The total value of the cross-chain bridges between Ethereum and Bitcoin was approximately $ 22.48 billion on October 28. Even with the recent market turnaround, the TVL increased by 9.56%. At the time of writing, there are 135,148 unique depositors and the Axie Infinity Ronin Bridge has the largest TVL.
Cross Chain Bridge TVL Climbs
Although the total decentralized finance is locked at $ 258 billion, TVL can be divided among a variety of blockchains. These include blockchain networks such as Ethereum (ETH), Binance Smart Chain, (BSC), Solana (SOL), Avalanche / AVAX), Terra (LUNA), tron โโ/ TRON), Fantom / FTM, and Polygon (MATIC).
Ethereum today has $ 170.48 trillion of the $ 258 TVL, or 65.89% of the total. Binance Smart Chain seized $ 19.11 billion on Saturday. That is only 7.40% TVL. Solana has a TVL of $ 13.86 billion, or 5.7% of the total value in defi.
Many of these networks use a connection to the Ethereum Virtual Machine (EVM), which allows the protocols to access various pools of liquidity and participation tokens. Users use cross-chain bridges to link their assets to the EVM, as well as to use Web3 wallets such as Safepal and Metamask.
Bitcoin.com News, October 29, 2018, reported that the TVL of Ethereum cross-chain bridges was $ 22.48 billion. Since then, the TVL has risen 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 different depositors leveraging the cross-chain bridge network to Ethereum.
Cross-chain bridges can be connected to other blockchains, such as Avalanche and Polygon. While Ronin's TVL bridge is $ 7.4 billion, the AVAX TVL linked to cross-bridge technology is $ 6.7 billion. Bridges such as Arbitrum, Optimism, and other cross-chain bridging technologies 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 roughly $ 0.39.
What do you think of the increased use of cross chain bridges in the last 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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