According to the shared blog post, smart contracts platform Avalanche (AVAX) has added native Bitcoin (BTC) support to its cross-chain bridge. Following this development, the AVAX token gained close to 10%, surpassing the performance of cryptocurrencies such as Bitcoin and Ethereum.
This feature allows users to bridge with native Bitcoin and gain access to Avalanche's DeFi ecosystem using the newly launched 'Core' wallet. The BTC pool on the AVAX-based decentralized finance (DeFi) protocol Platypus has a total locked value (TVL) of $11.7 million and offers returns between 23.72% and 62.84%. The Avalanche bridge was launched last August to support ERC20 token transfers between Ethereum and AVAX networks.
Avalanche price was recorded as $19.33 at the time of writing, while AVAX's 24-hour trading volume was $676.182,924. AVAX price is up 10.1% in the last 24 hours according to CoinGecko data.
Total Locked Value (TVL) in Avalanche's DeFi Industry Down $11 Billion Since December
According to DefiLlama, there is currently $2.68 billion in total value locked (TVL) in the Avalanche ecosystem. With the decline of the DeFi industry and the problems of lending protocols, there was a TVL decrease of 11 billion dollars in the AVAX ecosystem compared to December.
Considering the entire DeFi industry, the total amount of locked value has been reduced to $74.2 billion. The total amount of locked value in the DeFi world exceeded $250 billion in December of last year. A significant part of the decline in the sector occurred in parallel with the large decline in the crypto money sector.
Latest Situation in Crypto Market
Bitcoin price formed a bottom above the $20,500 support and climbed above the $21,000 level. It increased 4% in a day and more than 3% in a week. Similarly, most of the major altcoins are showing signs of increase. ETH surpassed the $1,100 and $1,120 resistance levels. XRP rallied and broke the $0.35 resistance. ADA is aiming for an upside break above the $0.50 resistance.