Home
News
The entire cryptocurrency space sure did have its Black Friday deals on the 26th as it brought down prices of cryptocurrencies especially bitcoin (BTC) by 20 percent. However, despite the crypto market dipping that day, its total value locked (TVL) in cross-chain bridges took quite a leap in the last month.
TVL in cross-chain bridges surge
About a month ago, the TVL in cross-chain bridges to the Ethereum (ETH) network was at $22.48 billion and despite facing the latest market dump, the total value locked still rose by 9.56 percent. Also, as of publication, there have been 135,148 unique depositors. In line with this, it was also learned that the Ronin Bridge of the NFT game “Axie Infinity” holds the biggest TVL.
While the TVL in decentralized finance (DeFi) sits at $258 billion, this TVL is divided among a multitude of blockchains. The blockchain networks of Binance Smart Chain (BSC), Avalanche (AVAX), Tron (TRON), Polygon (MATIC), Solana (SOL), Fantom (FTM), terra (LUNA), and Ethereum (ETH) are included in this mix.
Currently, ethereum got a massive chunk of that DeFi TVL as it has $170.48 billion of the $258 billion. Now that translates to almost 66 percent of the aggregate. Binance Smart Chain, on Saturday, bagged $19.11 billion of it which is 7.40 percent of DeFi’s TVL. Solana, on the other hand, got a TVL of $13.86 billion during the weekend which is 5.37 percent of DeFi’s total value locked.
A majority of DeFi networks support a connection to the Ethereum Virtual Machine (EVM) that enables the protocols to perform different activities such as stake tokens and access liquidity pools. Further, users also leverage cross-chain bridges to link their assets to the Ethereum Virtual Machine, not to mention the usage of Web3 wallets such as Safepal, Metamask, and similar platforms.
‘Axie Infinity’s’ Ronin Bridge
It was also reported in October that a total value locked of $22.48 billion in cross-chain bridges to ETH. From then on, the total value locked has surged by 9.56 percent to $24.63 billion with the Ronin Bridge of “Axie Infinity” being the top dog. Aside from Ronin, other cross-chain bridges are linked to the blockchain which includes Boba Network, Harmony, Arbitrum, Avalanche, Optimism, Fantom, and Polygon.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
