Bitcoin bridged to Avalanche or BTC.B surpasses coins locked on the Lightning Network, which shows the benefits of putting bitcoin to work on-chain, says MorganKrupetsky. Reports godbole17.
, a trusted execution environment embedded in a process. The SGX enclave then creates or mints an equivalent amount of BTC.b to the user wallet that sent the initiating Bitcoin transaction.
"A lot of institutions I speak with have at least part of their holdings allocated to BTC–either as a reserve asset, for portfolio diversification, or other reasons. Whether you’re looking to simply send/receive BTC quickly and cost effectively, earn yield passively on your BTC holdings, or borrow against them, BTC.b on Avalanche is your easy answer to doing so," Krupetsky said.
A bitcoin holder wanting to access the Ethereum-based DeFi first needs to mint the wrapped bitcoin token called WBTC. The process is handled by merchants such as Loopring, DeversiFi, and the custodian BitGo.
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