Avalanche adds support for native Bitcoin via bridge feature
Avalanche says BTC bridging is currently only available via its Core Browser Extension.
Avalanche has added support for native Bitcoin (BTC) on the platform, which will happen via the Avalanche Bridge, according to a press release published on Wednesday.
The solution allows users to utilize their Bitcoin in the DeFi sector by directly transferring BTC to Avalanche, with users able to tap into earning and yield opportunities.
Customers will still be able to hold Bitcoin on their portfolio, the team at the Layer 1 blockchain said in the announcement.
Over $500 billion in value to Avalanche DeFi
Avalanche, which is compatible with the Ethereum Virtual Machine (EVM), launched the Bridge functionality in August 2021. Over $50 billion in value transfers have happened in the blockchain’s DeFi ecosystem through the bridge since.
This will likely go up massively if the feature sees significant uptake across the Bitcoin community. According to Avalanche, the BTC support targets unlocking over $500 billion of value currently on the Bitcoin network and bringing it to the Avalanche DeFi ecosystem.
With the release of @CoreApp_, the Avalanche Bridge has added support for bridging native Bitcoin to #Avalanche
This new functionality unlocks half a trillion dollars of value on the Bitcoin network, allowing users to put their $BTC to work on Avalanche🤝https://t.co/CHNQ7ck2oz
— Avalanche 🔺 (@avalancheavax) June 22, 2022
Ava Labs releases Core browser extension
Avalanche’s release of the BTC Bridge came at the same time that Ava Labs announced the launch of its Core Browser Extension. The non-custodial extension, available for free to users, is designed to help customers explore Web3 opportunities on Avalanche.
Users seeking to use their BTC in the DeFi ecosystem via the new bridge will need to download the Core Browser Extension. Avalanche does not support BTC bridging via Metamask or other wallets, the team said.
There are plans to also add support for Ethereum (ERC-20) tokens through the browser extension.
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