Study Shows Growth Of Cross-Chain Bridging Technology, Bridges To Ether Exceed $7 Billion - Blockchain Bitcoin Reports

 

Researcher: “We are finally in a multi-chain market structure”
Multi-chain or cross-chain technology has been the holy grail in the cryptocurrency space for some time. People want to trade with other blockchains using bridges to different ecosystems.

Dmitriy Berenzon has published a detailed article on Build a cross chain bridge and bridging technology and believes that we have finally reached a tipping point. “After years of research and development, we finally find ourselves in a multi-chain market structure,” Berenzon emphasizes in his blog.

Berenzon’s study focuses on blockchains such as Ethereum, Solana, Tezos, Avalanche, Polkadot, Binance Smart Chain, Cosmos, and others. The researcher points out that “interoperability unlocks innovation” and emphasizes that “Bridge Smart Contract Development Services are important because they allow users to access new platforms, collaboration protocols and developers to collaborate to build new products.”

Additionally, Berenzon mentions many benefits of cross-chain interoperability, such as the use of technology for external validators and federations. It also uses thin client technology and streaming protocols along with the ability to access liquidity networks.

Berenzon’s report isn’t just feint nonsense, however, emphasizing that the technology and Cross chain bridge development is “an incredibly difficult problem for distributed systems.” He adds that issues such as finitude and return, transfers and provenance of NFTs , and stress testing of these blockchain bridges over time need to be addressed.

$7.7 billion locked in 8 bridges to etherea
In addition to Berenzon’s findings, statistics from a Dune Analytics panel called “Bridge Away” measure the volume of a bridge connected to different chains and etherea. In terms of statistics on the relative total value of the Ethereum Bridge locked (TVL), the Polygon ERC20 Bridge has approximately $2.4 billion in TVL on September 16, 2021.
The Polygon Bridge represents 32.5% of TVL in eight bridges. Registered bridges include the Polygon ERC20 bridge, the Arbitrum bridges, the Avalanche bridge, the Solana wormhole, the Phantom Anyswap bridge, the Harmony bridges, Build a token bridge the Optimism ERC20 bridges, and the Near Rainbow bridge.

Across all these bridges, $7.79 billion TVL is spread across 42,997 unique addresses over the last 30 days. Arbitrum Bridges controls 31.5% of the total number of TVLs and Avalanche Bridge now has around 21.2%.

Solana Wormhole’s TVL is about 6.7% and Phantom Anyswap Bridge has about 6.6% of the $7.7 billion TVL. Ether and WETH are the best assets held on TVL with $2.9 billion recorded on September 16. USDC is the second leading asset in Bridge TVL with $1.2 billion. This is followed by packaged bitcoin (WBTC), which has just over $1 billion in total bridging TVL numbers.

What do you think about multi-chain or cross-chain bridging technology and the expanding TVL that these protocols have? Let us know what you think about this topic in the comments section below.

Marks in this story

Arbitrum Bridges, Avalanche Bridge, Blockchain, Bridge, Bridges, Cross-chain, Dmitriy Berenzon, ETH, Fantom Anyswap Bridge, Harmony Bridges, Multicadena, ecosistema multicadena, estudio multicadena, Near Rainbow Bridge, Optimism ERC20 Bridges, Puente Polygon ERC20, Investigación, investigador, Solana Wormhole, estudio, WBTC, WETH, bitcoin envuelto
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dmitriy Berenzon, Various Blockchain Logos, Dune Analytics,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment , tax, legal, or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referenced in this article.