23 days ago on September 16, cross-chain bridges held around $7.79 billion total value locked (TVL) and since then the TVL has increased 89% since then to $14.75 billion. Currently, the leading bridges consist of network connections like Polygon Bridges with $4.5 billion, Fantom Anyswap Bridge with $4.1 billion, and the Avalanche Bridge with $3.2 billion.
Cross-Chain Bridge Technology Swells
Decentralized finance (defi) and cross-chain bridge technology have continued to grow in value this year. A cross-chain bridge enables users to link to another blockchain, which in most cross-chain cases the other network has actually been the Ethereum chain, and users can swap properties backward and forward in between each blockchain.
Last month, Bitcoin.com News reported on an in-depth study that covers the myriad of multi-chain bridges that exist today. At that time on September 16, metrics from Dune Analytics’ “Bridge Away (L1 Ethereum)” control panel showed that bridges held $7.79 billion overall value locked (TVL).
Since then statistics show the TVL has increased by 89% to $14.75 billion in value today. The “Bridge Away” control panel reveals bridges originating from Harmony, Optics, Boba, Zksync, Near, Solana, Fantom, Polygon, Avalanche, Optimism, Arbitrum, Xdai, Celo, BSC, Moonriver, and RSK.
Polygon Holds Top Position, Loopring Transfers Are the Cheapest
During the last 30 days, the records measured 121,882 unique addresses associated with these different bridges. At the time of composing, Polygon holds the biggest TVL recording $4.5 billion and the Fantom Anyswap Bridge commands $4.1 billion.
Fantom’s bridge is followed by Avalanche, Arbitrum, Optimism, Zksync, Solana, Harmony, Xdai, and Moonriver respectively. Both WETH and ETH have the leading area in regards to property rankings while the stablecoin USDC runs in the 3rd position.
USDC is followed by WBTC, USDT, MATIC, and DAI as far as asset rankings are concerned. Chainlink (LINK) holds the seventh position amongst the leading properties leveraged on cross-chain bridges. Data from l2fees.info indicates that the current cost to transfer ether via Loopring is $0.17 per transaction. Polygon Hermez is $0.25 per transfer, Zksync $0.26, Optimism $0.97, and Arbitrum One is $1.88 per transfer.
