Category: Cross-chain

Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal

Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal

Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41-$43 range decisively.That’s according to a classic bullish reversal setup known as an Inverse Head and Shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation. Specifically, the pattern contains an initial selloff, followed by a short-term price rally and another—deeper—selloff. That leads to one more small correction to the upside, followed by another selloff that bottoms out near/at the lowest level of the first selloff.Inverse Head and Shoulders pattern illustration. Source: ThinkMarketsThe first and last selloffs represent “left” and “right” shoulders, respectively, while the second selloff represents the “head.” On the other hand, the level around which all the short-lived rallies top out represents the “neckline” of the head and shoulders pattern.Traditional analysts typically calculate the H&S upside target from the neckline resistance by measuring the maximum distance between it and the head formation.So it appears, Polkadot has been forming a similar bullish pattern on its weekly chart, as shown below.DOT/USD weekly price chart featuring inverse head and shoulders setup. Source: TradingView.comThe maximum distance between DOT’s neckline and the head’s bottom comes out to be nearly $31. Therefore, a successful bullish breakout above the neckline range of $41-$43 puts the next long-term target at approximately $75.Parachain Auctions coming in NovemberThe inverse H&S pattern emerged as DOT rallied by almost 30% this past week to reach a five-month high at around $44. At the core of its weekly uptrend was a price boom across the crypto market, as well as the news of Polkadot’s first Parachain Auctions going live on Nov 11.In detail, Polkadot’s Parachains are parallelized, application-specific chains — child ledgers tethered to a single parent ledger called Relay Chain. Due to their parallel nature, Parachains tend to process multiple transactions simultaneously and maintain and record their data on the main ledger by communicating with other chains.Related: Polkadot to debut parachain auctions after governance voteThat comes as a break from the method of queuing transactions and processing them sequentially.5 years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper, parachains are now ready to launch on Polkadot. Motion 118, to schedule the first auctions, has passed council & now gone to public referendum.https://t.co/8pt3aT4vO3— Polkadot (@Polkadot) October 13, 2021DOT, which serves as a utility token for fees, governance, interoperability, and bonding inside the Polkadot ecosystem, rallied by more than 24% after the Parachain announcement.Next, Polkadot aims to introduce a cross-chain feature that would enable its relay chain to external blockchains (Bitcoin, Ethereum, etc.) via specialized smart contracts. Meanwhile, the project also plans to launch “in-built bridging modules” that would enhance the interoperability of external blockchains with Polkadot. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Cross-Chain Bridge Value Increases by 89% in Less Than a Month Surpassing $14 Billion TVL

Cross-Chain Bridge Value Increases by 89% in Less Than a Month Surpassing $14 Billion TVL

23 days ago on September 16, cross-chain bridges held around $7.79 billion total value locked (TVL) and since then the TVL has increased 89% since then to $14.75 billion. Currently, the top bridges include network connections like Polygon Bridges with $4.5 billion, Fantom Anyswap Bridge with $4.1 billion, and the Avalanche Bridge with $3.2 billion.
Cross-Chain Bridge Technology Swells
Decentralized finance (defi) and cross-chain bridge technology have continued to grow in value this year. A cross-chain bridge allows users to connect to another blockchain, which in most cross-chain cases the other network has been the Ethereum chain, and users can swap assets back and forth between each blockchain.

Last month, Bitcoin.com News reported on an in-depth study that covers the myriad of multi-chain bridges that exist today. At that time on September 16, metrics from Dune Analytics’ “Bridge Away (L1 Ethereum)” dashboard indicated that bridges held $7.79 billion total value locked (TVL).

Since then statistics show the TVL has increased by 89% to $14.75 billion in value today. The “Bridge Away” dashboard shows bridges stemming from Harmony, Optics, Boba, Zksync, Near, Solana, Fantom, Polygon, Avalanche, Optimism, Arbitrum, Xdai, Celo, BSC, Moonriver, and RSK.

Polygon Holds Top Position, Loopring Transfers Are the Cheapest
During the last 30 days, the records measured 121,882 unique addresses associated with these different bridges. At the time of writing, Polygon holds the largest TVL capturing $4.5 billion and the Fantom Anyswap Bridge commands $4.1 billion.

Fantom’s bridge is followed by Avalanche, Arbitrum, Optimism, Zksync, Solana, Harmony, Xdai, and Moonriver respectively. Both WETH and ETH have the top spot in terms of asset rankings while the stablecoin USDC runs in the third position.

USDC is followed by WBTC, USDT, MATIC, and DAI as far as asset rankings are concerned. Chainlink (LINK) holds the seventh position among the top assets leveraged on cross-chain bridges. Data from l2fees.info indicates that the current cost to transfer ether via Loopring is $0.17 per transaction. Polygon Hermez is $0.25 per transfer, Zksync $0.26, Optimism $0.97, and Arbitrum One is $1.88 per transfer.
What do you think about the cross-chain bridge technology swelling in value and the transfer fees tied to specific Layer 2 (L2) protocols? Let us know what you think about this subject in the comments section below.

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Arbitrum Bridges, Avalanche Bridge, Blockchain, Bridge, Bridges, Cross-chain, Dmitriy Berenzon, ETH, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, multi-chain ecosystem, multi-chain study, Near Rainbow Bridge, Optimism ERC20 Bridges, Polygon ERC20 Bridge, Research, researcher, Solana Wormhole, study, WBTC, WETH, wrapped bitcoin

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Risk-averse Ethereum traders use this options strategy to increase exposure to ETH

Risk-averse Ethereum traders use this options strategy to increase exposure to ETH

On Oct. 1, the cryptocurrency market experienced a 9.5% pump that drove Bitcoin (BTC) and Ether (ETH) to their highest levels in 12 days. A variety of reasons have been attributed to the price move, including the U.S. consumer price index, exchanges’ diminishing supply, and a “cup and handle” bullish continuation chart formation.Traders are not likely to find an explanation for the sudden move, apart from investors regaining confidence after the Sept. 19 drop was attributed to contagion fears from China-based property developer Evergrande.The Ethereum network has been facing some criticism due to the $20 or higher transaction costs caused by the nonfungible token (NFT) sales and decentralized finance (DeFi) activity. Cross-chain bridges connecting Ethereum to proof-of-stake (PoS) networks have been partially solving this issue, and Friday’s Umbrella network oracle service launch shows just how fast interoperability is advancing.It is also worth noting that China’s announced even stricter rules last week had a positive impact on the volumes seen at Decentralized exchanges (DEX). Centralized crypto exchanges, including Huobi and Binance, announced service suspension for Chinese residents, and a significant outflow of coins followed this. At the same time, this increased movement on Uniswap and the decentralized derivatives exchange dYdX.Even with all this volatility, there are still reasons for investors’ year-end bullishness on Ether. At the same time, the limitations imposed by Ethereum layer-1 scaling also caused some of its competitors to present significant gains over the past couple of months.ETH price vs. AVAX, SOL, ATOM. Source: TradingViewNotice how Ether’s 58% positive performance in three months has been significantly below those emerging Proof-of-Stake (PoS) solutions offering smart contract capabilities and interoperability.For bullish traders who think Ether price will break to the upside but are unwilling to face the liquidation risks imposed by futures contracts, the “long condor with call options” strategy might yield more optimal results.Let’s take a closer look at the strategy.Options are a safer bet for avoiding liquidationsOptions markets provide more flexibility to develop custom strategies and there are two instruments available. The call option gives the buyer upside price protection, and the protective put option does the opposite. Traders can also sell the derivatives to create unlimited negative exposure, which is similar to a futures contract.Ether options strategy returns. Source: Deribit Position BuilderThis long condor strategy has been set for the Dec. 31 expiry and uses a slightly bullish range. The same basic structure can also be applied for other periods or price ranges, although the contract quantities might need some adjustment.Ether was trading at $3,300 when the pricing took place, but a similar result can be achieved starting from any price level.The first trade requires buying 0.50 contracts of the $3,200 call options to create positive exposure above this price level. Then, to limit gains above $3,840, the trader needs to sell 0.42 ETH call option contracts. To further limit gains above $5,000, another 0.70 call option contracts should be sold.To complete the strategy, the trader needs upside protection above $5,500 by buying 0.64 call option contracts if Ether price skyrockets.The 1.65 to 1 risk-reward ratio is moderately bullishThe strategy might sound complicated to execute, but the margin required is only 0.0314 ETH, which is also the max loss. The potential net profit happens if Ether trades between $3,420 (up 3.6%) and $5,390 (up 63.3%).Traders should remember that it is also possible to close the position ahead of the Dec. 31 expiry if there’s enough liquidity. The max net gain occurs between $3,840 and $5,000 at 0.0513 ETH, which is 65% higher than the potential loss.With over 90 days until the expiry date, this strategy gives the holder peace of mind because there is no liquidation risk like futures trading.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Gavin Andresen Publishes Theory of Possible Crypto Future: Whales Shut Down the BTC Network in the Year 2100

Gavin Andresen Publishes Theory of Possible Crypto Future: Whales Shut Down the BTC Network in the Year 2100

On September 21, former Bitcoin developer Gavin Andresen published an interesting blog post about “a possible [Bitcoin] future.” The blog post details a theoretical situation for the Bitcoin network in 2061, where most [bitcoin] transactions don’t happen on the [Bitcoin] network.
A Theoretical Look at $6 Million Dollars per Bitcoin and the Year 2061
Following Satoshi Nakamoto’s departure from Bitcoin in 2010, for a few years, Gavin Andresen was considered the software’s lead maintainer after Nakamoto left him the keys. In 2011, Bitcoin developer Mike Hearn also claims he received an email from Satoshi which said that the blockchain inventor “moved on to other things” but also added, “It’s in good hands with Gavin and everyone.” However, Andresen is not the lead maintainer anymore, and has not been an active Bitcoin Core developer in years.

Censored on Reddit r/bitcoin (I think, but maybe I’m just not looking in the right place)
— Gavin Andresen (@gavinandresen) September 22, 2021

In the past, Bitcoin.com News covered Andresen’s opinion concerning Ethereum’s Tornado mixing protocol and wallet privacy in general. Andresen also discussed the Bitcoin Cash (BCH) network in January 2018 in a proposal he wrote called “Storing the UTXO as a bit-vector.” In more recent times, after the Tornado mixing blog post, Andresen shared his opinion in a blog post called: “It’s not about the tech (yet?)” Then, on September 21, 2021, Andresen once again has something to say about the Bitcoin (BTC) network.
The former Bitcoin Core developer said that people should “take this as a little piece of science fiction,” however, he further added, “of all the possible futures I think this has as good a chance of any of happening.”
“Imagine: it is the year 2061,” Andresen writes in his latest blog post. “The BTC price is six million US dollars– equal to about a million 2021 dollars because of inflation. Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction). But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multisignature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens,” Andresen adds. The blog post further stresses:
People moved their BTC either because they want faster transactions, lower fees, more privacy, or want to invest their BTC in decentralized financial stuff. Or maybe all of the above. The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders (centralized exchanges, central banks, and the decentralized multiparty computation addresses that hold all the wrapped coins).

Andresen: ‘The Possibility of Zero Bitcoin Circulating on the Bitcoin Network’
Andresen’s theory could very well happen and there currently is a lot of wrapped or synthetic bitcoin (BTC) being used on other blockchains. Dune Analytics shows the number of BTC leveraged via Ethereum is 269,642 BTC across seven different projects. The Wrapped Bitcoin (WBTC) project commands an aggregate total of 205,921 of those coins at the time of writing. Andresen continues his theoretical post by saying the super whales take hold of the network forever.
“These whales maintain the BTC network forever,” Andresen writes. “They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay. In the year 2100, the whales notice that the mining reward is basically zero, and there are fewer and fewer transactions happening on the slow, expensive, zero-privacy BTC network. So they decide to simplify and save money by shutting it down,” the former Bitcoin developer adds. Andresen’s blog post goes on:
One by one, they shutdown the ‘bridges’ that move BTC between chains. Then they burn any BTC locked on the BTC chain by sending it to the 0x000… address, to make sure nobody can ever spend it on the BTC network. Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.
Are Sidechains Competitors or Will They Help Bitcoin Scale?
Andresen concludes that roughly “20-or-so million BTC” will circulate on other blockchain networks. “Valuable because there are a limited number of them and because BTC was the first scarce digital asset,” Andresen deduces at the end of his blog post. Interestingly, the topic is being discussed in recent times, but not necessarily stemming from Andresen’s blog post.

By not actually settling anything in a discrete way.
I am not attacking Bitcoin, I am attacking Bitcoin misconceptions.
Don’t be upset, learn.
— John Carvalho (@BitcoinErrorLog) September 24, 2021

For instance, on September 24, the bitcoin pundit John Carvalho, otherwise known as “bitcoinerrorlog,” said: “Good morning, sidechains compete with Bitcoin, not scale it. (They also don’t actually exist.)” Carvalho followed up his tweet with the following opinions:

The original idea and design of a two-way peg was never achieved
They should be called anchorchains or something
They are like shitcoins that compete for transactions instead of as money.
They do not reduce sh**coin usage
They are not ‘on’ Bitcoin

Although, not everyone agreed with Carvalho’s opinion about sidechains. The bitcoin (BTC) proponent John Light shared his opinion about Carvalho’s statements:
“Good morning, sidechains that use BTC as the native asset and pay bitcoin miners for security don’t compete with bitcoin,” Light tweeted in response. “Even if sidechains that use BTC as the native asset didn’t pay bitcoin miners for security, they would be no less competing with bitcoin than, say, Lightning which siphons fees away from miners to LN routing nodes,” Light added in his Twitter thread. Light also shared a paper called “Scaling bitcoin with sidechains” and concluded:
Sidechains also help scale bitcoin.
What do you think about Gavin Andresen’s recent theoretical blog post about the Bitcoin network in the future? What do you think about the conversation between the bitcoin proponents John Carvalho and John Light? Let us know what you think about this subject in the comments section below.

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Bitcoin, Bitcoin (BTC), Bitcoin network, Bitcoin on Ethereum, Blog Post, BTC on ETH, Competitors, Cross-chain, debate, discussion, Dune Analytics, Gavin Andresen, Help BTC scale, John Carvalho, John Light, Mike Hearn, Multi-Chain, Satoshi Nakamoto, sidechains, Theoretical, Whales, Whales Shut Down, Year 2066, Year 2100

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles

Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles

Last Friday, blockchain project the Wormhole Network launched the protocol’s ethereum ↔ solana bridge which enables users to exchange assets from both networks in a cross-chain fashion. Five days later, the Wormhole Network team announced the launch of a non-fungible token (NFT) bridge for transferring NFTs between both blockchains.
Wormhole Launches Ethereum ↔ Solana NFT Bridge
The cryptocurrency network Solana (SOL) has been making waves during the last few months and recently made it into the top ten crypto assets ranked by market valuation. SOL has gained more than 12% today and 30-day stats show the crypto asset is up 92.3%. Five days ago, Bitcoin.com News reported on the ethereum ↔ solana bridge launched by the project the Wormhole Network. The launch of the new service allows Solana protocol participants and Ethereum blockchain users to move assets back and forth between the chains.
Wormhole is following up with a new service for non-fungible token (NFT) assets held on both chains. “Today we’re incredibly excited to announce the launch of our NFT bridge between Ethereum and Solana,” Wormhole tweeted on Wednesday. “Users will now be able to send Ethereum and Solana NFTs cross-chain. This includes your favourite (wrapped) Cryptopunks, @DegenApeAcademy and @BoredApeYC and more,” the team added.
The new tool the Wormhole team created opens up a “bi-directional highway for more than 6.68 million NFTs minted on Ethereum,” a statement sent to Bitcoin.com News from the Wormhole team details. Records from Solanartnft show that SPL assets (Solana-minted NFTs) have seen an aggregate total of 2,633,632 SOL in volume.

Wormhole Plans to Launch NFT Verification Tool
The ethereum ↔ solana NFT bridge tool can be leveraged to list a Solana-based NFT on a marketplace like Opensea. By bridging the NFT assets to Ethereum, the assets are locked and a “wrapped” version on Ethereum will exist. According to the Wormhole team, the transfer takes about five minutes and then the SPL will be controllable like any other ERC721 standard token.
“Conversely, anyone can also take ERC-721 NFTs and transfer them to Solana so users can list their e.g. BAYC NFT on Solana markets,” the Wormhole Network operators explained.
The Wormhole team also detailed that down the line, Wormhole developers plan to add a user interface that allows users to check which original NFT (on the original chain) is backing the asset so authenticity can be verified. Hendrik Hofstadt, director of special projects at Jump Crypto, former co-founder of Certus One, and the lead contributor to Wormhole, told Bitcoin.com News verification will be important.
“Imagine a ‘wrapped/bridged NFT’ as a kind of check or claim that grants you the right to redeem the original NFT on the chain it came from,” Hofstadt said.
What do you think about Wormhole’s NFT bridge between Ethereum and Solana? Let us know what you think about this subject in the comments section below.

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Bored Ape Yacht Club, Bridge, Cross-chain, cryptopunks, Degen Ape Academy, ETH SOL, Ethereum, Ethereum ↔ Solana, nft, NFT bridge, NFTs, Non-fungible token (NFT), SOL, Solana, technology

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Cross-Chain Bridges That Connect 5 Different Blockchains to Ethereum

Cross-Chain Bridges That Connect 5 Different Blockchains to Ethereum

During the last few months, cross-chain bridge technology has grown a great deal and users can now swap assets between a myriad of networks. Today, between eight different bridges there’s $7.6 billion total-value locked across these platforms.
Cross-Chain Bridges
There’s a decent quantity of cross-chain blockchain bridges these days and it has allowed users to do a variety of different decentralized finance (defi) techniques. Interestingly, a great deal of bridges connect to the Ethereum (ETH) network, as they have Ethereum Virtual Machine (EVM) compatibility.
Since these connections have been made, a great deal of value has been flowing between a myriad of chains and the Ethereum blockchain. The following post mentions a number of bridges cryptocurrency participants can use to achieve cross-chain swaps.
Tezos Wrap Protocol Bridge
The Tezos (XTZ) blockchain is a proof-of-stake (PoS) blockchain network that leverages validating nodes often referred to as bakers. XTZ users have the ability to bridge with the Ethereum blockchain as a team called Bender Labs developed a bridge called the Wrap Protocol.

Essentially, the Wrap Protocol developed by Bender provides people with the ability to wrap ERC20 and ERC721 tokens in order to leverage them with different defi applications.
Binance Smart Chain Bridge
The Binance Smart Chain (BSC) is another blockchain that is compatible with Ethereum. BSC offers the same smart contract capacity but the fees on the BSC chain are much cheaper. Binance Chain (BNB) users can switch from the BNB chain to BSC via the BEP20 standard and a cross-chain bridge.

The Binance wallet is an extension wallet that can perform cross-chain swaps from BNB to BSC. Alongside this, users can leverage the Binance Bridge to handle cross-chain transactions as well. U.S. users and a number of other countries may have to leverage a VPN to access the Binance Bridge.
Solana’s Wormhole Bridge
Solana (SOL) has a bridge as well and the launch of the Wormhole Network’s ethereum – solana bridge was revealed on September 17. The Wormhole Token Bridge connects Ethereum and Solana and users can interchange assets across both blockchains.

“The portal is open,” the website wormholenetwork.com details. “Wormhole delivers new communication channels between previously siloed blockchains.” Current Wormhole statistics from Dune Analytics indicate the Solana Wormhole has $382,471,804 total-value locked.
Avalanche Bridge
Another chain that is compatible with Ethereum is Avalanche (AVAX), a proof-of-stake (PoS) blockchain. AVAX participants can bridge AVAX assets to Ethereum by leveraging the cross-chain capabilities offered by the Avalanche wallet.

Users of this wallet can exchange their AVAX back and forth for a small fee between the Avalanche network and the Ethereum network. After a cross-chain swap is settled onto the Ethereum chain, participants can send the funds to a wallet like Metamask, as long as they configure Metamask to the Avalanche network.
Bitcoin Cash Smartbch Bridge
Bitcoin Cash (BCH) is another chain that is now compatible with Ethereum via the Smartbch network. This means bitcoin cash (BCH) can be wrapped and used for decentralized finance purposes. Currently, there is only one Smartbch bridge powered by the crypto-asset exchange Coinflex.

Users can access Coinflex via Metamask instead of registering with an email and users can swap their BCH for Smartbch almost instantly, after confirmation times. Essentially a user simply deposits BCH and sends out Smartbch by leveraging the SEP20 token protocol standard at withdrawal. From here, after a Metamask wallet is configured to the Smartbch network, Metamask users can leverage wrapped bitcoin cash.
Research Guides on How to Use Bridges Before Crossing Them
The list above just scratches the surface when it comes to cross-chain swaps as there are bridges stemming from blockchains like Cosmos, Fantom, Polygon, Terra, Harmony, Near, Optimism, and Harmony.
Cosmos users can connect with a Keplr wallet and connect to Ethereum via Emeris. Near participants can collaborate with Ethereum via the NEAR Rainbow Bridge. Fantom users can swap with spookyswap or multichain.xyz and Polygon network participants are able to cross-chain swap via the Polygon Bridge. Terra assets can be swapped back and forth between Ethereum and Terra through bridge.terra.money.
However, using cross-chain bridges takes some patience and some prior knowledge from walkthrough articles and step-by-step directions on how to leverage blockchain bridges. Funds can get lost if mistakes are made and users should always do due diligence before accessing any cross-chain bridges or decentralized finance (defi) applications in general.
What do you think about the five cross-chain bridges mentioned in this article? Let us know what you think about this subject in the comments section below.

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Avalanche, Avalanche Bridge, AVAX, Bear, binance chain, Binance Smart Chain, Binance Smart Chain Bridge, Blender, bnb, Bridges, BSC, Cosmos, Cross-chain, cross-chain bridge, Dune Analytics, NEAR, Polygon, Smartbch, SOL, Terra, Tezos, total value locked, TVL, Wormhole, Wrapped BCH, Wrapped Tezos, xtz

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL

Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s ethereum – solana bridge, which means assets between each chain can be intermingled. The launch announcement notes that Saber, the Solana-fueled protocol with more than $4 billion total-value locked (TVL), will support migration from Wormhole V1 to V2.
Wormhole Launches Ethereum – Solana Bridge
Solana has risen 5,504% in value during the last year and today, solana (SOL) is a top ten crypto-asset holding the seventh largest position in terms of market capitalization. At the time of writing, the overall solana (SOL) market valuation is $48.4 billion and there’s a circulating supply of 296,830,872 SOL, according to Coingecko data. On Friday, the Wormhole Network announced the launch of the Wormhole Token Bridge.
“Today we’re incredibly excited to announce the launch of our Wormhole Token Bridge starting with Ethereum and Solana,” the Wormhole Network’s Twitter account said. “First up – migration of assets from the soon to be unsupported Wormhole V1 to Wormhole V2 will be available. V1 users will be able to simply exchange their assets for V2 assets at a 1-to-1 rate on wormholebridge.com.”
“The liquidity for this swap will be replenished periodically, please bear with us. There are about $250M worth of assets in Wormhole V1 to be migrated,” the Twitter thread added.

In a recent report, Bitcoin.com News detailed how the growth of blockchain bridges and cross-chain capabilities have expanded a great deal. In a panel hosted by Sanctor Capital, the founder of the Yearn Finance project, Andre Cronje, emphasized the importance of cross-chain compatibility.
“The whole defi wave gave a reason for people to begin interacting with different blockchains. And the more we’re interacting, the more we are realizing that there’s actually a little bit too much activity for any one chain to handle this stuff,” Cronje said. The Yearn Finance founder added:
While I can’t specifically pinpoint a big bang moment, it’s a combination of the maturing of different blockchains and their defi ecosystems, and things like NFTs that are giving people more and more of a reason to interact.

Solana IDOs Explode With Demand, Saber TVL Surpasses $4 Billion
There’s been a lot of attention cast at Solana since its rise in value and the development that has happened over the last few months. SOL-based initial dex offerings or IDOs have exploded as projects like Matrixetf, Parrot Protocol, Solanium, Grape Protocol, Boca Chica, and more have caused significant demand.

$4B ✅
🚀 +$3B (+329%) increase in 7 days 📈
According to @DefiLlama, Saber is the 13th largest protocol in all of DeFi by TVL. pic.twitter.com/HiCshuTzzN
— Saber (@Saber_HQ) September 12, 2021

Saber has $4 billion TVL and projects like Serum, Raydium, Orca, Mango Markets, and Oxygen. Moreover, tokens like cope, step finance, maps.me, kin, and bonfida have caught the attention of SOL proponents. “Wormhole V2 assets will initially show up as NFTs in the Phantom wallet until a few upgrades to the wallet are rolled out next week,” the Wormhole Network further tweeted.
“Speaking of TVL, we’re excited to announce that Saber HQ will support the migration of Wormhole V1 assets to V2 [and] move over incentives to Wormhole V2 assets. Saber has been on an absolute tear with growth since launch having just surpassed $4 Billion in TVL.” the Wormhole Network team tweetstorm concluded.
What do you think about the Wormhole Network’s ethereum – solana bridge launch? Let us know what you think about this subject in the comments section below.

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Andre Cronje, Boca Chica, Cross-chain, DeFi, Defi Apps, Grape Protocol, Mango Markets, Matrixetf, Orca, Oxygen, Parrot Protocol, Phantom wallet, Raydium, Saber, Saber HQ, Serum, SOL, Solana, Solana (SOL), Solanium, wormholebridge.com, Yearn Finance project

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion

On September 8, 2021, Dmitriy Berenzon, research partner at 1kxnetwork, an early-stage crypto fund that helps founders bootstrap token networks, published a comprehensive research post concerning blockchain bridges. Berenzon’s study highlights the current “multi-chain market structure” and bridges that are making a myriad of blockchains compatible.
Researcher: ‘We Are Finally in a Multi-Chain Market Structure’
For quite some time now, multi-chain or cross-chain technology has been a holy grail of sorts in the cryptocurrency development space. People want to transact with other blockchains by leveraging bridges to different ecosystems.
Dmitriy Berenzon published a detailed article about the subject of cross-chain tech and bridges, and he believes we’ve finally reached a watershed moment. “After years of research & development, we are finally in a multi-chain market structure,” Berenzon stresses in his blog post.
Image of bridge technology “as of September 8, 2021; Illustrative / Not fully comprehensive,” according to research partner at 1kxnetwork, Dmitriy Berenzon.
Berenzon’s study looks at blockchains like Ethereum, Solana, Tezos, Avalanche, Polkadot, Binance Smart Chain, Cosmos, and more. The researcher notes that “interoperability unlocks innovation” as he highlights that “bridges are important because they enable users to access new platforms, protocols to interoperate with each other, and developers to collaborate on building new products.”
Moreover, Berenzon lists the many benefits of cross-chain interoperability like leveraging the tech for external validators and federations. Also, using the tech for light clients and relay protocols alongside the ability to access liquidity networks.
However, Berenzon’s report is not just a fluff piece about fintech, and he highlights that cross-chain tech and bridges are an “incredibly difficult problem in distributed systems.” He adds that things like finality and rollbacks need to be addressed, NFT transfers and provenance, alongside stress testing these blockchain bridges over time.

$7.7 Billion Locked Across 8 Bridges to Ethereum
In addition to Berenzon’s insights, statistics from Dune Analytics’ dashboard called “Bridge Away” measure bridge volume tethered to the various chains and Ethereum. In terms of Ethereum bridge relative total value locked (TVL) stats, the Polygon ERC20 Bridge has approximately $2.4 billion in TVL on September 16, 2021.
Dune Analytics’ dashboard called “Bridge Away” was crafted by @eliasimos, a protocol specialist at Coinbase via Bisontrails.
Polygon’s bridge represents 32.5% of the TVL across eight bridges. The bridges recorded include the Polygon ERC20 Bridge, Arbitrum Bridges, Avalanche Bridge, Solana Wormhole, Fantom Anyswap Bridge, Harmony Bridges, Optimism ERC20 Bridges, and Near Rainbow Bridge.
Across all of these bridges mentioned, there’s $7.79 billion TVL spread across 42,997 unique addresses during the last 30 days. Arbitrum Bridges command 31.5% of the aggregate TVL and the Avalanche Bridge has around 21.2% today.
Solana Wormhole’s TVL is about 6.7% and the Fantom Anyswap Bridge has around 6.6% of the $7.79 billion TVL. Ether and WETH are the top assets held in TVL with $2.9 billion recorded on September 16. USDC is the second leading asset held in bridge TVL with $1.2 billion recorded. This is followed by wrapped bitcoin (WBTC) which has just over a billion dollars held in the overall bridge TVL aggregate total.
What do you think about multi-chain or cross-chain bridge technology and the expanding TVL held by these protocols? Let us know what you think about this subject in the comments section below.

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Arbitrum Bridges, Avalanche Bridge, Blockchain, Bridge, Bridges, Cross-chain, Dmitriy Berenzon, ETH, Fantom Anyswap Bridge, Harmony Bridges, Multi-Chain, multi-chain ecosystem, multi-chain study, Near Rainbow Bridge, Optimism ERC20 Bridges, Polygon ERC20 Bridge, Research, researcher, Solana Wormhole, study, WBTC, WETH, wrapped bitcoin

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dmitriy Berenzon, Various blockchain logos, Dune Analytics,

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