Cross-Chain Bridge Value Surges 89% in Less Than a Month, Exceeding $14 Billion TVL – Defi

23 days ago, on September 16, cross-chain bridges held a Total Value Locked (TVL) of around $7.79 billion and since then the TVL has increased by 89% to $14.75 billion. The top bridges currently include network connections such as Polygon Bridges at $4.5 billion, Fantom Anyswap Bridge at $4.1 billion, and the Avalanche Bridge at $3.2 billion.

Cross-chain bridge technology is swelling

Decentralized finance (defi) and cross-chain bridge technology have continued to gain value this year. A cross-chain bridge allows users to connect to another blockchain, where in most cross-chain cases the other network was the Ethereum chain, and users can exchange assets back and forth between any blockchain.

Last month, Bitcoin.com News reported on an in-depth study covering the countless multi-chain bridges in existence today. Back on September 16th, readings of Dune analysis The Bridge Away (L1 Ethereum) dashboard showed that bridges held a total value locked (TVL) of $7.79 billion.

Since then, according to statistics, TVL has increased by 89% to $14.75 billion. The Bridge Away dashboard shows bridges from Harmony, Optics, Boba, Zksync, Near, Solana, Fantom, Polygon, Avalanche, Optimism, Arbitrum, Xdai, Celo, BSC, Moonriver, and RSK.

Polygon holds the top position, Loopring transfers are the cheapest

Over the past 30 days, records measured 121,882 unique addresses associated with these various bridges. At the time of writing, Polygon holds the largest TVL at $4.5 billion and Fantom Anyswap Bridge has $4.1 billion.

Fantoms Bridge is followed by Avalanche, Arbitrum, Optimism, Zksync, Solana, Harmony, Xdai and Moonriver respectively. Both WETH and ETH have the top spot in terms of asset ranking, while the stablecoin USDC is in third place.

USDC is followed by WBTC, USDT, MATIC and DAI in terms of asset rankings. Chainlink (LINK) ranks seventh among the top assets leveraged on cross-chain bridges. Data from l2fees.info states that the current cost of transferring Ether via Loopring is $0.17 per transaction. Polygon Hermez costs $0.25 per transfer, Zksync costs $0.26, Optimism costs $0.97, and Arbitrum One costs $1.88 per transfer.

What do you think about the increasing value of cross-chain bridge technology and the transmission fees tied to certain Layer 2 (L2) protocols? Let us know your thoughts on this topic in the comments below.

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