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Avalanche Bridge adds Bitcoin Support to allow BTC use in its DeFi protocols - YFarmX | Crypto News & Education
Saturday, December 21, 2024
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Avalanche Bridge adds Bitcoin Support to allow BTC use in its DeFi protocols

John Kamal
By John Kamal
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Trader Joe and Platypus are just some of the new DeFi protocols that will now be available to bitcoin users via the bridge.

Avalanche, a popular Layer 1 blockchain, has announced new support for native Bitcoin (BTC) through its bridge solution built on its cryptocurrency wallet Core. As a result, in the past 24 hours, AVAX has outperformed major digital assets such as Bitcoin and Ethereum.

Yield

The BTC pool on AVAX-based Decentralized Finance protocol Platypus offers yields ranging from 23.72% to 62.84% and is worth $11.7 million. TraderJoe has also opened up a BTC.b to AVAX pool that boasts yields of 17.5%.

Avalanche’s bridge launched in August enables ERC20 token transfers between the Ethereum and Avalanche networks.

According to DefiLlama that the total TVL across the Avalanche ecosystem stands at $2.68 billion, which represents an 11 percent decline from December’s level amid concerns about lending protocols.

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