Bitcoin-Bridged to Avalanche Reaches Record Daily Mint of Over 2K BTC

According to 0xAcid, half of the bitcoin minted on Thursday has been moved to BENQI Finance. BENQI Finance is an Avalanche-based decentralized finance protocol, which allows users to lend, borrow and earn additional yields from digital assets.

The record BTC.b mint comes as the WBTC supply fell by 15% to 153,164 in February, reaching the lowest since March 2021. Apparently, bankrupt crypto lender Celsius, a well-known WBTC holder, redeemed a large amount of WBTC, causing a sharp drop in the token's supply. The Avalanche community considers BTC.b a better option than WBTC, considering Avalanche offers users the ability to mint and redeem BTC.b anytime with the bridge in a non-custodial browser extension Core, eliminating the need for intermediaries. It provides more control to users, unlike WBTC, which relies on merchants to initiate the process of minting and burning.

avalancheavax godbole17 If you didn't know this was coming you're NGMI. BTC.b is a no-brainer by now.

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avalancheavax godbole17 Such successful outcomes are expected for such good products

avalancheavax godbole17 BTC.b is Bitcoin but better

avalancheavax godbole17 Avalanche doing its thing 🔺

avalancheavax godbole17 They saw the potential that Avalanche can gives to their BTC 😎

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avalancheavax godbole17 It could become a more widely used option, even above WBTC IMO

avalancheavax godbole17 Hm... I wonder why that happened. Looks like the utilities of btc.b are showing of what are they capable of.

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avalancheavax godbole17 Its pretty smart when BTC.b can be minted and redeemed directly through the Core browser extension, in a non-custodial way. It very much allows for users to have greater control than WBTC, which depends on merchants to institute minting and burning.

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