The total value of cross-chain bridges between Ethereum and Bitcoin was approximately $22.48Billion on October 28th. Even with the recent market dump the TVL increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL.
Cross-Chain Bridge TVL Climbs
Although the decentralized finance total is locked at $258billion, TVL can be split between a variety of blockchains. These include blockchain networks like Ethereum (ETH), Binance Smart Chain, (BSC), Solana(SOL), Avalanche/AVAX), Terra (LUNA), tron/TRON), Fantom/FTM and Polygon (MATIC).
Ethereum today commands $170.48 trillion of the $258 TVL, or 65.89%, of the total. Binance Smart Chain seized $19.11Billion Saturday. That’s only 7.40% TVL. Solana has a $13.86 Billion TVL, or 5.7% of the total value in defi.
A lot of these networks use a connection to Ethereum Virtual Machine (EVM), which allows protocols to access various liquidity pools and stake tokens. Cross-chain bridges are used by users to link their assets with the EVM, as well as to use Web3 wallets such Safepal and Metamask.
Bitcoin.com News, October 29, 2018, reported that the TVL of cross-chain bridges from Ethereum was $22.48Billion. Since then the TVL has increased by 9.56% to $24.63 billion with Axie Infinity’s Ronin Bridge leading the pack. Dune Analytics statistics show that there are 135,148 distinct depositors who leverage cross-chain bridge network to Ethereum.
Cross-chain bridges can be connected to other blockchains, such as Avalanche and Polygon. While Ronin’s bridge TVL is $7.4 billion, the AVAX TVL tied to cross-chain bridge technology is $6.7 billion. Bridges like Arbitrum, Optimism and other cross-chain bridge technology are used to enable Ethereum transactions with lower fees.
The average transaction fee for Ethereum has dropped to $9.64 according to l2fees.info. Polygon Hermez offers L2 (Layer 2) fees of $0.25 and $2.78 for transfers, respectively, while Arbitrum charges $1.67 each. Loopring offers $0.26 per transfer while Zksync users can expect to pay approximately $0.39.
How do you feel about cross-chain bridge use increasing in the past 30 days? Please comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki Commons. Dune Analytics
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