Bridged Bitcoin on Avalanche Surpasses Value Locked on the Lightning Network

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Members of the crypto community are discussing the number of bitcoins that have been added to the Avalanche Network, which is now larger 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 holds 5,248 bitcoins.

The number of bitcoins linked to the Avalanche outpaced the Lightning Network’s capacity.

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This past week a growing number of digital currency advocates have been discussing bitcoin (B T c) joined the Avalanche (AVAX) network. Seven days ago, known as crypto asset btcb observed that its supply exceeds the number of bitcoins locked on the Lightning Network (LN). The reason for celebration is that it took very little time to beat the Total Value Lock (TVL) of LN or ability, At the time of writing, LN has 5,248 bitcoin tvlwhich is worth about $120 million in today’s use B T c prices.

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Bitcoin Bridged on Avalanche Surpasses Value Locked on Lightning Network

A week ago on January 16, a Avalanche (avax) A supporter known as “ozrdev” tweeted about the number of bitcoins Transfer For AVAX series. “The avalanche has moved more [bitcoin] is off compared to (BTCb) [the] Lightning Network,” ojrdev Tweeted, “The Avalanche consensus mechanism is faster than even lightning.” Many other AVAX supporters Agreed and celebrated the milestone. While LN currently has 5,248 B T cBy number of BTCb snowtrace.ioThere is approximately 5,493 BTCb, which is currently worth $125.5 million B T c exchange rates.

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Bitcoin Bridged on Avalanche Surpasses Value Locked on Lightning Network

During the same period, the Wrapped Bitcoin project, which uses the Ethereum blockchain network, had the largest number of tokenized bitcoins on any blockchain. Currently, there are 179,697 WBTC in circulation wbtc dashboard, total is also 52,888.86 BTCB Hosted on the Binance Smart Chain (BSC). BSC’s bitcoin cache is larger than the one hosted on AVAX. However, the BTCb amount is larger than 3,564 BTC Blockstream’s Liquid Network Is Locked, and It’s Even Bigger 3,496 RBTC on the RSK network.

There have been a number of tokenized bitcoin hosted on alternative blockchains, networks, and sidechains. Growing since 2017, but the momentum accelerated in 2019 when WBTC was launched. The main goal was to finalize and make transaction costs cheaper. However, fees on the Ethereum blockchain skyrocketed in 2020. In mid-May 2021, the average ETH the fee was approx $40 per transaction,

As a result, coin holders have migrated to alternative blockchains other than Bitcoin LN and Ethereum. BTCb’s rise on AVAX shows that many crypto supporters are finding value in using a pegged version. B T c on an alternate series. Meanwhile, the amount of circulating WBTC hosted on the Ethereum blockchain has declined significantly over the past 12 months.

What do you think about the rise of BTCB on Avalanche Network? Share your thoughts and opinions in the comments below.

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Credit : news.bitcoin.com

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