Avalanche says BTC bridging is at present solely out there by way of its Core Browser Extension.
Avalanche has added support for native Bitcoin (BTC) on the platform, which can occur by way of the Avalanche Bridge, in response to a press launch printed on Wednesday.
The answer permits customers to make the most of their Bitcoin within the DeFi sector by immediately transferring BTC to Avalanche, with customers capable of faucet into incomes and yield alternatives.
Customers will nonetheless have the ability to maintain Bitcoin on their portfolio, the group on the Layer 1 blockchain mentioned within the announcement.
Over $500 billion in worth to Avalanche DeFi
Avalanche, which is appropriate with the Ethereum Virtual Machine (EVM), launched the Bridge performance in August 2021. Over $50 billion in worth transfers have occurred within the blockchain’s DeFi ecosystem via the bridge since.
This will probably go up massively if the characteristic sees important uptake throughout the Bitcoin neighborhood. According to Avalanche, the BTC support targets unlocking over $500 billion of worth at present on the Bitcoin community and bringing it to the Avalanche DeFi ecosystem.
With the discharge of @CoreApp_, the Avalanche Bridge has added support for bridging native Bitcoin to #Avalanche
This new performance unlocks half a trillion {dollars} of worth on the Bitcoin community, permitting customers to place their $BTC to work on Avalanche🤝https://t.co/CHNQ7ck2oz
— Avalanche 🔺 (@avalancheavax) June 22, 2022
Ava Labs releases Core browser extension
Avalanche’s launch of the BTC Bridge got here on the identical time that Ava Labs introduced the launch of its Core Browser Extension. The non-custodial extension, out there at no cost to customers, is designed to assist prospects discover Web3 alternatives on Avalanche.
Users looking for to make use of their BTC within the DeFi ecosystem by way of the brand new bridge might want to obtain the Core Browser Extension. Avalanche doesn’t support BTC bridging by way of Metamask or different wallets, the group mentioned.
There are plans to additionally add support for Ethereum (ERC-20) tokens via the browser extension.
