MULTI, SYN and CELR saw a substantial boost in price. As the crypto ecosystem focused on integrating cross-chain interoperability as a new fundamental component in DeFi.
The interoperability is shaping up to be one of the main themes for the cryptocurrency market in 2022 as projects across the ecosystem unveil integrations that make their networks Ethereum (ETH) Virtual Machine (EVM) compatible.
Also, this has been one of the long-term goals of the ecosystem as a step on the path to an interconnected network of protocols. Also, has also created a new decentralized finance (DeFi) market for multi-chain bridges and decentralized finance.
Here are three of the top volume cross-chain bridges that the cryptocurrency community uses to transfer assets between blockchain networks.
Multichain Of Cross- chain
Multichain (MULTI), formerly known as Anyswap, is a cross-chain router protocol that aims to become the go-to router for the emerging Web3 ecosystem.
According to data from Defi Llama, Multichain is the top-ranking cross-chain swap protocol by total value locked, with $8.95 billion.
One of the main reasons for the high TVL on Multichain is the large number of blockchain networks Currently. 30 different chains are accessible on the network.
According to data provided by Multichain, the protocol has processed a total of $53.15 billion worth of volume since launching. The $19.08 billion is transacted in the past 30 days alone. There are currently 485,399 users that have interacted with the Multichain protocol, amounting to nearly 2.256 million transactions.
Further, users who deposit tokens into one of the pools supported by Multichain receive a sare of the transaction fees
Synapse
Synapse (SYN) refers to itself as a “cross-chain layer protocol”. It offers users interoperability between separate blockchain networks.
According to data from Defi Llama, Synapse recently hit an all-time high in total value locked of $1.16 billion prior to experiencing a wave of outflows that lowered the TVL to 740.43 million.
The Synapse protocol currently supports 12 different chains which have a combined total bridged volume of $5.33 billion according to data from the platform’s dashboard.
