February 1, 2023

In bitcoin sidechains, more than 9600 MTC for $ 78 million

In bitcoin sidechains, more than 9600 MTC for $ 78 million

According to the study, as of October 17, 9661 bitcoins were placed in the three main sidechain projects.

Although this is only 0.054% of the total number of coins mined today, but with the current MTC exchange rate of $ 8090, the total value of these assets is $ 78.15 million.

Sidechains are offshoots fromthe main blockchain of bitcoin and are directly related to it. The technology has existed for several years, and allows users to safely transfer funds to second-level solutions, blocking them in the main network, with subsequent return opportunity. Such projects offer advanced cryptocurrency exchange functions that are not available in the main blockchain.

The study showed that in the exchange sidechainBinance is now turning around 9001 MTC, although it was launched just six months ago. The Wrapped Bitcoin project, which is actually an ethereum-based token, attracted 571 BTC, and 89 coins are in the Liquid network.

So far, most second level solutionsare at the testing stage, but they are developing rapidly and gaining popularity. Recently, the Lightning Network payment protocol has successfully passed a formal security audit.