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Home Crypto

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion – Blockchain Bitcoin News

by Trading How
September 16, 2021
in Crypto
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Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion – Blockchain Bitcoin News
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On September 8, 2021, Dmitriy Berenzon, analysis accomplice at 1kxnetwork, an early-stage crypto fund that helps founders bootstrap token networks, revealed a complete analysis publish regarding blockchain bridges. Berenzon’s examine highlights the present “multi-chain market construction” and bridges which can be making a myriad of blockchains suitable.

Researcher: ‘We Are Lastly in a Multi-Chain Market Construction’

For fairly a while now, multi-chain or cross-chain know-how has been a holy grail of kinds within the cryptocurrency improvement house. Folks wish to transact with different blockchains by leveraging bridges to totally different ecosystems.

Dmitriy Berenzon revealed a detailed article concerning the topic of cross-chain tech and bridges, and he believes we’ve lastly reached a watershed second. “After years of analysis & improvement, we’re lastly in a multi-chain market construction,” Berenzon stresses in his weblog publish.

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion
Picture of bridge know-how “as of September 8, 2021; Illustrative / Not totally complete,” based on analysis accomplice at 1kxnetwork, Dmitriy Berenzon.

Berenzon’s examine seems at blockchains like Ethereum, Solana, Tezos, Avalanche, Polkadot, Binance Good Chain, Cosmos, and extra. The researcher notes that “interoperability unlocks innovation” as he highlights that “bridges are essential as a result of they permit customers to entry new platforms, protocols to interoperate with one another, and builders to collaborate on constructing new merchandise.”

Furthermore, Berenzon lists the numerous advantages of cross-chain interoperability like leveraging the tech for exterior validators and federations. Additionally, utilizing the tech for mild purchasers and relay protocols alongside the power to entry liquidity networks.

Nevertheless, Berenzon’s report isn’t just a fluff piece about fintech, and he highlights that cross-chain tech and bridges are an “extremely tough downside in distributed programs.” He provides that issues like finality and rollbacks must be addressed, NFT transfers and provenance, alongside stress testing these blockchain bridges over time.

$7.7 Billion Locked Throughout 8 Bridges to Ethereum

Along with Berenzon’s insights, statistics from Dune Analytics’ dashboard referred to as “Bridge Away” measure bridge quantity tethered to the varied chains and Ethereum. When it comes to Ethereum bridge relative complete worth locked (TVL) stats, the Polygon ERC20 Bridge has roughly $2.4 billion in TVL on September 16, 2021.

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion
Dune Analytics’ dashboard referred to as “Bridge Away” was crafted by @eliasimos, a protocol specialist at Coinbase through Bisontrails.

Polygon’s bridge represents 32.5% of the TVL throughout eight bridges. The bridges recorded embrace the Polygon ERC20 Bridge, Arbitrum Bridges, Avalanche Bridge, Solana Wormhole, Fantom Anyswap Bridge, Concord Bridges, Optimism ERC20 Bridges, and Close to Rainbow Bridge.

Throughout all of those bridges talked about, there’s $7.79 billion TVL unfold throughout 42,997 distinctive addresses over the past 30 days. Arbitrum Bridges command 31.5% of the combination TVL and the Avalanche Bridge has round 21.2% at the moment.

Solana Wormhole’s TVL is about 6.7% and the Fantom Anyswap Bridge has round 6.6% of the $7.79 billion TVL. Ether and WETH are the highest property held in TVL with $2.9 billion recorded on September 16. USDC is the second main asset held in bridge TVL with $1.2 billion recorded. That is adopted by wrapped bitcoin (WBTC) which has simply over a billion {dollars} held within the general bridge TVL mixture complete.

What do you consider multi-chain or cross-chain bridge know-how and the increasing TVL held by these protocols? Tell us what you consider this topic within the feedback part under.

Tags on this story
Arbitrum Bridges, Avalanche Bridge, Blockchain, Bridge, Bridges, Cross-chain, Dmitriy Berenzon, ETH, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, multi-chain ecosystem, multi-chain study, Near Rainbow Bridge, Optimism ERC20 Bridges, Polygon ERC20 Bridge, Research, researcher, Solana Wormhole, study, WBTC, WETH, wrapped bitcoin

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Dmitriy Berenzon, Numerous blockchain logos, Dune Analytics,

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any harm or loss precipitated or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.





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