a sign of the growing demand for digital currencies and the potential of blockchain technology.
The recent surge in bitcoin bridged to the Avalanche network is a sign of the growing demand for DeFi protocols and the potential of blockchain technology. It is also indicative of the growing interest in the Central Bank of Brazil’s proposed digital real. As the demand for digital currencies and blockchain technology continues to grow, it is likely that the number of bitcoin bridged to the Avalanche network will continue to increase.