Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

In June of this year, we checked the events of the Ethereum Bridge. The main highlights include the dominance of Polygon and USDC and the peak growth in May. A lot has happened since then. 4 months later, we re-examined the same parameters to see how much they have changed:

  • The balance held by each chain
  • Deposits and withdrawals on each chain
  • Breakdown of bridge tokens

The number of bridge addresses we tracked on the Bridges dashboard is now 62 (36 in June), which connects Ethereum with 19 other base-layer chains and 16 own Layer 2 chains.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Browse the list of these bridges on Blockscan

The total balance of all chains tracked in June was $8 billion. Today, this figure exceeds 18 billion U.S. dollars.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Guess how this TVL compares to the DeFi platform? Scroll to the bottom to find out!

Balance

Compared with the full purple seen before, the balance distribution on the bridge is better this time. Polygon’s share dropped from about 90% to about 30%. Facts have proved that the migration of Axie Infinity to their Ronin sidechain has proven to be a huge success. The explosive growth of activities and the value of AXS tokens have allowed them to obtain 25% of the bridge lock value. Avalanche and Arbitrum are in the top four.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

The top four chains account for half of the bridge TVL

Although Polygon’s total balance fell from US$7 billion to US$5.5 billion, other bridges have made great progress in value-added. In June, only two non-Polygon bridges had a balance of more than US$100 million; today, there are three bridges with assets of more than US$1 billion, of which 15 have exceeded the US$100 million mark.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Full table

Interestingly, although the Optimistic Rollup chain has been launched and accumulated deposits, the share of Layer 2 in the total TVL has only increased by 3% compared to June.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

“Both” refers to a bridge that locks multiple chain values ​​across the base layer and layer2

Amplifying these Layer 2 chains, Optimistic Rollups accounted for nearly two-thirds of the total share of $2.8 billion. Most of them are Arbitrum (approximately US$1.5 billion) and dYdX (approximately US$700 million).

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Classification based on the amazing L2BEAT website

Deposits and withdrawals

After the peak in May, deposits actually slowed down, and the decline in Polygon deposits was a major factor. Deposits rebounded sharply in September, with deposits led by Arbitrum, Avalanche, Ronin, Solana and dYdX totaling $12 billion.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Deposit chart

In the next three months, withdrawals remained at the level of May, resulting in limited changes in net inflows in August. In September, withdrawals increased, but it was insignificant compared to the increase in deposits.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Compare deposits and withdrawals side by side on the same dashboard

Bridge token

As the main token deposited into Axie Infinity Ronin, AXS rushed to the top of the list. Ether fell to second place and WETH appeared in fourth place, partly because several new bridges accepted it instead of Ether. The total amount of AAVE has dropped, which is an interesting finding because it is widely used in Polygon and is the main partner of Avalanche Rush. The user may have been waiting for the launch of Avalanche.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

Polygon-related tokens (MATIC, QUICK, AAVE) decline as users go deeper into other chains. In addition to stablecoins and W BTC , FTM has also gained a considerable share.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

So far, AXS is the most concentrated token on each bridge chain among the top tokens. AXS is locked in Ronin and accounts for 56% of its circulating supply!

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

The Ronin Bridge AXS amount is taken from the token holder chart, from the circulating supply of CoinGecko.

The total $18 billion locked in the Ethereum bridge surpassed the TVL of each DeFi application in all chains, jumping from 8th place four months ago.

Ethereum Bridge: 4 months from USD 8 billion to USD 18 billion

The DeFi ranking is attributed to Defi Llama.

The rapid growth of chains and the interconnection bridges between them will continue to be an important part of Web3.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereum-bridge-4-months-from-usd-8-billion-to-usd-18-billion/
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