Bitcoin (BTC) is the most known and trusted cryptocurrency, and because of that, every new blockchain wants to bring BTC to be used in their ecosystem.

Ethereum was one of the first to bring the Bitcoin token to their ecosystem using the name Wrapped Bitcoin (WBTC), this token is a stablecoin pegged to the BTC which means that 1 WBTC equals 1 BTC.

Users with Bitcoin started to move their BTC to Ethereum and WBTC became one of the most used assets in the early stages of DeFi, and eventually, this token reached new Ecosystems and Blockchains.

But because of Ethereum transaction fees, other Blockchains started to offer to bring Bitcoin directly to their Ecosystems with lower fees and that brings us to BTC.b the stablecoin pegged to BTC from Avalanche.

Avalanche is a Layer 0 ecosystem made up of three core Blockchains each optimized for specific tasks within the network. AVAX, the native utility token of the Avalanche Network is used to pay fees for transactions, delegate to secure the network, as well as pair with other assets or stable coins to participate in DeFi products. - The Tie

Avalanche was developed by researchers from Cornell University led by Emin Gün Sirer and doctoral students Maofan "Ted" Yin and Kevin Sekniqi. On September 2020 Avalanche and Avax launched with Ava Labs behind - Wikipedia

Core is the name of the bridge protocol that allows users to interact with all the subnetworks from the Avalanche Ecosystem and the Ethereum and Bitcoin Networks, it has its own wallet and mobile app, but also allows other wallets such as Metamask or Coinbase to interact with it.

On June 22, 2022, Avalanche announced its new support for Bitcoin, with the Avalanche Bridge (Core) users can bring their BTC directly to this layer 0 receiving BTC.b.

1 BTC is 1 BTC.b and with this new asset holders of BTC can invest in the DeFi Protocols of the Avalanche Blockchain.

Although the Core Bridge allows bridges between Ethereum and Avalanche with other wallets such as Metamask, a Core wallet is mandatory to interact with the Bitcoin Network.

Before the Announcement on June 22, BTC.b is being tested from May 19 with 4 users being the first on bringing BTC to Avalanche after that other users also have the opportunity to test the bridge with a total of 17 different users having BTC.b prior to the official Launch.

On the date, when the bridge officially launched a total of 161 users bridge their BTC, and a day after the number of new users increased to 290 thanks to the reach offered by news sites such as Coindesk

A total of 1.21k cumulative holders were before July 2022, and in that month the cumulative amount of holders increase by 87% with 2.26k unique holders of BTC.b, after that the growth rate lowered because of the Bearish situation of 2022.

In November 2022 the growth rates starts to uptrend again reaching their final spike in December 2022 being one of the best months for new holders of BTC.b with a growth rate of 85%, because it was one of the best moments to acquire Bitcoin thanks to the floor price reached after the FTX Crash.

Nowadays there are more than 22,800 users that acquire BTC.b at least one time.

Holders are wallets who received BTC.b by Bridges, Swaps, or Transfers.

Of the nine Holders of BTC.b in May five of them received BTC.b again in June, as we can see every month there are more wallets that received BTC.b for the first time instead of wallets that already received BTC.b months before (more than 50%).

December 2022 was the month with the best growth with a total of 6310 new holders, and although in 2023 there is a drop in the activity of new holders, Existing holders of BTC.b are bigger than before with February 2023 being the month where most "Old" Holders acquire BTC.b again.

As we can see BTC.b activity is booming lately, with a lot of new people starting their adventure with BTC.b after the price dropped in November 2022. So now you can read the next tab of Methodology to understand how this dashboard was made and relevant sources or go directly to "BTC.b Supply and Bridges Tab" to start learning about how BTC.b is minted and bridged to other blockchains using LayerZero.