Name: Avalanche Bridged BTC (Avalanche)
SKU: BTC.B
Price: 101632 USD

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Crucial Acquisition: Lombard Secures Avalanche-bridged Bitcoin from Ava Labs

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&lt;!-- SC_OFF --&gt;&lt;div class=&quot;md&quot;&gt;&lt;p&gt;BTC.b is a recently added BTC token native to the &lt;a href=&quot;https://twitter.com/avalancheavax&quot;&gt;Avalanche network&lt;/a&gt;.&lt;/p&gt; &lt;p&gt;&lt;strong&gt;In episode 23 of the&lt;/strong&gt; &lt;a href=&quot;https://twitter.com/DefiPodcast&quot;&gt;&lt;strong&gt;DeFi podcast&lt;/strong&gt;&lt;/a&gt;, hosts &lt;a href=&quot;https://twitter.com/DefiPodcast&quot;&gt;JF Saine&lt;/a&gt; and&lt;a href=&quot;https://twitter.com/M0xrrissey&quot;&gt; Jared M&lt;/a&gt; welcome Michelle Tian, a product manager at &lt;a href=&quot;https://twitter.com/avalabsofficial&quot;&gt;Ava Labs,&lt;/a&gt; who has a background in strategy, credit, and structured products. In this podcast, she explains what having native BTC can enable on the AVAX network.&lt;/p&gt; &lt;p&gt;Read our notes below to learn more.&lt;/p&gt; &lt;h1&gt;What is BTC.b?&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Native BTC that has been bridged from BTC network to AVAX network.&lt;/li&gt; &lt;li&gt;BTC handles UTXOs (condition specifying currency remaining after a transaction is executed) which is why BTC wallets are HD (hierarchical deteriministic).&lt;/li&gt; &lt;li&gt;AVAX core wallet has simplified the process so that the transaction is sent into one wallet for the user, rather than multiple as would be the case on a bitcoin wallet.&lt;/li&gt; &lt;li&gt;BTC bridging only available on core wallet.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;Intel SGX&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Intel SGX is hardware technology that creates trusted execution environments.&lt;/li&gt; &lt;li&gt;These execution environments function off-chain, preventing other parties from having access to minting or burning of tokens.&lt;/li&gt; &lt;li&gt;Instead, 6 of 8 bridge nodes are needed to approve any transaction.&lt;/li&gt; &lt;li&gt;AVAX uses collateral checks so that more tokens can’t be minted than what is available on the AVAX bridge itself.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;Warden System&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Bridge has 8 nodes run by wardens including: &lt;a href=&quot;https://twitter.com/ankr&quot;&gt;Ankr&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/BlockdaemonHQ&quot;&gt;Blockdaemon&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/ChainstackHQ&quot;&gt;Chainstack&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/protofire&quot;&gt;Protofire&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/AvascanExplorer&quot;&gt;Avascan&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/BwareLabs&quot;&gt;Bware Labs&lt;/a&gt;, &lt;a href=&quot;https://twitter.com/HalbornSecurity?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor&quot;&gt;Halborn&lt;/a&gt;, and Ava Labs.&lt;/li&gt; &lt;li&gt;6 of 8 groups have to agree on a transaction for the smart contract to actually mint or burn tokens.&lt;/li&gt; &lt;li&gt;These independent companies listen for incoming transactions to validate and verify so they can send to off-chain enclave.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;AVAX Bridge&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Most bridges are very smart contract reliant.&lt;/li&gt; &lt;li&gt;AVAX bridge has very limited smart contract use on AVAX side, none on ETH side.&lt;/li&gt; &lt;li&gt;AVAX bridge contracts similar to &lt;a href=&quot;https://docs.openzeppelin.com/contracts/4.x/erc20&quot;&gt;Open Zepplin&lt;/a&gt; ERC-20 smart contracts.&lt;/li&gt; &lt;li&gt;4 audits have been completed in the year since the bridge has been around.&lt;/li&gt; &lt;li&gt;Security features include bridge monitoring, collateral checks, 24-7 on call engineering support, &lt;a href=&quot;https://www.pagerduty.com/&quot;&gt;pagerduty&lt;/a&gt;, and &lt;a href=&quot;https://www.yubico.com/&quot;&gt;Yubikey 2FA&lt;/a&gt;.&lt;/li&gt; &lt;li&gt;Team has also implemented a bug bounty program.&lt;/li&gt; &lt;li&gt;Many bridge exploits can be traced back to 1 operator being compromised.&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;https://www.trailofbits.com/&quot;&gt;Trail of Bits&lt;/a&gt; recent research claims that ETH network can be compromised with 2 comprimised operators, BTC with 4.&lt;/li&gt; &lt;li&gt;Bridge has very low latency, due to using the Avalanche consensus algorithm.&lt;/li&gt; &lt;li&gt;Bridge UI shows different stages of bridging process, is transparent.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;BTC.b vs BTC Lightning&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Lightning uses state channels which allows fast and cheap off-chain payments.&lt;/li&gt; &lt;li&gt;Lightning network abstracts difficult transactions onto a Layer 2 ledger.&lt;/li&gt; &lt;li&gt;BTC.b allows many DeFi opportunities for trading, borrowing, and lending.&lt;/li&gt; &lt;li&gt;BTC.b TVL is ~$60m compared to BTC Lightning Network TVL ~$100m.&lt;/li&gt; &lt;li&gt;&lt;strong&gt;&lt;em&gt;JF&lt;/em&gt;&lt;/strong&gt;&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;https://twitter.com/Moremoneyfi&quot;&gt;Moremoney&lt;/a&gt; (AVAX native borrowing protocol) sees increasing demand for BTC.b integrations.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;BTC.b vs WBTC&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;WBTC (wrapped BTC) is centralized, users have to submit request to 1 of 17 merchants who can process minting or redemption.&lt;/li&gt; &lt;li&gt;The BTC is held in custody in exchange for WBTC.&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;https://bridge.avax.network/&quot;&gt;BTC.b minting&lt;/a&gt; is unrestricted, can be done at any time.&lt;/li&gt; &lt;li&gt;BTC.b require flat $3 fee to mint compared to WBTC which involves merchant and custodian fees which scale with transaction size.&lt;/li&gt; &lt;li&gt;Avalanche doesn’t profit from this fee, it’s just used to cover transaction costs.&lt;/li&gt; &lt;li&gt;BTC.b is more accessible as it doesn’t need KYC or AML like WBTC does.&lt;/li&gt; &lt;li&gt;Ava Labs wants to grow the BTC ecosystem on AVAX.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;BTC.b Growth&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;BTC.b was recently added to &lt;a href=&quot;https://twitter.com/AaveAave&quot;&gt;Aave&lt;/a&gt; and &lt;a href=&quot;https://twitter.com/BenqiFinance&quot;&gt;Benqi&lt;/a&gt; (borrowing and lending dApps).&lt;/li&gt; &lt;li&gt;WBTC.e (AVAX native WBTC) has around ~$110m TVL, which shows more growth for BTC.b&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt;&lt;em&gt;JF&lt;/em&gt;&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li&gt;AVAX Network TVL is ~$1.5 billion, acquiring 1% of BTC in BTC.b would triple AVAX Network TVL.&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt;&lt;em&gt;Jared&lt;/em&gt;&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li&gt;BTC.b is much closer to holding actual BTC than WBTC as it’s not centralized and can be held in self-custody.&lt;/li&gt; &lt;/ul&gt; &lt;h1&gt;Subnets&lt;/h1&gt; &lt;ul&gt; &lt;li&gt;Team is working on cross-subnet communication which would open up many new use cases with arbitrary data passing.&lt;/li&gt; &lt;li&gt;This involves communication between subnets and AVAX C-Chain (EVM compatible chain).&lt;/li&gt; &lt;li&gt;Team will be building a VM (virtual machine) library which will enable subnets to add code easily with very little technical activity, could be as simple as 3 command lines.&lt;/li&gt; &lt;li&gt;This enables tokens, NFTs, governance information to be relayed across bridges.&lt;/li&gt; &lt;li&gt;This could bring more dApps and functionality into the AVAX ecosystem.&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt;&lt;em&gt;Jared&lt;/em&gt;&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li&gt;Building a subnet is currently just as difficult as building a bridge.&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt;This summary was originally posted on&lt;/strong&gt; &lt;a href=&quot;https://revelointel.substack.com/&quot;&gt;&lt;strong&gt;The Daily Bolt&lt;/strong&gt;&lt;/a&gt;&lt;strong&gt;, which is a 100% free no-nonsense daily crypto newsletter by Revelo Intel.&lt;/strong&gt;&lt;/p&gt; &lt;/div&gt;&lt;!-- SC_ON --&gt; &amp;#32; submitted by &amp;#32; &lt;a href=&quot;https://www.reddit.com/user/ReveloIntel&quot;&gt; /u/ReveloIntel &lt;/a&gt; &lt;br/&gt; &lt;span&gt;&lt;a href=&quot;https://www.reddit.com/r/btc/comments/y6kh6d/summary_is_btcb_the_key_to_enabling_btc_defi/&quot;&gt;[link]&lt;/a&gt;&lt;/span&gt; &amp;#32; &lt;span&gt;&lt;a href=&quot;https://www.reddit.com/r/btc/comments/y6kh6d/summary_is_btcb_the_key_to_enabling_btc_defi/&quot;&gt;[comments]&lt;/a&gt;&lt;/span&gt;

Summary: Is BTC.b the Key to Enabling BTC DeFi?

#	交易所	货币对	成交量（24小时）	成交量(%)	价格	最近更新
1	Trader Joe v2.1 (Avalanche)	BTC.B/USDC	$297.6K	100%	$101,627.25	3月之前
2	Trader Joe v2.1 (Avalanche)	BTC.B/WAVAX	$4.8	0%	$100,977.36	3月之前

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Crucial Acquisition: Lombard Secures Avalanche-bridged Bitcoin from Ava Labs

Summary: Is BTC.b the Key to Enabling BTC DeFi?

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