List $BTC.b on EMDX

Brief BTC.b on Avalanche is a token representing BTC on Avalanche that was bridged from the Bitcoin (".b") blockchain via the Avalanche Bridge. For example, when sending BTC over the bridge to the Avalanche Network, it will appear as BTC.b once the transaction is completed.

Rationale ​​With a nine-figure market cap and massive liquidity of over half a trillion dollars, BTC is the major Web3 economy driver, supported by one of the largest crypto communities. BTC.b brings these potentialities to the Avalanche ecosystem. Currently many DeFi on Bitcoin solutions are arising (e.g. lightning network, BTC stable-backed USD, and so on). Transaction fees on Avalanche are much lower than in the BTC network, which might speed up and bolster operations and volume based on this asset. As mentioned above, top Avalanche protocols have integrated BTC.b onto their platforms, building out organic circulation. Nonetheless, currently there is a lack of financial solutions for holders, traders, and portfolio managers to properly hedge their BTC.b allocations or use derivatives to set risk-adjusted strategies. On the other hand, there is no protocol on the entire Avalanche ecosystem allowing the usage of leverage to get exposure to this asset with an efficient capital approach. By listing perps on BTC.b, EMDX can take advantage of this nascent status of the BTC.b product and be the “first-to-market”, which will grant both economic benefits and strategic business conditions for the protocol in the near future. Moreover, introducing perps on BTC.b, will open the path to many other financial solutions like structured products or USDC stable-BTC based, that depend on derivatives tools to rebalance prices with market neutral exposure.