Members of the crypto community have discussed the number of bitcoins bridged to the Avalanche network, which is greater than the total currently locked to the Lightning network This is larger than the total value currently locked to the Lightning Network. At the time of writing, there are 5,493 bitcoins in circulation on the Avalanche blockchain and the Lightning Network holds 5,248 bitcoins.
The number of bitcoins bridged to Avalanche rose above the capacity of the Lightning Network
For the past week, digital currency advocates have been discussing the rise in the number of bitcoins (BTC) bridged to the Avalanche (AVAX) network; seven days ago, the crypto asset known asBTCbsaw its supply exceeded the number of bitcoins locked on the Lightning Network (LN). The reason for the celebration is that it took much less time to beat the total value lock (TVL) orcapacityon the LN. As of this writing, LN has about5,248 bitcoin TVL. This is worth about $120 million using today’sBTCprice of BTC
A week ago, on January 16, asupporter of Avalanche (AVAX), known as “Ojrdev” tweeted about the numberbitcoinstransferred to the AVAX chain.” Avalanche has transferred more [bitcoins] (BTCb) than are locked to the [Lightning] network.” Ojrdev tweeted.” Avalanche’s consensus mechanism is also faster than Lightning.” Many other AVAX supportersagreedand celebrated this milestone, with LN now holding 5,248BTC while BTCAccording to snowtrace.io, the number of BTCb is approximately 5,493 BTCb, worth $125.5 million using the currentexchange rate of BTC
During the same period, the largest number of tokenized bitcoins on any blockchain was the Wrapped Bitcoin project using the Ethereum blockchain network.52} According to, there are currently 179,697 WBTC are in circulation.According to the WBTC Dashboard, there are currently 179,697 WBTC in circulation. There are also a total of; 52,888.86 BTCBhosted on the Binance Smart Chain (BSC). bitcoin cash on BSC is larger than that hosted on AVAX. However, the amount of BTCb islarger than the 3,564 BTClocked on Blockstream’s Liquid Network and larger than the3,496 RBTCon the RSK network.
The number of tokenized bitcoins hosted on alternative blockchains, networks, and sidechains has increasedsince 2017but the pace accelerated with the launch of WBTC in 2019. The main goal was to make finality faster and transaction costs cheaper. In 2020, however, fees on the Ethereum blockchain skyrocketed: in mid-May 2021, the average. fee for ETHwas almost$40 per transaction.
As a result, tokenized bitcoin moved to alternative blockchains in addition to LN and Ethereum.The rise of BTCb on AVAX suggests that many crypto supporters are discovering VA.