Ethereum Bridge Lockdown Volume Crosses $7B: A Closer Look at the Top 5 Bridges

According to reports, DuneAnalytics data shows that the current TVL of Ethereum Bridge is $7.41 billion. The five bridges with the highest lockdown volume are PolygonBridges ($3.265 billion), ArbitrumBridges ($2.368 billion), OptimismBridges ($1.324 billion), Near Raibow ($279 million), and Fantom Anyswap Bridge ($194 million).

Data: Ethereum Bridge TVL reached $7.41 billion

Ethereum has long held the lead in the world of blockchain, allowing for fast and transparent transactions for those who make use of it. As we progress further into the world of decentralized finance, however, there arises a need for more immediate results and more reliable access to funds. Bridges, which allow multiple blockchains to communicate with each other, have been created in order to address this need. In this article, we’ll be taking a closer look at some of the most popular bridges, and how they’re being utilized to secure funds for those who use them.

What is Ethereum Bridge?

Before we dive into the bridging platforms themselves, let’s take a closer look at the backbone of this whole situation: the Ethereum Bridge. Essentially, the bridge allows for communication between blockchains that otherwise wouldn’t be able to communicate with each other. This is necessary when it comes to decentralized finance, since users may need access to funds that are stored on a different blockchain from the one they’re currently using. The Ethereum Bridge allows for the assets in one blockchain to be locked, and assets of equivalent value to be minted on a different blockchain, meaning that users can easily bridge between them.

Top 5 Ethereum Bridges

According to data from DuneAnalytics, the current total locked value (TVL) of Ethereum Bridge is $7.41 billion, showcasing just how popular and necessary this technology is. As mentioned earlier, these bridges allow for communication between various blockchains, unlocking funds and assets for those who use them. Here are the top five most utilized Ethereum bridges:

1. PolygonBridges

The Polygon network has been growing in popularity for several years now, and it’s no surprise that it ranks first when it comes to Ethereum bridges. According to DuneAnalytics, the total locked value of PolygonBridges currently sits at $3.265 billion, making it the most utilized Ethereum bridge by far. Polygon specializes in fast and cheap transactions, which makes it ideal for anyone looking for immediate results.

2. ArbitrumBridges

Arbitrum, a subsidiary of Offchain Labs, specializes in providing an efficient and low-cost way to execute smart contracts. They offer several different products, one of which is the Arbitrum Bridge, which has achieved a TVL of $2.368 billion. Users can transfer assets between Ethereum and Arbitrum at lower costs than traditional Ethereum transactions, and benefit from Arbitrum’s unique features such as fast finality.

3. OptimismBridges

Optimism, like Arbitrum, focuses on reducing costs and improving efficiency in a DeFi context. Their key product, the Optimism Bridge, currently holds a TVL of $1.324 billion. What sets Optimism apart is its focus on scaling Ethereum itself, rather than creating a separate layer to execute transactions. This makes for incredibly fast transactions and nearly-instant payments.

4. Near Rainbow

While not quite as well-known as the previous three, Near Rainbow is still carving out its niche in the world of bridging. Near provides a blockchain specifically for gaming and entertainment, which makes it ideal for those who enjoy the world of decentralized gaming. The Near Rainbow bridge has achieved a TVL of $279 million, making it the fourth most utilized bridge.

5. Fantom Anyswap Bridge

Fantom has long been known as an up-and-coming blockchain, but they’ve only recently started to make waves in the world of bridging. Their Anyswap bridge has already achieved a TVL of $194 million, putting them in fifth place on this list. Fantom focuses on creating a fast and secure blockchain that enables almost instantaneous payments.

Conclusion

Bridging technology is revolutionizing the way users access and move funds within the decentralized finance space. The top five bridging platforms, including PolygonBridges, ArbitrumBridges, OptimismBridges, Near Rainbow, and Fantom Anyswap Bridge, all have millions in TVL locked in assets, and together make up more than $7 billion in total. With near-immediate transactions and unique features on each platform, the bridging space is only set to grow.

FAQs

1. What is a blockchain?
A blockchain is a digital and decentralized ledger that records transactions across many computers. It is secure, transparent, and tamper-resistant.
2. What is a bridge on Ethereum?
A bridge on Ethereum enables communication between two or more blockchains, allowing users to move funds between them.
3. Why are bridging platforms becoming increasingly popular?
Bridging platforms are becoming increasingly popular because they allow users to access and move funds seamlessly and instantaneously between different blockchains. This means that users are not limited to one particular blockchain or ecosystem, and can access a wider range of decentralized services and applications.