Bitcoin Bridged on Avalanche Surpasses Value Locked on Lightning Network
Over the past week advocates of the digital currency have discussed the growing number of bitcoins on the Avalanche (AVAX) network. 7 days ago, the crypto asset known as BTCb took a hit when it noticed that its supply exceeded the number of bitcoins locked on the Lightning Network. The reason to be happy is that it took a long time to lock in the total value of LN, or rather to reverse its potential. If we look at writing, at the time of writing LN has about 5248 bitcoin total value locked, which is worth about $120 million using today’s bitcoin prices. A week ago on January 16th an AVX supporter known as “ozrdev” tweeted about the number of bitcoins transferred to the AVS chain, retweeting that AVX has transferred [Bitcoin] (BTCB) [Lightning Network ] is moved more than closures while the consensus mechanism is also faster than lightning. Many other supporters also agreed and cheered on this milestone while LN currently holds 5248 bitcoin and if we look at the number of BTCB visually it is around 5493 BTCB according to data from snowtrace.io, which is That’s $125.5 million using the current bitcoin exchange rate. The Wrapped Bitcoin project, which uses the Ethereum blockchain network, has the largest number of tokenized bitcoins on any blockchain during this period. Currently, there appear to be 179,697 WBTC in circulation according to the WBTC dashboard board. There is also a total of 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 the 3,564 bitcoins locked on Blockstream’s Liquid network, and the 3,496 RBTC on the RSK network. The number of bitcoins with tokens hosted on alternative blockchains and networks and sidechains has been on the rise since 2017, and this accelerated with the launch of WBTC in 2019. Its main goal was to ultimately speed up and make transaction costs cheaper, although fees on the Ethereum blockchain skyrocketed in 2020 and average Ethereum fees were around $40 per transaction in mid-May 2021. If we look at the result, we can find that the token holders have migrated to alternative blockchains other than Bitcoin LN and Ethereum. The rise of BTCB on AVAX suggests that crypto proponents are seeing an opportunity to use a pegged version of bitcoin on an alternative chain. Meanwhile, the number of WBTC posted on the Ethereum blockchain has seen a sharp decline over the past 12 months.
