Twenty-three days ago, on September 16, cross-chain bridges held a Total Value Locked (TVL) of around $ 7.79 billion and since then the TVL has grown 89% to $ 14.75 billion. Top bridges currently include network connections such as Polygon Bridges with $ 4.5 billion, Fantom Anyswap Bridge with $ 4.1 billion, and Avalanche Bridge with $ 3.2 billion.
Cross-chain bridging technology is swelling
Decentralized financing (defi) and cross-chain bridging technology have continued to gain in value this year. A cross-chain bridge allows users to connect to another blockchain, with in most cross-chain cases the other network being the Ethereum chain, and users can exchange assets back and forth between each blockchain.
Last month, Bitcoin.com News reported an in-depth study covering the myriad of multi-chain bridges that exist today. At this point, on September 16, metrics on Dune Analytics’ Bridge Away (L1 Ethereum) dashboard showed that bridges were holding a total of $ 7.79 billion (TVL) down.
Since then, the TVL has grown 89% to $ 14.75 billion, according to statistics. The “Bridge Away” dashboard shows bridges from Harmony, Optics, Boba, Zksync, Near, Solana, Fantom, Polygon, Avalanche, Optimism, Arbitrum, Xdai, Celo, BSC, Moonriver and RSK.
Polygon holds top position, loop ring transfers are the cheapest
Over the past 30 days, 121,882 unique addresses associated with these various bridges were recorded in the records. At the time of writing, Polygon holds the largest TVL at $ 4.5 billion and the Fantom Anyswap Bridge holds $ 4.1 billion.
Fantoms Bridge is followed by Avalanche, Arbitrum, Optimism, Zksync, Solana, Harmony, Xdai and Moonriver. Both WETH and ETH have the top spot in terms of asset ranking, while the stablecoin USDC is in third place.
USDC is followed by WBTC, USDT, MATIC and DAI in terms of wealth rankings. Chainlink (LINK) ranks seventh among the top assets leveraged on cross-chain bridges. Data from l2fees.info shows that the current cost of transferring Ether over Loopring is $ 0.17 per transaction. Polygon Hermez is $ 0.25 per transfer, Zksync is $ 0.26, Optimism is $ 0.97, and Arbitrum One is $ 1.88 per transfer.
What do you think of the increasing value of cross-chain bridge technology and the transmission fees tied to certain Layer 2 (L2) protocols? Let us know what you think on this matter in the comments below.
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Arbitrum Bridges, Avalanche Bridge, Blockchain, Bridge, Bridges, Cross-Chain, Dmitriy Berenzon, ETH, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, Multi-Chain Ecosystem, Multi-Chain Study, Near Rainbow Bridge, Optimism ERC20 Bridges, Polygon ERC20 Bridge, Research, Researcher, Solana Wormhole, Study, WBTC, WETH, Packaged Bitcoin
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