The Avalanche Bridge has become a widely used and necessary piece of infrastructure for a majority of the Avalanche community, and now Bitcoin users have officially been invited to the party! It has been confirmed that BTC holders will soon be able to securely and efficiently transfer their BTC onto the Avalanche Network.
The official Avalanche Bridge is expanding native support for the Bitcoin network, bringing a trillion dollar asset class to access the exploding DeFi ecosystem on Avalanche. The Avalanche Bridge is a key piece of infrastructure for Avalanche users, introducing an innovative security model that uses Intel SGX technology to usher in a new era of bridge technology.
“The Avalanche Bridge has established a seamless, secure, and low-fee rail for users of all sizes to explore Avalanche and the rapidly growing ecosystem of applications on the platform.
Avalanche’s unique architecture makes it an ideal on-chain home for institutions who demand high-performance, and I believe opening the rails for Bitcoin will open their eyes to even greater possibilities,”– Nick Mussallem, Head Of Product At Ava Labs.
The technology behind the Avalanche bridge was designed to provide a real life solution for each of these seven requirements:
- Secure: the bridge must be audited and built with security-first technologies.
- Cost Effective: the cost for bridging assets should be low.
- Fast: the transaction should take the least amount of time possible.
- Transparent: users should be informed of the transfer status at every step of the process.
- Intuitive: users new to crypto asset transfers can easily understand the steps to use the bridge.
- Ecosystem-supportive: upon crossing the bridge, users should see a full suite of applications and capabilities across the Avalanche ecosystem and experience minimal friction in seizing opportunities.
- Multi-chain: the bridge will support a growing number of blockchains in the future to center Avalanche at the core of DeFi.
After accomplishing the primary set of goals and solving the challenges, further enhancements are actively being persued to become even more secure, including expanding the number of Wardens who decentralize security and verification of Bridge operations. To review the Avalanche Bridge functions and use cases in depth and learn more, see this technical review.
The Avalanche Bridge Launched in July 2021, and has become the most popular Ethereum-connected bridge by TVL, exceeding $6B as of today. It has been used for over 243k transactions to allow more than $43B in ERC-20 assets on Ethereum to be used on Avalanche.