Interoperability is set to become one of the key themes of the crypto market in 2022 as projects across the ecosystem roll out multiple integrations that make their networks compatible with the Ethereum Virtual Machine (EVM).

While this is one of the ecosystem’s long-term goals on the road to building a network of interconnected protocols, creating a new DeFi market for multi-chain bridges.

Here are three of the highest-volume cross-chain bridges that the crypto community is using to move assets between Tblockchain networks.

Multichain

Multichain (MULTI), formerly known as Anyswap, is a cross-chain routing protocol that aims to be the router for the emerging Web3 ecosystem.

According to Defi Llama, Multichain is the top cross-chain swap protocol as measured by Total Value Locked (TVL), with $8.95 billion currently on the platform.

Total TVL of Multichain | Source: Defi Llama

One of the main reasons TVL is so high on Multichain is the large number of blockchains supported by the protocol. Currently, 30 different chains can be accessed through the network.

Blockchain protocols supported by Multichain | Source: Multichain

According to Multichain, the protocol has processed a total volume of $53.15 billion since its inception, with $19.08 billion in the last 30 days alone. Currently, 485,399 users have interacted with the Multichain protocol, with almost 2,256 million transactions.

Multichain Network Statistics | Source: Multichain

Users who deposit tokens into any of Multichain’s supported pools will receive a transaction fee required by the pool.

The protocol’s MULTI token will be used to vote and participate in the governance of the multichain ecosystem, which currently has 18.64 million tokens in circulation out of a total of 100 million.

Synapse

Synapse (SYN) bills itself as a “cross-chain layer ∞ protocol” designed to provide users with interoperability between separate blockchain networks.

According to data from Defi Llama, Synapse TVL recently hit an all-time high of $1.16 billion before massive amounts of assets drained from the market, sending TVL down to $740.43 million.

Total TVL on Synapse | Source: Defi Llama

The Synapse protocol currently supports 12 different chains with a total transaction volume across aggregated bridges of $5.33 billion.

Total bridging volume per network supported by Synapse | Source: Synapse

The bulk of the total volume recorded on Synapse has come since early 2022, when the log saw processing volume hit an ATH of $157.8 million on Jan. 23.

Volume on Synapse Bridge | Source: Synapse Analytics

The protocol’s SYN token has multiple uses in the ecosystem. Token holders can use it to conduct community governance votes through SynapseDAO, Liquidity Providers (LPs) receive a return in SYN on their deposits, and SYN is also used as a subsidy to pay for the gas that network validators use to process use of transactions.

The LP also receives a portion of the fees the Synapse platform earns per transaction.

Celer cBridge

Another popular cross-chain bridge is Celer cBridge, a multi-chain project that provides instant and cost-effective transfer of value between 19 different networks.

CBridge is a fork of the larger Celer ecosystem (CELR) that uses the CELR token for operations on the protocol and as a reward token for liquidity providers.

Along with the CELR reward paid to the LP, part of the transaction fees generated by users of the liquidity pool for inter-chain assets are paid to the LP and added directly to the pool, allowing for accumulation.

According to data from cBridge Analytics, the total TVL in the bridge contract (pool-based bridge) and the amount locked in the vault contract (token bridge) is currently $240.92 million.

cBridge Usage Statistics | Source: cBridge

A total of 89,897 unique addresses have interacted with the protocol since its inception, conducting a total transaction volume of $2.842 billion.

Similar to Synapse remittance trends, transaction volume on cBridge has increased significantly in 2022 to a record $71.12 million on Jan. 22.

Daily trading volume on cBridge | Source: cBridge Analytics

Protocols currently supported by cBridge include Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Metis, Harmony, Gnosis, Arbitrum and Optimism.

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