The Avalanche [AVAX] network suffered massively following the crypto crash in June. However, it has been making huge strides in the market as of 25 June. The native token, AVAX, has also received a good movement given its current price trajectory.
AVAX prices have responded well with a 10% surge since the last day to $21.25, at press time. AVAX is also up 42% over the last week, which is a result of market recovery. So what is the latest development on Avalanche?
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New tides, new strides
Avalanche recently announced new support for bridging Bitcoin to Avalanche using the Avalanche bridge. This move would enable Avalanche to access more than $500 billion worth of assets on the Bitcoin network. It will also be a welcoming addition to the Avalanche DeFi which is still very far from its all-time high (ATH) in December 2021. It comes after the launch of cross-chain transfers between Ethereum and Avalanche.
The new Bitcoin bridging functionality aims to unlock over half a trillion dollars of value on the Bitcoin network for use within the Avalanche DeFi ecosystem. The new BTC bridge includes an Intel Software Guard Extension (SGX) application to support cross-chain BTC transfers.
Avalanche has also introduced four new Wardens to the existing partners:
- Ava Labs
- Bware Labs
A quick metric update
Despite the gravity of the announcement, the volume has remained stagnant over recent days without any major shifts. The network volume has been in between $350 million- $650 million over the past week.
However, the development activity metric has displayed just a single uptick throughout the week- it has been falling throughout the crash.
The social dominance metric jumped to 4% at the time of the announcement but has dropped down to weekly averages of 1% at the press time. Avalanche will need to build on that since volume has also diminished recently.
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