The Avalanche Bridge is looking forward to supporting the Bitcoin network by allowing Bitcoin users to securely transfer their BTC to the Avalanche public blockchain, further using it within the Avalanche DeFi ecosystem. It presently has roughly $16 billion in total value locked (“TVL”).
The Avalanche Bridge is looking forward to unlocking trillion-dollar assets by adding Bitcoin support, which has yet to properly integrate DeFi and Web3 culture applications at the scale of user demand.
The Avalanche Bridge, which was launched in July 2021 and had a market capitalization of more than $6 billion as of March 22, is TVL’s most popular Ethereum-connected bridge. It has been utilized for around 243,000 transactions since its launch, allowing over $43 billion in ERC-20 assets on Ethereum to be utilized on Avalanche.
The Avalanche Bridge is a secured and low-cost rail for users of all sizes to learn more about Avalanche and its rapidly developing ecosystem of applications. The unique architecture of Avalanche makes it an excellent on-chain home for high-performance institutions, and the opening of rails for Bitcoin will open their eyes to even more possibilities.
The Avalanche Bridge has become a vital piece of infrastructure designed exclusively for the Avalanche community, ushering in a new era of bridge technology with an innovative security architecture based on Intel SGX technology. It was created to meet the following criteria-
- Secure: It is vital to audit the bridge with security.
- Cost-Effective- Bridging assets cost should be as minimal as possible.
- Fast: Quick transaction period.
- Transparent: Users must stay updated on the status of their transfers at all times.
- Intuitive: New crypto-asset transfer users will find the steps to use the bridge to be simple.
- Ecosystem-friendly: Consumers need to have a full range of applications and capabilities across the Avalanche ecosystem after crossing the bridge, with minimal friction in capturing opportunities.
- Multi-chain: In the future, the bridge will accommodate a rising number of blockchains, putting Avalanche at the center of DeFi.
Avalanche is the quickest smart contract platform in the blockchain industry in terms of time-to-finality, and it has the most validators of any proof-of-stake protocol securing its activities. Avalanche is cheap, quick, and environmentally friendly. By launching on Avalanche, any smart contract-enabled application may surpass its competitors. Do you have any doubts?
Ava Labs, one of the quick smart contracts platforms in the blockchain industry, makes it simple to develop decentralized applications. In a wider sense, a programmable blockchain platform, Avalanche, is enabling anyone to simply and freely digitize all of the world’s assets.