Avalanche launched own wallet application Core and add Bitcoin bridging


Ethereum
competitor Avalanche announced about launching its own wallet application,
called Core and add Bitcoin bridging functionality on the platform. These two
initiatives aimed at simplifying the user experience and bringing more assets
into the Avalanche ecosystem. Ava Labs which is the team supporting the
development of the Avalanche blockchain, made the announcement at the Avalanche
Summit in Barcelona, Spain, to the conference attendees.
The
solution allows users to utilize their Bitcoin in the DeFi sector by directly
transferring their BTC as an Avalanche-based asset called BTC.b. By introducing
"wrapped" BTC, Bitcoin network users can have access to the Avalanche
DeFi ecosystem. Along with wallet, Core is a curated Web3 operating system
which combines secure wallet architecture with technology. This feature is not
available in any other wallet. Users of the Core wallet can directly interact
with decentralized applications (dapps) running on the Avalanche blockchain through
native Avalanche bridging functionality. To transfer
assets to the Avalanche blockchain, users of MetaMask previously had to use an
Ethereum-Avalanche bridge. A bridge is an application that facilitates the
transfer of assets from one blockchain to another which was a complex and hacker-prone
process.
Over the
past year, the Avalanche Bridge has become the most popular Ethereum-connected
bridge, with over $6 billion in total value locked (TVL) due to the increased use of decentralized finance (DeFi). Since its launch in July 2021, the bridge has facilitated the use of
$43 billion in assets between Avalanche and Ethereum.
In late
March Core browser extension was rolled out which was first phase of the launch.
Early in the second quarter Core mobile application will be launched which is
the second phase of the launch. The company has also announced that it will add
Bitcoin support to its existing Avalanche Bridge early in Q2, bringing the
world's largest cryptocurrency by market cap into its DeFi ecosystem. In the
past, users wishing to move their bitcoin to Avalanche had to wrap the bitcoin
using third-party services like WBTC or renBTC. As part of
the Avalanche project, the team is planning to support a growing number of
blockchains.
In the past 24 hours, AVAX, the
native asset of the Avalanche blockchain, stayed at $86. It’s up 25% on a seven-day basis.

Indrani bose
CBW - External Analyst
INDIA