Avalanche says BTC bridging is currently only available through its main browser extension.
Avalanche has added native Bitcoin (BTC) support to the platform, which will be through the Avalanche Bridge, according to a press release on Wednesday.
The solution allows users to use their Bitcoin in the DeFi sector by directly transferring BTC to avalanchewith users able to exploit revenue and yield opportunities.
Customers will still be able to hold Bitcoin in their wallet, the Layer 1 blockchain team said in the announcement.
Over $500 billion in value for Avalanche DeFi
Avalanche, which is compatible with the Ethereum virtual machine (EVM), launched the Bridge feature in August 2021. Over $50 billion in value transfers have taken place in the DeFi blockchain ecosystem through the bridge since then.
This will likely increase massively if the feature sees significant adoption in the Bitcoin community. According to Avalanche, BTC support aims to unlock over $500 billion in value currently on the Bitcoin network and bring it to the Avalanche DeFi ecosystem.
This new feature unlocks half a trillion dollars of value on the Bitcoin network, allowing users to put their $BTC to work on Avalanche🤝https://t.co/CHNQ7ck2oz
— Avalanche 🔺 (@avalancheavax) June 22, 2022
Ava Labs launches Core browser extension
Avalanche’s release of the BTC Bridge came at the same time as Ava Labs announced the launch of its core browser extension. The non-custodial extension, available free to users, is designed to help customers explore Web3 opportunities on Avalanche.
Users wishing to use their BTC in the DeFi ecosystem via the new bridge will need to download the Core Browser extension. Avalanche does not support BTC bridging through Metamask or other wallets, the team said.
It is also planned add support for Ethereum tokens (ERC-20) via browser extension.