• As of January 18, 2021, there was slightly over 5,701 BTC locked in the Avalanche platform, exceeding the amount of BTC locked in the Lightning Network at 5,229.30 BTC.

• Avalanche is a smart contracting platform that provides developers with an alternative to Ethereum, allowing users to securely move their coins and earn extra rewards and capital gains if BTC prices rise.

• The Bitcoin-Avalanche Bridge, launched in June 2022, is said to be better than bridges offered by competitors due to its cost and speed.

The cryptocurrency space is always evolving, and a new development has been recorded in the Avalanche platform. Data on January 18 revealed that there is more tokenized Bitcoin locked in Avalanche than BTC in the Lightning Network (LN). Verified data indicates that as of Jan.18, there were slightly over 5,701 BTC in Avalanche, exceeding the amount locked in the LN at 5,229.30 BTC.

Avalanche is a smart contracting platform that provides developers with an alternative besides Ethereum. The modern blockchain is scalable, and on-chain fees are low. Over the years, it has developed an active DeFi community as traders opt to use dApps deployed on the network. The spike in the number of BTC tokenized in Avalanche, primarily for DeFi activities, is an endorsement of the protocol.

It is especially so considering that the Bitcoin-Avalanche Bridge was launched in June 2022. Tokenized Bitcoin in Avalanche exists as BTC.b and is redeemable for BTC should the holder wishes to convert. By enabling this feature, BTC holders keen on exploring Avalanche’s DeFi ecosystem could securely move their coins and earn extra rewards and capital gains if BTC prices rise.

Morgan Krupetsky, the director of business development for institutions in Ava Labs, said their cross-chain bridge is better than those offered by competitors. He cited cost and speed as differentiating factors. „A lot of people think that these cross-chain bridges are slow, but Avalanche is one of the fastest bridges available, and it’s also one of the cheapest,” he said.

The surge in the number of Bitcoin locked in Avalanche could be attributed to the innovative features the protocol offers to its users. With its low transaction fees, scalability, and secure bridge, Avalanche provides a viable alternative to Ethereum and other smart contracting platforms. As the DeFi sector continues to grow, it is likely that more users will flock to Avalanche in the near future.