The recent surge in bitcoin bridged to the Avalanche network has been a hot topic in the cryptocurrency community. According to statistics, more than 2,000 bitcoin worth $44.7 million were bridged to the AVAX chain on March 2, and as of Friday, March 3, a total of 8,504 bitcoin worth $190.9 million had been bridged over to the Avalanche network.
The number of bitcoin bridged to Avalanche has grown 62% since January 24, 2023, when it first surpassed the capacity of the Lightning Network. This is a significant increase, and it is now 38% larger than the Lightning Network capacity.
The BTCb supply is held by 4,420 unique addresses, and a large number of BTCb are stored on the decentralized finance protocols Benqi and GMX. Onchain data recorded on March 3 shows that 1,317 BTCb are stored within the GMX Vault.
Although the number of bitcoin bridged to Avalanche has outpaced capacity held on platforms such as the Lightning Network, Blockstream’s Liquid, and RSK’s sidechain, its supply still has some ground to cover to catch up to WBTC and the Binance Smart Chain-issued BEP20 token BTCB.
It is clear that the number of bitcoin bridged to Avalanche is growing rapidly, and it will be interesting to see how this trend continues in the future. What do you think about the recent surge in bitcoin bridged to the Avalanche network? Share your thoughts about this topic in the comments section below.