Bitcoin Avalanche Bridged (BTC.b) is a representation of Bitcoin on the Avalanche Network, enabling the transfer of Bitcoin across multiple blockchain networks. BTC.b utilizes LayerZero's Omnichain Fungible Token (OFT) standard to address the challenges associated with cross-chain Bitcoin transfers, such as dependency on intermediaries or centralized validators. ^{[1][2][3][5][6]}

Overview

BTC.b is a wrapped version of Bitcoin that operates on the Avalanche network through the Avalanche Bridge. It allows for cross-chain transfers, providing interoperability across LayerZero-supported networks. The creation of BTC.b aims to create a universal form of Bitcoin that can be used across different blockchain ecosystems.

The OFT standard facilitates the secure transfer of fungible tokens, including BTC.b, across various blockchain networks. It operates on LayerZero’s omnichain messaging infrastructure, which standardizes token transfers and eliminates the need for middlechains or trusted validators. This approach unifies liquidity and enhances composability with decentralized applications across blockchains. ^{[1][2][3][5][6][7]}

Bridge Functionality

The BTC.b bridge enables the movement of Bitcoin between networks such as Ethereum, Binance Smart Chain, Arbitrum, Optimism, Fantom, Avalanche, and Aptos. This process is supported by LayerZero's messaging protocol and the OFT standard, which provide secure and efficient cross-chain transfers. Users can convert BTC to BTC.b on the Avalanche network and vice versa, allowing participation in decentralized finance (DeFi) opportunities within the Avalanche ecosystem. ^{[1][2][3][5][6]}

Security and Efficiency

The BTC.b system leverages the OFT standard and the Avalanche Bridge to enhance security and efficiency. The bridge utilizes Intel SGX technology, which is designed to meet strict security protocols for Bitcoin transfers. Additionally, BTC.b transfers are cost-effective, with minimal fees and no bridging fees for most transactions, aside from standard gas costs.^[2][3][5][6]

Acquisition of BTC.b

To obtain BTC.b, users can bridge their Bitcoin to the Avalanche network using the Core Wallet extension. This process involves sending Bitcoin to a specified bridge address, where it is secured within an SGX enclave. The equivalent amount of BTC.b is then minted on the Avalanche network, allowing users to engage with the Avalanche DeFi ecosystem or transfer BTC.b across supported networks.

When transferring BTC.b to non-EVM chains like Aptos, specific steps are required, such as asset registration and claim transactions. These steps are intended to enhance the security and smooth operation of transfers to chains with different architectural designs. Subsequent transfers of the same token do not require these additional procedures.^{[2][3][4][5][6]}