Over 2,000 BTC.b (wrapped bitcoin) were minted and half of them were moved to BENQI Finance, an Avalanche-based decentralized finance protocol. Interest in bridging bitcoin to the Avalanche blockchain continues to grow as the supply of wBTC dwindles. Avalanche added support for bitcoin on its cross-chain bridge in June 2022, allowing BTC holders to deploy their coins in the Avalanche-based DeFi ecosystem to generate extra yield. The Avalanche community considers BTC.b a better option than wBTC, which relies on intermediaries to initiate the process of minting and burning. However, investors in AVAX, the native token of Avalanche, have yet to take notice of BTC's growing use in DeFi, as evidenced by BTC.b's rising supply. At press time, AVAX traded nearly 6% lower on the day, near $16, the lowest since Jan. 20.
Record Daily Mint of Over 2K BTC on Bitcoin-Avalanche Bridge with Half Moved to BENQI Finance Protocol
Over 2,000 BTC.b (wrapped bitcoin) were minted and half of them were moved to BENQI Finance, an Avalanche-based decentralized finance protocol. Interest in brid
