What is BTC.b?
BTC.b is a newly launched wrapped version of Bitcoin on the Avalanche Network. BTC is moved to Avalanche via the Avalanche Bridge. BTC.b is an ideal candidate to bring true omnichain Bitcoin to all LayerZero supported chains
OFT Advantages
Security: Generic cross-chain messaging is a major improvement in overall security compared to existing middlechain and wrapped asset bridge solutions; transferred tokens are being issued by 1st party contracts on destination chains vs. 3rd party contracts with vulnerable wrapped assets
Standardization: Token balances can move across chains and remain in their native form without the need to develop for countless standards (ex. ERC20, BEP20, SPL20)
Efficiency: All OFTs exist as native tokens and are completely free to use with the exception of gas costs. No bridging fees and efficient arbitrage across chains make OFTs the clear choice for omnichain tokens
Unified Liquidity: Balances of OFT tokens can be modified seamlessly across chains resulting in truly unified liquidity without the fragmentation of existing solutions.
Composability: The OFT standard allows other decentralized applications to quickly integrate with omnichain tokens; all interactions and calls are easily accessible so long as an application has the token address (ex. Rapid integration with AMMs and exchanges)
