Members of the crypto community have been discussing the number of bitcoins that have been connected to the Avalanche network, which is now greater than the total value locked on the Lightning Network. At the time of writing, there are 5,493 bitcoins circulating on the Avalanche blockchain, while the Lightning Network has 5,248 bitcoins.
The number of Bitcoin connected to Avalanche exceeds the capacity of the Lightning network
For the past week, digital currency advocates have been discussing the growing number of bitcoin (BTC) connected to the Avalanche (AVAX) network. Seven days ago, the cryptoactive known as BTCb saw its supply exceed the number of bitcoins locked on the Lightning Network (LN). The reason for the celebration is that it took much less time to beat the total value locked (TVL) of LN or ability. At the time of writing this article, the LN has about 5,248 bitcoin TVLwhich is worth about $120 million using the current BTC prices.
A week ago, on January 16, a Avalanche (AVAX) supporter known as “Ojrdev” tweeted about the amount of bitcoins transferred to the AVAX chain. “Avalanche has transferred more (bitcoin) (BTCb) than is locked in (the) Lightning Network,” Ojrdev tweeted. “Avalanche’s consensus mechanism is also faster than Lightning.” Many other AVAX supporters agreed and celebrated the milestone. While the LN currently owns 5,248 BTCthe number of BTCb, according to snowtrace.iois around 5493 BTCb, worth $125.5 million using current BTC exchange rates.
During the same period, the largest amount of tokenized bitcoin on any blockchain is the Wrapped Bitcoin project, which uses the Ethereum blockchain network. Currently, there are 179,697 WBTC in circulation, according to the WBTC board. There is also a total of 52,888.86 BTC hosted on Binance Smart Chain (BSC). BSC’s bitcoin cache is larger than the one hosted by AVAX. However, the amount of BTCb is greater than the 3,564 BTC locked in Blockstream’s Liquid Network, and also larger than the 3,496 RBTC in the RSK network.
The number of tokenized bitcoins hosted on alternative blockchains, networks, and sidechains has been growing since 2017, but the pace picked up when WBTC launched in 2019. The main goal was to speed up completion and lower transaction costs. In 2020, however, the Ethereum blockchain fees skyrocketed. As of mid-May 2021, the average ETH the rate was almost $40 per transaction.
As a result, tokenized bitcoins have moved to alternative blockchains in addition to LN and Ethereum. The rise of BTCb on AVAX suggests that many cryptocurrency supporters find value in using a pegged version of BTC in an alternate string. Meanwhile, the sheer number of circulating WBTC hosted on the Ethereum blockchain has decreased over the past 12 months.
What do you think about the rise of BTCb on the Avalanche network? Share your thoughts and opinions in the comments below.
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