Bitcoin Avalanche Bridged (BTC.b) BTC.B

1. Summary

Ranks

Liquidity

97

Developer

-

Social

99

Momentum (beta)

79

Stack Rank™

-

Price

$67,951.00 +3.0%

Market Cap

$288.38M (#197)

Supply

3,318.00 / 3,318.00

Tags

Avalanche Ecosystem Arbitrum Ecosystem

More Metrics

Price
52W High price	$73,132.92
52W High date	14th Mar 2024 (4 months ago)
All Time High (ATH) Date	14th Mar 2024 (4 months ago)
ATH Price	$74,554.00
% From ATH	-13.76%
All Time Low (ATL) Date	3rd Mar 2023 (1 year ago)
ATL Price	$7,806.11
% From ATL	723.7%

Supply & Trading Volume
Trading Volume (24h)	$21.07M
Total Supply	3,318.00
Circulating Supply	3,318.00

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Description

Bitcoin Avalanche Bridged (BTC.b)

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Bitcoin Avalanche Bridged (BTC.b)

Bitcoin Avalanche Bridged (BTC.b) is a token that allows users to transfer and use Bitcoin within the Avalanche ecosystem. This token is an ERC20 token on the Avalanche C-chain with the symbol BTC.b, indicating it was bridged from the Bitcoin network.

Bridging Bitcoin to Avalanche

To initiate bridging from Bitcoin to Avalanche, a user sends a specific type of Bitcoin transaction (Pay-To-Witness-Public-Key-Hash) to the bridge address controlled by Intel SGX (Software Guard Extension) technology. This transaction is then processed by Bridge Nodes, which secure and back up an encrypted part of the bridge's keys. Once the transaction is accepted by Bitcoin and meets the necessary confirmations, the Bridge Nodes report it to the SGX application, which mints an equivalent amount of BTC.b tokens.

Fees for Bridging

There are two types of fees associated with the Avalanche Bridge: network fees and bridge fees. The bridge fee for moving assets from Bitcoin to Avalanche is currently $3 worth of Bitcoin at the time of transfer. For moves from Avalanche to Bitcoin, the bridge fee is $20 plus the expected Bitcoin transaction fee, which varies with the Bitcoin fee rate and the size of the transaction.

Accessibility

BTC bridging is currently accessible through the Core Browser Extension and Core mobile applications. Users are advised to use only these authorized interfaces to ensure the safety of their funds, as using other methods or smart contract wallets may result in permanent loss of funds.

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