30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL.
Cross-Chain Bridge TVL Continues to Climb
While the total value locked in decentralized finance (defi) is $258 billion, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC).
Today, Ethereum commands $170.48 billion of the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain captures $19.11 billion on Saturday, which is only 7.40% of the TVL. Solana commands a $13.86 billion TVL this weekend or 5.37% of all the value locked in defi.
Many of these defi networks leverage a connection to the Ethereum Virtual Machine (EVM) which allows the protocols to do various things like access liquidity pools and stake tokens. Users leverage cross-chain bridges to connect their assets to the EVM and to utilize Web3 wallets like Metamask, Safepal, and others.
Close to a month ago, on October 29, Bitcoin.com News reported on the $22.48 billion TVL in cross-chain bridges to Ethereum. Since then the TVL has increased by 9.56% to $24.63 billion with Axie Infinity’s Ronin Bridge leading the pack. Statistics from Dune Analytics show there are 135,148 unique depositors leveraging cross-chain bridge networks to Ethereum.