Over $ 7 billion tied up in Layer 1 bridges, but Ethereum still dominates TVL

Some of the top crypto assets like Bitcoin (BTC) and Ethereum (ETH) have seen decent growth over the past month, but Altcoins like Solana (SOL) and Avalanche (AVAX) have seen impressive numbers over the past 30 days.

Swap volumes of 14 Ethereum-based DEXs | Source: Dune Analytics

DeFi solutions continue to grow exponentially, and statistics from Dune Analytics show that over the past week, $ 15 billion has been traded between 14 Ethereum-based DEXs. Uniswap acquired 62% of the $ 9.6 billion swaps.

Pancakeswap has $ 5.55 billion TVL and sushi swap has $ 5.46 billion TVL | Source: Defillama.com

While Uniswap has a huge trading volume, Binance Smart Chain’s Pancakeswap (BSC) has a TVL of around $ 5.55 billion and Sushiswap has $ 5.46 billion. The total weekly DEX trading volume on multiple blockchains is $ 23.8 billion.

Weekly trading volume on DEXs | Source: Debank and Dune

Indicators show that $ 171 billion in TVL is spread across a variety of blockchains. Ethereum continues to dominate TVL for a long time, but several other chains have been more successful in terms of activity over the past month.

Current data from Coin98 Analytics pointed out Polygon’s total number of wallet addresses exceeded 68.3 million, indicating that “Optimism and Arbitrum addresses have increased 2 and 6 times, respectively”.

“While the number of addresses for optimism far surpassed that of Arbitrum, the past week has shown Arbitrum’s sharp rise, which surpassed optimism. In particular, the total number of arbitrum wallet addresses reached 121,000 while optimism has dropped to 103,000, ”the report added.

Over $ 7 billion TVL on Bridges

According to Dune Analytics “Bridge Away (Layer-1 Ethereum)” statistics show that there is $ 7.71 billion in TVL for Harmony, Near Rainbow, Optimism ERC20, Arbitrum, Solana Wormhole, Fantom Anyswap, Polygon ERC20 and Avalanche. On Friday (September 17th) the Wormhole project announced that its ETH-SOL token bridge is now live.

Transaction fees on Layer 2 platforms for September 18, 2021 | Source: L2fees.info

L2fees.info points out that trading Ether with Loopring costs only 0.25 US dollars, trading via Polygon Hermez also costs 0.25 US dollars, Zksync 0.27 US dollars, Arbitrum One 1.64 US dollars -Dollars and Optimism $ 3.06 on Saturday (September 18). Meanwhile, L2fees.info shows that the average fee to trade Ether on September 18 is more than $ 5.

TVL lends out over Ethereum, BSC and Polygon networks | Source: Debank and Defillama

Another interesting DeFi metric this week is that the total value of loans blocked on Ethereum is around $ 44 billion today. Also, out of seven Bitcoin projects including WBTC, TBTC, SBTC, IMBTC, PBTC, HBTC and RENBTC that use the Ethereum network, 270,783 Bitcoins worth more than $ 13 billion are held in TVL today .

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