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According to the statistics, the number of bitcoins bridged to the Avalanche blockchain saw a significant influx on March 2, as more than 2,000 bitcoins were bridged that day. Data further shows that as of Friday 3 In March, a total of 8,504 bitcoins worth $190.9 million were transferred to the Avalanche network.
Thirty-eight days ago, Bitcoin.com News reported that the number of bitcoin (BTC) transferred to the Avalanche network had exceeded the capacity of the Lightning Network. On Thursday, a significant amount of bitcoin was moved to Avalanche (AVAX) in the form of Avalanche-bridged bitcoin, also known as BTCb.
Statistics from Dune Analytics show that more than 2,000 BTC, or about $44.7 million worth of bitcoin, were connected to the AVAX chain. Since our report on January 24, 2023, the number of BTCb has risen 62%, from 5,248 to 8,504 BTCb.
The BTCb supply is still greater than the number of bitcoins in public Lightning Network channels, which is 5,421.50 BTC at the time of writing. In the 38 days since BTCb surpassed the total on public channels, supply has grown 38% greater than Lightning Network capacity.
To date, BTCb has seen 367,392 transfers, and the bridged bitcoins are held by 4,420 unique addresses. A large number of BTCb are stored on the decentralized finance protocols Benqi and GMX. Onchain data recorded on March 3 shows that 1,317 BTCb are stored in the GMX Vault.
Although BTCb has surpassed the capacity held on platforms such as the Lightning Network, Blockstream’s Liquid and RSK’s sidechain, supply still has some way to go to catch up with WBTC and the Binance Smart Chain-issued BEP20 token BTCB. At the time of writing, there are 53,023 BTCB in circulation and 153,164 WBTC in circulation.
What do you think about the recent surge in bitcoin associated with the Avalanche network? Share your thoughts on this topic in the comments section below.
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