Despite Crypto Market Rout, Total Value in Cross-Chain Bridges Jumps 9% in 30 Days – Defi

30 days ago, on October 28, the total value (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and given the recent market dump, TVL was still up 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 continues to climb

While the total value of decentralized finance (defi) $258 billion, the TVL is split across a variety of blockchains. These include blockchain networks such as Ethereum ( ETH ), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), Terra (LUNA), tron ​​(TRON), Fantom (FTM) and Polygon (MATIC).

Today, Ethereum commands $170.48 billion the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain rakes in $19.11 billion on Saturday, representing just 7.40% of TVL. Solana has a TVL of $13.86 billion this weekend, or 5.37% of the total value locked in Defi.

Many of these Defi networks use a connection to the Ethereum Virtual Machine (EVM), which allows the protocols to do various things like access liquidity pools and stake tokens. Users use cross-chain bridges to connect their assets to the EVM and use Web3 wallets such as Metamask, Safepal and others.

Almost a month ago, on October 29th, Bitcoin.com News reported over $22.48 billion TVL in cross-chain bridges to Ethereum. Since then, TVL has increased by 9.56% to $24.63 billion, with Axie Infinity's Ronin Bridge leading the way. statistics from Dune Analytics show that there are 135,148 unique depositors using cross-chain bridge networks to 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 bridge TVL is $7.4 billion, the AVAX TVL tied to the cross-chain bridge technology is $6.7 billion. Bridges like Arbitrum and Optimism are used to leverage Ethereum transactions but with lower fees.

Ethereum fees have been falling recently as the average Ether fee has fallen l2fees.info is $9.64 per transaction. However, the L2 (Layer 2) fee offered by Polygon Hermez is around $0.25, Arbitrum is $2.78 per transfer, and Optimism is $1.67 per transaction. The L2 fees offered by Loopring are $0.26 per transfer and Zksync users pay around $0.39 today.

What do you think about the increase in cross-chain bridge usage in the last 30 days? Let us know your thoughts on this topic in the comments below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics