BTC.b is a DeFi-compatible, native version of Bitcoin on the Avalanche chain. It is backed 1:1 by BTC locked on the Bitcoin chain in the Avalanche bridge protocol.
BTC.b is a low-cap, fully collateralized asset. This asset is exposed to the underlying risks of Avalanche bridge, a protocol rated as Watch out.
BTC.b has a fixed supply. BTC.b is a DeFi-compatible, native version of Bitcoin on the Avalanche chain. It is backed 1:1 by BTC locked on the Bitcoin chain in the Avalanche bridge protocol.
BTC.b is highly correlated to the overall market.
BTC.b launched on Avalanche in June 2022 backed by AVA Labs. BTC.b was launched to provide users a way to bridge native BTC and gain exposure to Avalanche's DeFi ecosystem.
BTC.b is a fully asset-backed token that was created as a direct competitor to WBTC with limited counterparty risk as custody of the underlying BTC is performed in a decentralized manner through advanced cryptography. BTC.b can be used across Avalanche's DeFi ecosystem in market making and lending platforms to generate additional yield.
BTC.b does not have the same level of decentralization or security as BTC since it is dependant on the Avalanche bridge smart contracts and bridge design. Nonetheless, BTC.b can be minted permissionlessly through the bridge and does not have any reliance on centralized entities like WBTC.