Interoperability will be one of the hottest topics for the cryptocurrency market in 2022 as ecosystem projects introduce integrations that make their networks interoperable with the Ethereum (ETH) Virtual Machine (EVM).

While this was one of the ecosystem’s long-term goals as a step towards an interconnected network of protocols, it also created a new decentralized financial (DeFi) marketplace for multi-chain bridges and decentralized finance.

Here are three of the biggest cross-chain bridges used by the cryptocurrency community to move assets between blockchain networks.

Multichain (MULTI), formerly Anyswap, is a gateway router protocol intended to be the primary router for the new Web3 ecosystem.

According to Defi Llama, Multichain is the leading cross-chain switching protocol by total locked value, with $8.95 billion currently locked onto the platform.

The total cost of the multi-chain is unlocked. Source: Devi Lama
One of the main reasons for TVL’s rise on Multichain is the large number of blockchain networks that the protocol supports. Currently, 30 different networks are accessible on the network.

Blockchain protocols supported by Multichain. Source: Multichain
According to data provided by Multichain, a total of $53.15 billion has been processed since the protocol was launched, of which $19.08 billion has been traded in just the last 30 days. Currently, 485,399 users have interacted with the Multichain protocol, which is approximately 2.256 million transactions.

Multi-chain network statistics. Source: Multichain
Users who deposit tokens into one of the pools supported by Multichain receive a portion of the transaction fees generated by the pool in question.

The protocol’s original MULTI token is used to vote and participate in managing the Multichain ecosystem, and there are 18.64 million tokens in circulation for a total supply of 100 million.

Synapse (SYN) refers to itself as an “Internet Layer Protocol” designed to allow users to interact between separate blockchain networks.

According to Defi Llama, Synapse recently reached an all-time high with a total value of $1.16 billion before experiencing a turmoil that brought TVL down to $740.43 million.

Total cost unlocked at Synapse. Source: Devi Lama
The Synapse protocol currently supports 12 different threads, totaling $5.33 billion in bridges, according to the platform’s dashboard.

A shared bridge storage on every network is supported by Synapse. Source: clamp
A large proportion of the total volume recorded on Synapse appeared in early 2022, when the protocol recorded a record bridge volume of $157.8 million on January 23.

Synaptic bridge size. Source: Synapse Analytics.
The protocol’s original SYN token has several uses in the ecosystem. Token holders can use it to vote on community management through SynapseDAO, and liquidity providers (LPs) earn interest paid in SYN on their deposits, and also use it as a backing to pay for gas consumed by network validators to transact. over the network.

LPs also receive a portion of the protocol fee that the Synapse platform receives for each transaction.

Related Topics: Web3 innovations replace middlemen with middleware protocols

Celer Cambridge
Another popular multi-chain bridge is Celer cBridge, which is a multi-chain network that provides real-time and affordable switching of value between 19 different networks.

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

Along with CELR rewards paid to LPs, a percentage of transaction fees generated by people using liquidity pools to transfer funds between chains are paid to liquidity providers and added directly to the pools so that the rewards can be stacked.

According to cBridge Analytics, the total value of funds held in a bridge contract (pool-based bridge) and funds held in a token storage contract (canonical token bridge) is currently $240.92 million.

cBridge usage statistics. Source: cBridge
A total of 89,897 unique addresses have interacted with the protocol since its inception and completed a total transaction volume of $2.842 billion.

Similar to the conversion trend seen in Synapse, the volume of transactions on cBridge increased dramatically in 2022, with a record $71.12 million set on January 22.

Source: CoinTelegraph