E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Big Time Secure Your Tickets for ICC Men’s T20 World Cup 2022

July 6, 2022

Gold Price Outlook: Yellow metal on slippery ground; experts give intraday trading strategy, outlook

July 6, 2022

PGCIL board okays proposals to raise Rs 11,000 crore

July 6, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Avalanche Launches Bitcoin Brdige Through Web3 Wallet Core
Crypto

Avalanche Launches Bitcoin Brdige Through Web3 Wallet Core

Paul EasterBy Paul EasterJune 23, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



Ethereum competitor Avalanche announced new support for native Bitcoin (BTC) through its bridge solution built on its crypto wallet Core. Following the news, its native token AVX spiked higher, outperforming major digital assets like Bitcoin and Ethereum in the past 24 hours.

Wrapped BTC on Avalanche

Ava Lab – the foundation behind the smart contracts platform Avalanche – launched a new bridge solution that allows users to tokenize their BTC as an Avalanche-based asset called BTC.b. The newly introduced “wrapped” BTC could make the Avalanche DeFi ecosystem available to Bitcoin network users. The official blog post stated:

“This enables Bitcoin holders to directly access extensive earning and yield opportunities on top DeFi protocols, while still maintaining BTC on their portfolio.”

The current BTC bridge is only available on Avalanche’s Web3 wallet Core. The post noted that Core Chrome Extension is a customized product that supports cross-chain bridging, enabling other blockchains-based assets to be accessed on the Avalanche network.

“The Core Wallet Extension was custom built to support Bitcoin and the Avalanche Bridge and to handle the technical problems of linking Bitcoin and EVM chains within a wallet.”

Similar to how wrapped BTC – a tokenized type of Bitcoin living on the Ethereum blockchain – was introduced to ETH through smart contracts, Avalanche would also lock up each received Bitcoin as a deposit and mint an equivalent amount of BTC.b tailored to its network. The Labs stated that the bridge would not expose users to counter-party risk and trust issues as Ethereum-based wrapped BTC has.

Cross-Chain Bridges

To bridge BTC to the layer one blockchain, users need to process two types of fees, including 1) BTC network fees and 2) fees that the bridge charges to the user (also known as Bridge Toll).

According to the post, the bridge will enable bitcoin holders to access Avalanche subnets and other blockchain networks like Ethereum.

The Avalanche bridge was launched last year to bridge assets between the Ethereum and Avalanche networks. Compatible with the Ethereum Virtual Machine (EVM), applications and Dapps on Ethereum could thus be easily transferred to Avalanche. Meanwhile, users can stake Ethereum-based assets on Avalanche’s DeFi protocols for earning yields.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Kakao-Backed Uprise Loses $20 Million Shorting LUNA During May Crash

By Paul EasterJuly 6, 2022

3 Things You Need to Know About Shiba Inu’s New Tokens

By Paul EasterJuly 6, 2022

Is Ethereum Staging a Short-Term Relief Rally?

By Paul EasterJuly 6, 2022

Celsius Network Repays Another $34M, BTC Liquidation Price Falls Below $3K

By Paul EasterJuly 6, 2022
Add A Comment

Comments are closed.

Our Picks

Big Time Secure Your Tickets for ICC Men’s T20 World Cup 2022

By Paul EasterJuly 6, 2022

Gold Price Outlook: Yellow metal on slippery ground; experts give intraday trading strategy, outlook

By Paul EasterJuly 6, 2022

PGCIL board okays proposals to raise Rs 11,000 crore

By Paul EasterJuly 6, 2022
Recent Posts
  • Big Time Secure Your Tickets for ICC Men’s T20 World Cup 2022 July 6, 2022
  • Gold Price Outlook: Yellow metal on slippery ground; experts give intraday trading strategy, outlook July 6, 2022
  • PGCIL board okays proposals to raise Rs 11,000 crore July 6, 2022
  • Linux Fu: The Browser Emacs Fusion July 6, 2022
  • The Benefits of E-2 Visas Over EB-5 Visas July 6, 2022
  • TVS Motor drives in new bike ‘Ronin’ priced at Rs 1.49 lakh July 6, 2022
  • Canara Bank raises MCLR by 10 basis points July 6, 2022
Archives
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.