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

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30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 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 locked in decentralized finance (defi) is , the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum ( ), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC).

Today, Ethereum of the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain captures $19.11 billion on Saturday, which is only 7.40% of the TVL. Solana commands a $13.86 billion TVL this weekend or 5.37% of all the value locked in defi.

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


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

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


Close to a month ago, on October 29, Bitcoin.com News on the $22.48 billion TVL in cross-chain bridges to Ethereum. Since then the TVL has increased by 9.56% to $24.63 billion with Axie Infinity’s Ronin Bridge leading the pack. from Dune Analytics show there are 135,148 unique depositors leveraging cross-chain bridge networks to Ethereum.

Besides 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 cross-chain bridge technology is $6.7 billion. Bridges like Arbitrum and Optimism are used as a means to leverage Ethereum transactions but with lower fees.

Ethereum fees have dropped in recent times as the average ether fee according to is $9.64 per transaction. But 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. L2 fees offered by Loopring are $0.26 per transfer and Zksync users will pay around $0.39 today.

What do you think about the increase in cross-chain bridge usage during the last 30 days? Let us know what you think about this subject in the comments section below.
 
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