{"id":14756,"date":"2021-11-27T19:54:05","date_gmt":"2021-11-27T19:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/despite-crypto-market-rout-total-value-locked-in-cross-chain-bridges-jumps-9-in-30-days\/"},"modified":"2021-11-27T19:54:05","modified_gmt":"2021-11-27T19:54:05","slug":"despite-crypto-market-rout-total-value-locked-in-cross-chain-bridges-jumps-9-in-30-days","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/despite-crypto-market-rout-total-value-locked-in-cross-chain-bridges-jumps-9-in-30-days\/","title":{"rendered":"Despite Crypto Market Rout, Total Value Locked in Cross-Chain Bridges Jumps 9% in 30 Days"},"content":{"rendered":"

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\u2019s Ronin Bridge holds the largest TVL. <\/strong><\/p>\n

Cross-Chain Bridge TVL Continues to Climb<\/h2>\n

While the total value locked in decentralized finance (defi) is $258 billion<\/a>, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH<\/a>), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC).<\/p>\n

Today, Ethereum commands $170.48 billion<\/a> 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.<\/p>\n<\/p>\n

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.<\/p>\n<\/p>\n

Close to a month ago, on October 29, Bitcoin.com News reported<\/a> 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\u2019s Ronin Bridge leading the pack. Statistics<\/a> from Dune Analytics show there are 135,148 unique depositors leveraging cross-chain bridge networks to Ethereum.<\/p>\n

Besides Ronin, other cross-chain bridges connect to blockchains such as Avalanche, Polygon, Arbitrum, Fantom, Optimism, Boba Network, and Harmony. While Ronin\u2019s 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.<\/p>\n

Ethereum fees have dropped in recent times as the average ether fee according to l2fees.info<\/a> 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.<\/p>\n

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. <\/strong><\/em><\/p>\n

Bitcoin News
\nDefi, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Ronin Bridge holds the largest TVL. Cross-Chain…<\/p>\n","protected":false},"author":0,"featured_media":14757,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14756"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14756"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14757"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}