Study shows cross-chain bridging of technology growth, bridges to Ethereum exceed $ 7 billion-blockchain

on September 8, 2021, Dmitriy Berenzon, research partner at 1kxnetwork, a cryptofonds in early stage, which supports founders in the boat trap of token networks, released a comprehensive research contribution to blockchain bridges. Berenzon's study highlights the current "multi-chain market structure" and bridges that make countless blockchains compatible.

researchers: "We are finally in a multi-chain market structure '

Multi-chain or cross-chain technology has been a kind of holy grail in the development of cryptocurrencies for some time. People want to carry out transactions with other blockchains by using bridges to various ecosystems.

dmitriy Berenzon published as Detailed article On the subject of cross-chain technology and bridges, and he believes that we have finally reached a turning point. "After years of research & development, we are finally in a multi -chain market structure," emphasizes Berenzon in his blog post.

Berenzon's study deals with blockchains such as Ethereum, Solana, Tezos, Avalanche, Polkadot, Binance Smart Cosmos and more. The researcher notes that "interoperability innovation releases" because he emphasizes that "bridges are important because they enable users to access new platforms, logs for interoperability and developers in developing new products".

In addition, Berenzon lists the many advantages of cross -chain interoperability, e.g. B. the use of technology for external validators and associations. You can also use the technology for light clients and relay protocols and at the same time access liquidity networks.

Berenzon's report is not just a fluff about FinTech, and he emphasizes that cross-chain technology and bridges are an "incredibly difficult problem in distributed systems". He adds that things such as final and rollbacks, NFT transfers and provenance as well as stress tests of these blockchain bridges have to be tackled over time.

$ 7.7 billion over 8 bridges closed to Ethereum

In addition to the findings of Berenzon, statistics from the dashboard of Dune Analytics called "Bridge Away" measure the bridge volume that is connected to the various chains and Ethereum. With regard to the relative Total Value Locked (TVL) statistics of the Ethereum Bridge, the ERC20 Bridge polygon has around $ 2.4 billion on TVL.

The bridge of polygon represents 32.5% of the TVL over eight bridges. The recorded bridges include the ERC20 Bridge, Arbitrum Bridge, Avalanche Bridge, Solana Wormhole, Fantom Anyswap Bridge, Harmony Bridge, Optimism ERC20 Bridge and Near Rainbow Bridge.

across all of these bridges there have been $ 7.79 billion TVL in the last 30 days, which are cleared to 42,997 clear addresses. Arbitrum Bridges has 31.5% of the total TVL and the Bridge Avalanche has around 21.2% today.

The TVL from Solana Wormhole is about 6.7% and the Fantom Anyswap Bridge has about 6.6% of the TVL of $ 7.79 billion. Ether and Weth, with $ 2.9 billion, are the largest assets that are kept in TVL on September 16. With $ 1.2 billion, USDC is the second most important asset that is kept in Bridge TVL. It follows Wrapped Bitcoin (WBTC), which holds a little more than a billion dollars in the entire Bridge TVL total.

What do you think of the multi-chain or cross-chain bridge technology and the growing TVL of this protocols? Let us know your opinion on this topic in the comments below.

Photo credits : Shutterstock, Pixabay, Wiki Commons, Dmitriy Berenzon, various blockchain logos, dune analytics,