According to statistics, the number of bitcoins connected to the Avalanche blockchain experienced a significant influx on March 2, as more than 2,000 bitcoins were connected that day. The data further shows that as of Friday, March 3, a total of 8,504 bitcoins worth $190.9 million were connected to the Avalanche network.
Bitcoin bridged to avalanche rises
Thirty-eight days ago, Bitcoin.com News reported that the number of bitcoin (BTC) transferred to the Avalanche network had exceeded the capacity of the Lightning Network. On Thursday, a considerable amount bitcoin moved to Avalanche (AVAX) in the form of the Avalanche bitcoin bridge, also known as BTCb.
Statistics from Dune Analytics show that more than 2000 BTC, or approximately $44.7 million in bitcoins, joined the AVAX chain. Since our report on January 24, 2023, the amount of BTCb has increased by 62%, from 5,248 to 8,504 BTCb.
The supply of BTCb is still larger than the amount of bitcoin contained in the public channels of the Lightning Network, which is 5,421.50 BTC at the time of writing. In the 38 days since BTCb topped the total on public channels, its supply has grown 38% more than the capacity of the Lightning Network.
To date, BTCb has seen 367,392 transfers, and bridged bitcoins are held by 4,420 unique addresses. A large amount of BTCb is stored in decentralized finance protocols benqi and GMX. on-chain data registered on March 3 shows that 1,317 BTCb are stored inside the GMX Vault.
Although BTCb has surpassed the capacity maintained on platforms like the Lightning Network, Blockstream’s Liquid, and the RSK sidechain, its supply still has some ground to cover to catch up with WBTC and Binance Smart Chain. BEP20 BTCB token. At the time of writing, there are 53,023 BTCB in circulation and 153,164 WBTC On circulation.
What do you think about the recent rise of bitcoin connected to the Avalanche network? Share your thoughts on this topic in the comments section below.
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