- Avalanche’s BTC.b witnessed massive growth in supply
- But the Avalanche’s TVL witnessed a continued decline
According to Data Analytics’ tweet on December 2, the amount of Bitcoin Avalanche Bridged [BTC.b] at Avalanche [AVAX] surpassed the Ethereum network. This development suggested that users may have discovered new opportunities on the Avalanche network and have shown their faith in the protocol.
Monster edition of Dune Digest this week 📩
📈 Network penetration
📈 Uniswap NFT launch
📈 Bitcoin on Avalanche
📈 The DAO tool market
📈 Lending platforms
📈 November Liquidations
Check it out 👇https://t.co/S8U5EDT6au
— Dune (@DuneAnalytics) 2 December 2022
Read avalanche [AVAX] Price prediction 2022-2023
It’s a “wrap”
BTC.b represents the holding of Bitcoin on Avalanche network. It is similar to WBTC as the two are ERC-20 tokens, which are pegged to the value of BTC.
BTC.b, was launched in June 2022, while WBTC existed for the past two years. DDespite this, the supply of BTC.b managed to compete with packaged bitcoin as it witnessed an increase since its inception. Although it witnessed a slight slowdown in the period following the FTX collapse, the momentum picked up soon after.
However, despite BTCB’s growth, Avalanche could not showcase the same level of improvement in DeFi. In accordance DeFiLlamaavalanche TVL went from 1.33 billion to 860.9 billion in 30 days. As of December 3, the Avalanche’s TVL was up 1.81%.
Not feeling well?
AVAX’s fees took a hit in the past month. The fees generated by Avalanche had gone down significantly in the last 30 days and had fallen by 13.6%, according to token terminal.
Avalanche was also unable to fare well considering the chain’s metrics. The volume in the last month went from 390 million to 192 million. However, development activity has witnessed an increase in recent days, indicating that the team at Avalanche had contributed immensely to GitHub.
This suggested that there could be more upgrades and upgrades on the way for the Avalanche.
One reason for the increase in development activity may be the Avalanche’s recent cooperation with Alibaba. However, that remains to be seen AVAX will benefit from these upgrades and collaborations.
At the time of writing, AVAX was trading at $13.63. The price increased by 2.30% in the last 24 hours.