Avalanche BTC.b Bridgooors
The analysis looks at BTC.b bridge usage on Avalanche, examining wallet activities to understand how users transfer tokens to other chains via Avalanche's Layer0 tech. It explores protocols, contracts, transaction numbers, and whether wallets are swapping BTC.b for other assets on the network.
This analysis aims to provide insights into the wallets that have utilized the BTC.b bridge on Avalanche. This high-performance blockchain network enables fast and low-cost transactions. Avalanche's Layer0 technology allows users to transfer assets between chains and networks, making it an attractive option for those who want to bridge tokens to other networks.
By examining these wallets' activities, we can better understand how users leverage the bridge to transfer BTC.b tokens to other chains using Avalanche's Layer0 technology. This analysis will delve into the chains that users are bridging BTC.b to and provide an overview of the protocols and contracts they utilize on Avalanche. In addition, I will explore the number of transactions made by these wallets on Avalanche and whether they are swapping BTC.b for other assets on the network.
BTC.b is an innovative solution that allows Bitcoin users to utilize the Avalanche network's high-speed and low-cost transactions without worrying about transferring their Bitcoin assets to the Avalanche network. When Bitcoin is bridged to Avalanche, it is represented by an ERC20 token with the symbol BTC.b, indicating that it was bridged from the Bitcoin network. Each BTC.b token is fully backed by an equivalent amount of Bitcoin securely locked by the bridge enclave application.
This mechanism provides a trustworthy representation of Bitcoin on the Avalanche network, allowing users to trade, send, and receive Bitcoin assets confidently. It also enables Bitcoin users to access the unique features and benefits of the Avalanche network, such as fast transaction confirmation times, low transaction fees, and high throughput.
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I analyzed BTC.b transfers and transactions on Avalanche using the Transactions and Transfer tables. Subsequently, I extracted the BTC.b holders on Avalanche via the Transfer table.
Next, I discovered the Layer0 bridge's contract address, 0x2297aEbD383787A160DD0d9F71508148769342E3, for which I utilized the Token Transfer table to extract bridged BTC from Arbitrum, Ethereum, BSC, Optimism, and Polygon to Avalanche.
Regarding Swap activities, I relied on TraderJOE, a native DEX on Avalanche.
I identified the contract and platform names by incorporating my findings into the Crosschain DIM labels table.