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

Multichain, according to information from Defi Lama, is the highest-ranked cross-chain Swap protocol in terms of total worth locked with $8.95 Billion presently locked on the platform.

Multichain total worth locked. Source: Defi Llama

Multichain (MULTI), previously referred to as Anyswap is a cross-chain routing protocol that targets at becoming the basic router in the new Web3 environment.

Multichain

This has been a long-lasting goal of the ecosystem, as it is a step towards an interconnected network protocol. It has also produced a decentralized finance market (DeFi), for multi-chain bridges.

Interoperability will be a key theme for the cryptocurrency market in 2022, as numerous tasks from the community announce integrations that make their networks Ethereum Virtual Maker (EVM), compatible.

Multichains high TVL is due to the numerous blockchain networks that it supports. The network presently supports access to 30 different chains.

These are the three most popular cross-chain bridges used by the cryptocurrency community to move assets across blockchain networks.

Multichain supports blockchain protocols Source: Multichain

The native MULTI token of the procedure is used to enact the governance of Multichain environment. There are presently 18.64 million tokens readily available, out of an overall of 100 million.

Multichain users who transfer tokens to one of its pools get a sare from the deal fees generated.

Multichain network statistics. Source: Multichain

Information from Defi Lama shows that Synapse reached an all-time high of $1.16 trillion in total worth prior to experiencing a wave outflow that reduced the TVL to 740.43 millions.

Synapse

Multichain data reveals that the protocol has processed $53.15 billion in volume given that its launch, $19.08 billion of which was negotiated within the last 30 days. The Multichain procedure currently has 485,399 users, which totals up to nearly 2.256 million deals.

Synapse (SYN), is a “crosschain layer protocol” which was developed to allow users to interoperate between different blockchain networks.

Synapse overall value Source: Defi Llama

LPs also get a portion of the Synapse platforms procedure costs for each deal.

Synapse overall bridged volume for each network. Synapse

Synapse has taped a large part of the overall volume considering that 2022, when the protocol saw an all-time high bridge volume at $157.8 million on January 23.

According to information from Synapses dashboard, 12 chains are presently supported by the Synapse procedure. Their combined bridged volume is $5.33 billion.

Synapse bridge volume. Synapse Analytics

There are many usages for the native SYN token of the protocol within the community. It can be used by token holders to enact community governance through SynapseDAO. Liquidity providers (LPs), who receive a percentage yield in SYN for deposits, and as a subsidy for network validators to acquire gas to ensure deals throughout the network are secured, also get it.

Related: Web3 innovations change intermediaries with middleware protocols

The cBridge subsector of larger Celer (CELR), community utilizes the CELR token to operate on the protocol along with as the benefit token for liquidity providers.

Celer cBridge is another popular cross-chain bridge. This multi-chain network enables instant worth transfers between 19 networks at low cost.

Data from cBridge analytics reveals that the present value of the bridge contract (pool-based) and token vault contract (canonical token bridge) is $240.92 millions.

Data on cBridge use. Source: cBridge

Celer cBridge

Because its beginning, the procedure has been utilized by 89,897 different addresses to conduct $2.842 billion worth of transactions.

Similar to Synapses transfer trend, the transaction volume on cBridge increased in 2022. A record $71.12 million was negotiated on Jan. 22.

A percentage of deal fees generated by those who utilize liquidity pools to bridge funds across chain are paid to LPs in addition to the CELR rewards. These costs can be added to the swimming pools and compound the rewards.

Daily transaction volume on the cBridge Source: cBridge analytics

cBridge supports some of the most popular protocols, including Ethereum, Binance Smart Blockchain, Avalanche and Polygon.

You wish to discover more about trading and investing in the crypto markets?

Celer (CELR) gains 400% after traders welcome its multi-chain cBridge 2.0 solutionSynapse Bridge prevents $8M hackMultichain asks users to withdraw approvals in the middle of critical vulnerabilityVitalik Buterin offers thumbs to cross-chain applicationsMultichain hacker returns 322 ETH, keeps significant finders feecom. You must do your research before making any financial investment or trading choice.
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