EVM - 8 : Up The Mountain

An Avalanche has been building up steam as of late — the price of AVAX rose by nearly 100% in the month of January and BTC holders have been moving holdings to the Avalanche chain. What’s been fueling this growth over the past month — and what does the future hold for Avalanche? Will this growth continue into the new year? Or will growth stagnate as 2023 continues to progress?

📜 Background

Launched in 2020 by Ava Labs, Avalanche is a blockchain platform that is smart contract-capable. Avalanche aims to deliver a scalable blockchain solution while maintaining decentralization and security, focusing on lower costs, fast transaction speeds, and eco-friendliness.

An Avalanche has been building up steam as of late — the price of AVAX rose by nearly 100% in the month of January and BTC holders have been moving holdings to the Avalanche chain.

When Bitcoin is bridged to Avalanche, it is represented by an ERC20 token on the Avalanche C-chain with the symbol BTC. b. The “. b” indicates that the token was bridged from the Bitcoin network, just as Avalanche Bridge™ tokens bridged from Ethereum end in “. e”.

🤔 Approach

In this analysis, our first step is comparing the price of $BTC and $AVAX. Then in the next step we are going to take a dive into BTC bridging to Avalanche and in the final step we are going to analyze BTC swapping to AVAX.

Analysis period : since the start of 2023

👩‍💻 Author

Gmail: ftmkhodabande@gmail.com

Twitter: @busygirlcom || Discord: Jinx#6675

Special thanks to my friend camp#4286

📢On the NEWS

On January 14, 2023, the entrepreneur and validator of Avalanche tweeted:

BTC.b is now larger than Lightning network Bitcoin capacity of 5000BTC. This is tremendous achievement as @avalancheavax community to exceeded in short time span what LN did in 5 years. Long way to go. Big salute to entire Avalanche team, community and devs. Salute👏

source: https://twitter.com/jonycsarker/status/1614080836797857796