Altcoin Roundup: Cross-chain bridge tokens moon as crypto shifts toward interoperability

interoperability is shaping up to be one of the independent themes for the cryptocurrency grocery store in 2022 as projects across the ecosystem unveil integrations that make their networks Ethereum ( ETH ) Virtual Machine ( EVM ) compatible. While this has been one of the long-run goals of the ecosystem as a step on the path to an interconnected network of protocols, it has besides created a new decentralized finance ( DeFi ) market for multi-chain bridges and decentralized finance. here are three of the top book cross-chain bridges that the cryptocurrency community uses to transfer assets between blockchain networks .

Multichain

Multichain ( MULTI ), once known as Anyswap, is a cross-chain router protocol that aims to become the go-to router for the emerging Web3 ecosystem.

According to data from Defi Llama, Multichain is the top-ranked cross-chain barter protocol by entire value locked, with $ 8.95 billion presently locked on the platform .Multichain total value locked. Source: Defi Llama One of the independent reasons for the high TVL on Multichain is the large phone number of blockchain networks supported by the protocol. Currently, 30 different chainscan be accessed on the net .Blockchain protocols supported by Multichain. Source: Multichain According to data provided by Multichain, the protocol has processed a total of $ 53.15 billion worth of volume since launch, with $ 19.08 billion of that being transacted in the past 30 days alone. There are presently 485,399 users that have interacted with the Multichain protocol, amounting to closely 2.256 million transactions .Multichain network statistics. Source: Multichain Users who deposit tokens into one of the pools supported by Multichain receive a parcel of the transaction fees generated by the consortium in wonder. The protocol ‘s native MULTI token is used to vote and participate in the administration of the Multichain ecosystem and has a circulating provision of 18.64 million tokens out of a total 100 million .

Synapse

Synapse ( SYN ) refers to itself as a “ cross-chain layer ∞ protocol ” that is designed to offer users interoperability between separate blockchain networks. According to data from Defi Llama, Synapse recently hit an all-time high in sum value locked of $ 1.16 billion anterior to experiencing a wave of outflows that lowered the TVL to 740.43 million .Total value locked on Synapse. Source: Defi Llama The Synapse protocol presently supports 12 different chains that have a combined sum bridge volume of $ 5.33 billion, according to data from the platform ’ s dashboard .Total bridged volume on each network supported by Synapse. Source: Synapse A large share of the total volume recorded on Synapse has come since the begin of 2022 with the protocol seeing an all-time senior high school bridge bulk of $ 157.8 million on Jan. 23.

Synapse bridge volume. Source: Synapse Analytics The protocol ‘s native SYN token has several uses within the ecosystem. Token holders can use it to conduct residential district administration votes via the SynapseDAO, liquid providers ( LPs ) receive a share give paid out in SYN for their deposits and it is besides used as a subsidy to pay for the gas expended by network validators to secure transactions across the network. LPs besides receive a partake of the protocol fees earned by the Synapse chopine on each transaction. Related: Web3 innovations are replacing middlemen with middleware protocols

Celer cBridge

Another popular cross-chain bridge is the Celer cBridge, a multi-chain network that enables moment, low-cost value transfers between 19 different networks. The cBridge is a subsector of the larger Celer ( CELR ) ecosystem and utilizes the CELR token for operations on the protocol and as the wages nominal for fluidity providers. Along with the CELR rewards paid to LPs, a share of the transaction fees generated by people who use the liquidity pools to bridge funds across chains are paid out to LPs and added immediately to the pools, allowing the rewards to compound. According to data from cBridge analytics, the total respect of funds locked in the bridge condense ( pool-based bridge ) and the funds locked in the token vault contract ( basic token bridge ) presently stands at $ 240.92 million .cBridge usage statistics. Source: cBridge A total of 89,897 singular addresses have interacted with the protocol since origin and have conducted a sum of $ 2.842 billion in transaction book.

alike to the transfer swerve seen with Synapse, the transaction volume on cBridge has gotten perceptibly higher in 2022 with a criminal record $ 71.12 million being transacted on Jan. 22 .Daily transaction volume on cBridge. Source: cBridge analytics Some of the protocols presently supported by cBridge include Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Metis, Harmony, Gnosis, Arbitrum and Optimism .

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Category : QUESTION COIN

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