Despite Crypto Market Rout, Total Value Locked in Cross-Chain Bridges Jumps 9% in 30 Days
30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. Cross-Chain Bridge TVL Continues to Climb
While the total value locked in decentralized finance (defi) is $258 billion, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC).
Today, Ethereum commands $170.48 billion of the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain captures $19.11 billion on Saturday, which is only 7.40% of the TVL. Solana commands a $13.86 billion TVL this weekend or 5.37% of all the value locked in defi.
Many of these defi networks leverage a connection to the Ethereum Virtual Machine (EVM) which allows the protocols to do various things like access liquidity pools and stake tokens. Users leverage cross-chain bridges to connect their assets to the EVM and to utilize Web3 wallets like Metamask, Safepal, and others.
Close to a month ago, on October 29, Bitcoin.com News reported on the $22.48 billion TVL in cross-chain bridges to Ethereum. Since then the TVL has increased by 9.56% to $24.63 billion with Axie Infinity’s Ronin Bridge leading the pack. Statistics from Dune Analytics show there are 135,148 unique depositors leveraging cross-chain bridge networks to Ethereum.
Besides Ronin, other cross-chain bridges connect to blockchains such as Avalanche, Polygon, Arbitrum, Fantom, Optimism, Boba Network, and Harmony. While Ronin’s bridge TVL is $7.4 billion, the AVAX TVL tied to cross-chain bridge technology is $6.7 billion. Bridges like Arbitrum and Optimism are used as a means to leverage Ethereum transactions but with lower fees.
Ethereum fees have dropped in recent times as the average ether fee according to l2fees.info is $9.64 per transaction. But the L2 (Layer 2) fee offered by Polygon Hermez is around $0.25, Arbitrum is $2.78 per transfer, and Optimism is $1.67 per transaction. L2 fees offered by Loopring are $0.26 per transfer and Zksync users will pay around $0.39 today. Tags in this story Arbitrum Bridges, Avalanche Bridge, axie infinity, Blockchain, Bridge, Bridges, Cross-chain, Dmitriy Berenzon, ETH, Fantom, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, multi-chain ecosystem, Optimism ERC20 Bridges, Polygon ERC20 Bridge, ronin, Solana
What do you think about the increase in cross-chain bridge usage during the last 30 days? Let us know what you think about this subject in the comments section below. Founder of Africa-Focused Media Firm Urges Continent"s Governments to Embrace Crypto DEFI | 4 days ago NFT-Collateralizing South African Startup Raises $5 Million in Latest Seed Round DEFI | Nov 19, 2021
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics Previous articleData Shows a Myriad of Crypto Networks Are More Profitable to Mine Than Bitcoin Next article‘We’ve All Decided Centralized Banking Is Rigged’ — South Park Episode Features a Bitcoin-Only Future Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTwitter Sets up Dedicated Team to Focus on Cryptocurrency and Decentralized Apps
Twitter has set up a team to focus on "crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Initially, the team will explore how it can "support the growing interest among creators to use decentralized apps to ... read more.Russian Nationalists Prepare Bill to Regulate Cryptocurrency Mining Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally