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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Polygon-Ethereum ERC-20 Bridge Is the Most Active, Locks $2.18 Billion

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Ethereum Bridges

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The Ethereum-Polygon ERC-20 bridge is the most active, data on January 23 reveals.

Polygon-Ethereum Bridge Dominant

As of January 23, there were $2.18 billion of assets locked in the Ethereum-Polygon ERC-20 Bridge, almost twice the value of assets locked between the Ethereum and Arbitrum bridge which, at the time of writing, stood at $1.36 billion. Another Plasma bridge, connecting Ethereum and Polygon, is also the third most active, locking over $894 million as of press time. 

Ethereum Bridges TVL
ETH Bridges TVL| Source: Etherscan

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The Arbitrum: L1 Custom Gateway, Arbitrum: L1 ERC20 Gateway, the Optimism: Gateway; and the Polygon (Matic): Ether Bridge connectors locked significant amounts of tokens. Meanwhile, dYdX: L2 Perpetual Smart Contract; Synthetix: L2 Deposit Escrow; and AnySwap: Fantom Bridge were the other links that capped the top 10 most active.

Bridges are essential for ETH. Since the blockchain is not inherently interoperable, unlike most competing blockchains designed using the Cosmos Core, bridges are indispensable for a functional ecosystem benefiting end users.

Most protocols strive to connect their ecosystems to ETH. As of late January 2023, the pioneer smart contracting platform was the most active layer-1, dominating DeFi and NFT activity.

There is also a large community of gaming and the metaverse taking advantage of Ethereum’s first mover advantage and vibrant community.

The platform’s native token, ETH, is the second most valuable, commanding a market capitalization of $199,974,616,120. According to trackers, each coin changes hands at $1,633.95 when writing.

Ethereum Price on January 23
ETH Price on January 23| Source: ETHUSDT on KuCoin, Trading View

Bridges Bring Interoperability

By linking to Ethereum, the community benefits from the resulting interoperability and connectivity. It is especially so because ETH is, by default, not interoperable.

Therefore, while billions of assets are locked in DeFi and NFT platforms, other ecosystems that might be active and trying to link their communities may only succeed with secure bridges. 

Besides moving value between blockchains, Bridges are also beneficial in transferring vital data. Through data fluidity, developers in Ethereum or other connecting platforms can unlock new features and use cases.

Secure bridges can effectively expand the design space for what protocols offer. Besides, it will be possible for users to leverage strengths in other networks that might be absent in Ethereum.

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Polygon, Arbitrum, and Optimism are all ETH layer-2 protocols. They are purposely designed to take advantage of Ethereum’s mainnet properties but offer relatively low fees and high scalability. Therefore, this means protocols deploying on Arbitrum and Optimism, taking advantage of these platforms’ rollups, or Polygon’s sidechain would technically access ETH dApps.

This interoperability would, in essence, also drive mainnet activity since users won’t have to make drastic changes. For example, they can still connect to the compatible layer-2 platform using MetaMask as they go about their DeFi, gaming, or metaverse activities.

Feature by Cryptohopper on LinkedIn, Chart by Trading View
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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