On October 28, 30 days ago, the total lock-up value (TVL) of the Ethereum cross-chain bridge was approximately US$22.48 billion. In the face of the recent market sell-off, TVL still rose by 9.56%. At the time of writing, with 135,148 unique depositors, Axie Infinity’s Ronin Bridge has the largest TVL.
TVL across the chain bridge continues to climb
Although the total value locked in decentralized finance (defi) is $258 billion, TVL is scattered across countless blockchains. This includes 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 accounts for US$170.48 billion in TVL of US$258, accounting for 65.89% of the total. The Binance Smart Chain’s revenue on Saturday was 19.11 billion U.S. dollars, accounting for only 7.40% of TVL. Solana received $13.86 billion in TVL this weekend, accounting for 5.37% of all the value locked in defi.
Many of these defi networks utilize connections to the Ethereum Virtual Machine (EVM), which allows the protocol to perform various operations, such as access to liquidity pools and equity tokens. Users use cross-chain bridges to connect their assets to EVM and use Web3 wallets such as Metamask, Safepal, etc.
Almost a month ago, on October 29, Bitcoin.com News reported on the TVL of the Ethereum cross-chain bridge of USD 22.48 billion. Since then, with Axie Infinity’s Ronin Bridge leading the way, TVL has grown by 9.56% to reach $24.63 billion. Statistics from Dune Analytics show that there are 135,148 unique depositors connected to Ethereum using a cross-chain bridge network.
In addition to Ronin, there are other cross-chain bridges connected to the blockchain, such as Avalanche, Polygon, Arbitrum, Fantom, Optimism, Boba Network, and Harmony. Ronin’s bridge TVL is 7.4 billion U.S. dollars, while the AVAX TVL related to cross-chain bridge technology is 6.7 billion U.S. dollars. Bridges like Arbitrum and Optimism are used as a means to leverage Ethereum transactions, but the fees are lower.
Ethereum fees have recently dropped because the average ether fee according to l2fees.info is 9.64 USD per transaction. However, the L2 (layer 2) fee provided by Polygon Hermez is approximately US$0.25, Arbitrum is US$2.78 per transfer, and Optimism is US$1.67 per transaction. The L2 fee provided by Loopring is US$0.26 per transfer, and Zksync users will pay about US$0.39 today.
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