Try Quests to earn AVAXThe Bridged Bitcoin
The Blockchain Evolution
Since the creation of Bitcoin in 2009, blockchain technology has evolved through three significant generations:
- Bitcoin first revolutionized financial transactions on a global ledger, eliminating the need for trusted intermediaries.
- Ethereum, the second generation, expanded blockchain’s scope with smart contracts, which allowed the creation of decentralized applications (DApps) and what we now know as DeFi. However, as the user base grew, so did the demand for improved scalability.
- Avalanche, a third generation blockchain, has dramatically redefined a blockchain’s fundamental capabilities, establishing the foundations for an interconnected global landscape, specifically engineered for sophisticated, impactful applications.
BTC.b - The Bridged Bitcoin
BTC.b is a native ERC-20 token on Avalanche and represents Bitcoin bridged from the Bitcoin Blockchain, this asset retains Satoshi's foundational principle of being a decentralized value transfer and expands its functionality as it can be used to participate in Avalanche's rich DeFi ecosystem, giving new opportunities for both individual investors and traditional institutions alike. Each BTC.b is fully backed by a Bitcoin locked in the Intel SGX-secured bridge application.
In a Nutshell 1 BTC.b on Avalanche is 1 BTC on Bitcoin
BTC.b expels WBTC.e from Avalanche
It took less than a year for BTC.b to take over the daily activity and supply that WBTC held on this blockchain indicating a clear market preference for BTC.b.
The creation of BTC.b allowed Bitcoin holders to mint and redeem whenever they like at a low cost, and remove all the risks that WBTC presented.
And Nowadays it become the standard for most of the DeFi activity related to Bitcoin in Avalanche.