On September 16, cross-chain bridges had a total value locked (TVL) of around $7.79 billion, and the TVL has since increased by 89 percent to $14.75 billion. The top bridges currently include network connections such as Polygon Bridges ($4.5 billion), Fantom Anyswap Bridge ($4.1 billion), and the Avalanche Bridge ($3.2 billion).
Cross-Chain Bridge Technology is Growing
This year, the value of decentralized finance (defi) and cross-chain bridge technology has increased. A cross-chain bridge connects users to another blockchain, which in most cross-chain cases is the Ethereum chain, and users can swap assets back and forth between each blockchain.
Last month, we published an in-depth study on the plethora of multi-chain bridges that exist today. At the time, September 16, metrics from Dune Analytics’ “Bridge Away (L1 Ethereum)” dashboard indicated that bridges had a total value of $7.79 billion locked up (TVL).
Statistics show that the TVL has increased in value by 89 percent since then, to $14.75 billion today. Bridges from Harmony, Optics, Boba, Zksync, Near, Solana, Fantom, Polygon, Avalanche, Optimism, Arbitrum, Xdai, Celo, BSC, Moonriver, and RSK are displayed on the “Bridge Away” dashboard.
Polygon Transfers are the most affordable, while Loopring Transfers are the most expensive.
The records measured 121,882 unique addresses associated with these various bridges in the last 30 days. Polygon has the largest TVL at the time of writing, commanding $4.5 billion, while the Fantom Anyswap Bridge commands $4.1 billion.
Following Fantom’s bridge are Avalanche, Arbitrum, Optimism, Zksync, Solana, Harmony, Xdai, and Moonriver. In terms of asset rankings, WETH and ETH are both first, with the stablecoin USDC coming in third.
In terms of asset rankings, USDC is followed by WBTC, USDT, MATIC, and DAI. Chainlink (LINK) is ranked seventh among the top assets leveraging cross-chain bridges. According to l2fees.info, the current cost of transferring ether via Loopring is $0.17 per transaction. Polygon Hermez charges $0.25 per transfer, Zksync charges $0.26, Optimism charges $0.97, and Arbitrum One charges $1.88 per transfer.