Avalanche Surges Ahead: Decentralized Network Booms, Deposits Outpace Lightning Network | by Paul Phoenix | The Capital | Jan, 2023
With a current partnership with Amazon Internet Providers, Avalanche’s BTC deposit capability surpasses 5,600 BTC, outpacing the Lightning Community’s 5,300 BTC and driving a 20% improve within the worth of AVAX.
Avalanche, a decentralized sensible contract community, has boomed in current days, reaching extra BTC deposited than the Lightning network.
Current information reveals how the Avalanche bridge surpassed 5,600 BTC deposited, thus surpassing the present capability of the Lightning community, which is round 5,300 BTC.
Deposits on the Avalanche bridge are used to situation BTC.b, a wrapped token with 1:1 parity with bitcoin. To situation BTC.b, BTC should first be deposited right into a Bitcoin sensible contract by way of the Avalanche bridge.
The quantity of BTC.b on Avalanche has been growing considerably since November 2022. Nonetheless, simply this January 12, the graph reveals an exponential improve within the quantity of BTC deposited.
This improve coincides with the information that Avalanche finalized a partnership with the Amazon conglomerate, particularly with the AWS internet service part. This service makes it simpler for individuals to run Avalanche nodes by way of Amazon’s servers.
This partnership had repercussions on the value of AVAX, native cryptocurrency of this community, which had a rise in its worth of 20%.
Thus far, BTC.b solely had a substantial discount in liquidity in November final yr, which coincides with the chapter of FTX and the final fall of the cryptocurrency markets.
Bitcoin’s Lightning Community is a community that features as a second layer on high of Bitcoin. It permits BTC exchanges to be carried out instantly and with very low commissions, hovering round pennies on the greenback.
Whereas evaluating the expansion between an Avalanche and Lightning, the expansion of 1 doesn’t detract from the significance of the opposite, however serves to get an concept of how necessary this new cryptocurrency community has turn out to be throughout the ecosystem.
In actual fact its use could also be completely totally different from that of the Lightning community, it runs straight on Bitcoin, whereas Avalanche is a standalone community.
