The price of tokenized bitcoins on Avalanche exceeded LN

The total value of Avalanche-powered “wrapped” bitcoins has surpassed the capacity of the Lightning Network (LN) micropayment network.

According to on-chain data, a total of 5680 BTC.b were issued with a total value of ~$118 million.

“Yesterday marked a pretty significant milestone for the asset, whose total supply on the Avalanche network exceeded 5,700 coins. In just a few months, the indicator surpassed the current capacity of the Lightning Network, ”- wrote Morgan Krupetsky of Ava Labs on his blog.

The Avalanche team added the ability to transfer the first cryptocurrency to a tokenized analogue – BTC.b – in June 2022. The move is intended to make the asset available to DeFi applications.

The Ethereum platform remains the leader in the number of tokenized bitcoins (222 788). The undisputed leader of the segment is Wrapped Bitcoin (WBTC), which has a market capitalization of $3.74 billion.

Previously behind the development of Avalanche, Ava Labs entered into a partnership with Amazon Web Services. This had a positive impact on the price of the AVAX cryptocurrency.