Interoperability is shaping up to be one of the top topics for the cryptocurrency market in 2022 as projects across the ecosystem reveal integrations that make their networks Ethereum (ETH) Compatible with virtual machines (EVM).

While this has been one of the long-term goals of the ecosystem as a step on the way to an interconnected network of protocols, it has also created a new decentralized finance (DeFi) market for multi-chain bridging and decentralized finance.

These are three of the highest volume cross-chain bridges that the cryptocurrency community uses to transfer assets between blockchain networks.

multichain

Multichain (MULTI), formerly known as Anyswapis a cross-chain router protocol that aims to become the benchmark router for the emerging Web3 ecosystem.

According to data from Defi Llama, Multichain is the highest ranked cross-chain exchange protocol by total value locked, with $8.95 billion currently locked on the platform.

One of the main reasons for the high TVL in Multichain is the large number of blockchain networks that support the protocol. Currently, 30 different chains can be accessed on the network.

According According to data provided by Multichain, the protocol has processed a total volume of $53.15 billion since its launch, of which $19.08 billion was traded in the last 30 days alone. Currently there are 485,399 users who have interacted with the Multichain protocol, totaling about 2,256 million transactions.

Users who deposit tokens in one of the pools supported by Multichain receive a portion of the transaction fees generated by the pool in question.

The protocol’s native MULTI token is used to vote and participate in the governance of the Multichain ecosystem and has a circulating supply of 18.64 million tokens out of a total of 100 million.

synapse

Synapse (SYN) refers to itself as a “cross-chain layer protocol ∞” that is designed to offer users interoperability between separate blockchain networks.

According according to data from Defi Llama, Synapse recently hit an all-time high in total value locked of $1.16 billion before experiencing a wave of exits that reduced TVL to 740.43 million.

The The Synapse protocol currently supports 12 different chains which have a combined total bridging volume of $5.33 billion, according to the platform dashboard data.

A large percentage of the total volume traded on Synapse has occurred since the beginning of 2022, with the protocol posting an all-time high bridging volume of $157.8 million on January 23.

The protocol’s native SYN token has various uses within the ecosystem. Token holders can use it to conduct community governance votes through SynapseDAO, Liquidity Providers (LPs) receive a percentage return paid in SYN for their deposits and it is also used as a subsidy to pay for gas spent by validators. network to secure transactions over the network.

LPs also receive a portion of the protocol fees earned by the Synapse platform on each transaction.

Related: Web3 innovations are replacing intermediaries with middleware protocols

Celer cPuente

Another popular cross chain bridge is Celer’s Bridgea multi-chain network that enables low-cost, instant value transfers between 19 different networks.

The cBridge is a sub-sector of the larger Celer (CELR) ecosystem and uses the CELR token for operations on the protocol and as a reward token for liquidity providers.

Along with the CELR rewards paid to LPs, a percentage of the transaction fees generated by people using the liquidity pools to pool cross-chain funds are paid to LPs and added directly to the pools, allowing rewards accumulate.

According According to data from cBridge Analytics, the total value of funds locked in the bridge contract (group-based bridge) and funds locked in the token vault contract (canonical token bridge) currently stands at $240.92 million. .

A total of 89,897 unique addresses have interacted with the protocol since its inception and have made a total of $2.842 billion in transaction volume.

Similar to the transfer trend seen with Synapse, transaction volume on cBridge increased markedly in 2022 with a record $71.12 million in transactions on January 22.

Some of the protocols currently supported by cBridge include Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Metis, Harmony, Gnosis, Arbitrum, and Optimism.

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