TVL in cross-chain bridges still up 9% in 30 days despite market storm

While the total value (TVL) in DeFi is $ 258 billion, it is spread across a variety of blockchains including Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), Terra (LUNA ). , Tron (TRON), Fantom (FTM) and Polygon (MATIC).

Currently, Ethereum hit $ 170.48 billion of the $ 258 billion at TVL, or 65.89%. Binance Smart Chain (BSC) raised $ 19.11 billion which is only 7.40%. Solana is $ 13.86 billion, or 5.37%.

TVL in DeFi

Many of these DeFi networks take advantage of the connectivity to the Ethereum Virtual Machine (EVM), which allows the protocols to do a variety of things, such as accessing liquidity pools and stake tokens. Users use cross-chain bridges to connect their assets to the EVM and use Web3 wallets like Metamask, Safepal and others.

TVL cross-chain bridge with Ethereum

Almost a month ago, on October 29, the TVL in cross-chain bridges for Ethereum was around $ 22.48 billion and, given the recent dump, is still up 9.56% to $ 24.63 billion. Dollars soared with Axie Infinity’s Ronin Bridge leading the way. Statistics from Dune Analytics show that there are 135,148 unique depositors using the cross-chain bridge network with Ethereum.

In addition to Ronin, other cross-chain bridges connect to blockchains such as Avalanche, Polygon, Arbitrum, Fantom, Optimism, Boba Network, and Harmony. While Ronin’s bridging TVL is $ 7.4 billion, the TVL tied to AVAX’s cross-chain bridge technology is $ 6.7 billion. The arbitrum and optimism bridges are used to promote Ethereum transactions, but with lower fees.

Ethereum fees have been falling lately, averaging $ 9.64 per transaction, but still much higher than the usage fees on Layer-2. Where the fee provided by Polygon Hermez is around $ 0.25, Arbitrum is $ 2.78, Optimism is $ 1.67, Loopring is $ 0.26, and Zksync is $ 0.39 for each transaction.

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