Avalanche Bridged Bitcoin

Avalanche, a decentralized blockchain platform launched in September 2020, introduced native Bitcoin support through its Avalanche Bridge in June 2022. This integration allows Bitcoin holders to transfer their assets onto the Avalanche network, enabling participation in its decentralized finance (DeFi) ecosystem. The bridging process involves converting Bitcoin into an ERC-20 token known as BTC.b, which is fully backed by the original Bitcoin locked within the bridge's secure enclave. (medium.com)

The Avalanche Bridge employs Intel SGX technology to ensure secure and efficient cross-chain transfers. This setup allows users to bridge Bitcoin directly to Avalanche without relying on intermediaries, offering greater control over their assets. Since its inception, the bridge has facilitated significant Bitcoin transfers, with daily mints reaching over 2,000 BTC in early 2023. (fxstreet.com)

By bridging Bitcoin to Avalanche, users can access various DeFi protocols, such as BENQI Finance, to lend, borrow, and earn yields on their holdings. This integration has contributed to the growth of Avalanche's DeFi ecosystem, providing Bitcoin holders with new avenues for asset utilization. (fxstreet.com)