Avalanche says that BTC bridging is currently only available through its core browser extension.
According to a press release published on Wednesday, Avalanche has added support for native bitcoin (BTC) on the platform, which will happen via Avalanche Bridge.
The solution allows users to spend their bitcoins in the DeFi realm by transferring BTC directly. AvalancheUsers are able to tap into earning and yield opportunities.
The team at Layer 1 Blockchain said in the announcement that customers will still be able to hold bitcoin in their portfolio.
Avalanche DeFi is valued at over $500 billion
Avalanche, which is compatible with the Ethereum Virtual Machine (EVM), launched Bridge functionality in August 2021. Since then, over $50 billion in value has been transferred through the bridge to the blockchain’s DeFi ecosystem.
If this feature is seen as important in the bitcoin community, it could grow to a large extent. According to Avalanche, BTC Support is currently aiming to unlock over $500 billion worth of bitcoin network and bring it to the Avalanche DeFi ecosystem.
with the release of @CoreApp_Avalanche Bridge adds support for bridging native bitcoin #avalanche
This new functionality unlocks half a trillion dollars’ worth on the bitcoin network, allowing users to access their $BTC To work on Avalanche🤝https://t.co/CHNQ7ck2oz
— Avalanche (@avalancheavax) 22 June 2022
Ava Labs releases core browser extension
Avalanche’s release of BTC Bridge coincided with Ava Labs announcing the launch of its core browser extension. The non-custodial extension, available for free to users, is designed to help customers explore Web3’s opportunities on Avalanche.
Users wishing to use their BTC in the DeFi ecosystem via the new bridge will need to download the core browser extension. The team said that Avalanche does not support bridging BTC through MetaMask or other wallets.
also plan to add support For Ethereum (ERC-20) tokens via browser extension.
