Bitcoin Avalanche Bridged
Crypto Overview
Overview
BTC.b is a wrapped version of Bitcoin (BTC) on the Avalanche network, created through a bridge operated by Core Labs. This token represents Bitcoin that has been locked on the Bitcoin network and minted as an equivalent ERC-20 token on Avalanche.
Purpose and Utility
The primary purpose of BTC.b is to enable Bitcoin holders to participate in the Avalanche DeFi ecosystem while maintaining exposure to Bitcoin. Each BTC.b token is backed 1:1 by actual Bitcoin held in secure custody.
Business Model and Operations
The bridging process involves users depositing BTC into a smart contract, which then mints an equivalent amount of BTC.b on Avalanche. Users can redeem their BTC.b back to native BTC at any time. The bridge is operated by Core Labs, which maintains the infrastructure and security of the bridging mechanism.
Real-World Adoption
BTC.b has gained significant adoption within the Avalanche ecosystem, being used in various DeFi protocols for trading and liquidity provision. The token maintains consistent trading volume and liquidity across multiple decentralized exchanges on Avalanche.
Platform Development
The Core bridge infrastructure undergoes regular maintenance and security updates. The team maintains transparency about the backing of BTC.b tokens with actual Bitcoin through verifiable on-chain data.
Token Distribution
BTC.b is created solely through user deposits of Bitcoin, with no pre-mine or team allocation. The supply is entirely determined by user demand for bridged Bitcoin on Avalanche.
Crypto Impact
To assign a comfort level investing in Bitcoin Avalanche Bridged from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bitcoin Avalanche Bridged.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.