Categories: Market

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.