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Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4%
The AVAX token is beginning to gain some upside momentum despite a drop-off in DeFi activity.
Updated May 11, 2023, 5:38 p.m. Published Jun 23, 2022, 1:12 p.m.
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Smart contracts platform Avalanche added support for native bitcoin in its cross-chain bridge, according to a blog post.
- The network's native token, AVAX, surged 7.4%, outperforming bitcoin and ether , which are up 0.64% and 2.34%, respectively.
- The addition allows users to bridge native bitcoin and gain exposure to Avalanche's DeFi ecosystem by using the newly launched 'Core' wallet.
- The BTC pool on AVAX-based decentralized finance (DeFi) protocol Platypus has $11.7 million in total value locked (TVL) and offers yields of between 23.72% and 62.84%.
- A BTC.b to AVAX pool has also opened up on rival platform TraderJoe with yields of 17.5%.
- The Avalanche bridge launched last August, supporting transfers of ERC20 tokens between the Ethereum and Avalanche networks.
- There is currently $2.68 billion in TVL across the Avalanche ecosystem, according to DefiLlama, which marks an $11 billion drop from December as the DeFi sector recedes amid concerns over lending protocols.
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The government will continue to support a local crypto/Web3 agenda, Chief Executive John KC Lee said at Consensus.
What to know:
- Hong Kong Chief Executive John KC Lee said the government is committed to making the city a global hub for digital asset and Web3 innovation.
- Lee highlighted the "one country, two systems" framework, deep financial market liquidity and strong investor protections as key advantages for crypto development in the special administrative region.
- The Hong Kong Monetary Authority is close to issuing the first stablecoin licenses, while the Securities and Futures Commission is working to deepen virtual asset market liquidity.
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