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Cross-Chain Defi Bridges Total Value Exceeds $22 Billillion Jumping 48% in 30 days

Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion Jumping 48% in 30 Days

On October 29, the total value locked (TVL) in decentralized finance (defi) protocols is around $243 billion with Curve capturing 7. 76% of the dominance. While ethereum holds the largest TVL in defi Moreover, the TVL in cross-chain bridge technology has reached $22. 48 billion, up 48.8% over the last month.

Defi Total Value Locked Hovers Above $240 Billion Avalanche, Fantom, Polygon, Tron, Arbitrum TVLs in Defi Increase

The total value of decentralized financial apps has continued to rise this year, reaching new heights. Data from defillama.com‘s dashboard shows the TVL on Friday is $243 billion with Curve’s $18. 91% commanding a 7. 76% dominance rating. Curve’s defi protocol supports seven blockchains. This allows users to access cross-chain bridge technology in order to leverage the decentralized exchange (dex).

Statistics indicate that Ethereum (ETH) is still the dominant defi chain with $164. 75 billion worth of the $243 billion TVL in defi aggregate. While Ethereum makes up a significant portion of defi pie. However, blockchains such as Avalanche and Fantom have seen their TVLs rise a lot this week. Avalanche’s TVL in defi increased by 10. 44% during the last seven days, while Tron’s TVL in defi spiked by 18.76%.

Cross-Chain Bridge TVLs Spike by 48% This Month Over $22 Billion Total Value Locked

Fantom’s TVL saw a significant jump this past week gathering 31. 21% more in TVL. Terra and Solana saw smaller increases in TVL this week, with Terra capturing 0. 44% and Terra only jumped by 0.79%. Arbitrum saw a TVL increase of around 24. 58% this week and Polygon (MATIC) lifted by 4.41%. This week, the TVL for Binance Smart Chain (BSC), fell to 6. 15%, but it is still the second-largest defi TVL after Ethereum.

Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion, Jumping 48% in 30 Days
Cross-chain bridges to Ethereum on October 29, 2021, according to stats from Dune Analytics.

This week the TVL in cross-chain bridges swelled by 48.8% over the last month and on Friday, the cross-chain bridge TVL is $22. 48 billion. Statistics from Dune Analytics show Ronin bridge increased by 2% this past week with $5.3 billion. Dune Analytics cross-chain bridge dashboard called “Bridge Away (L1 Ethereum)” shows 16 different bridges from chains like Avalanche, Arbitrum, BSC Anyswap, Boba Network, Fantom Anyswap, Harmony Bridges, and more.

Assets that command the most activity in cross-chain bridges include tokens like WETH, ETH, AXS, USDC, WBTC, MATIC, USDT, and DAI respectively. In terms of WETH/ETH the TVL in cross-chain bridges is around $7,062,594,503 on Friday morning.

What do you think about the amount of funds increasing in cross-chain bridge technology during the last month? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Gamestop Launches Web3 Ethereum wallet That Leverages Loopring’s ZK-Rollup Tech

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. It is currently available in beta and can be accessed via the firm’s web portal. The wallet stores crypto assets as well as non-fungible tokens. Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”

Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet

For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.

Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. It will let gamers store their in-game NFTs but also hold Ethereum-based crypto assets. Gamestop will launch its NFT marketplace in July. It aims to give power to the .”

players.

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

“Gamestop wallet is a secure and easy way to start with Web3. Your GameStop Wallet can be used to purchase, hold, swap or display Ethereum-based assets,” according to the wallet’s description. Gamestop Wallet can be used to buy, hold, swap, display and use Ethereum-based assets.” The wallet’s description also states that it is a self-custodial ethereum vault.

Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to lower gas fees and network congestion while still maintaining control over your funds.

Gamestop’s digital wallet is very similar to Metamask. It also offers a desktop version. The wallet technology was developed by Loopring, but the NFT marketplace will be using Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.

Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. According to the website, data collected includes “contact information and profile information”, display names, email addresses, profile biography, Ethereum public adres details and Twitter and Reddit usernames.” A iOS version of Gamestop’s wallet will be available soon.

What do you think about Gamestop’s ethereum wallet? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Bitcoin, Technical Analysis: BTC Recovers Above $30,000 As Weeklong Consolidation Continues

Sam Bankman-fried

This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin has risen back above $30,000 on Friday, with ETH also climbing above its $2,000 point.

Bitcoin

Bitcoin was trading higher on Friday, as price uncertainty in crypto markets continued to grip traders, leading mainly to consolidation.

Following a decline to a low of $29,389. 44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664. 98 in the process.

The move comes as a floor in prices may have finally been found, as bulls lifted BTC from the $28,800 point, which many now consider to be the current support.

BTC/USD – Daily Chart

Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.

As of writing, relative strength is now tracking at 37. 93, which is close to another ceiling at 40, which has dampened bullish hopes in the past.

Earlier gains have also eased, since prices passed the $30,500 resistance point, which some bulls are using as an ideal exit point.

Ethereum

Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.

ETH/USD has so far risen to a peak of $2,054. 80 on Friday, which is roughly 4.5% higher than its peak the day before.

Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights.

ETH/USD – Daily Chart

However, since reaching these highs, price strength has slowed, with ETH now trading $20 lower than its earlier peak.

Although the RSI has also passed its own ceiling at 35, now tracking above the 36 level, prices are approaching a hard resistance at $2,060.

This point may have caused earlier bulls to vacate their positions, with those remaining likely to hold firm as we head into the week, unless bearish pressure resurfaces.

How high do you expect ETH to trade this weekend? Comment below to share your thoughts.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.

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Ethereum

New Milestones Revealed for Ethereum as Ropsten Private Testnet Merge Date

An Ethereum DevOps Engineer submitted a pull request for the Ropsten Merge configuration code earlier this week. It can be viewed in the GitHub repository. The Ropsten testnet, which was established by Ethereum Foundation almost five years ago, is one of the most reliable replicas of the Ethereum blockchain.

The Merge

The merge, which marks the end of the PoW-style architecture, will essentially combine the two layers in a single PoS-based chain. According to Prysmatic Labs’ Terence Tsao, the genesis for the Ropsten testnet Merge is slated for May 30.

Lead developer Tim Beiko earlier confirmed that the merge on the mainnet is likely to go live a few months after June and not anytime sooner.

But, the Ropsten merger will show the actual merging between Ethereum and Beacon Chain when the network completes its transition. Ethereum core developer Preston Van Loon also acknowledged that this event is a huge testing milestone towards ETH’s mainnet merge that is set to happen later this year.

The Merge is coming https://t.co/CL8zwgJDra

— sassal.eth (@sassal0x) May 18, 2022

However, as the merge is near, developers have been testing new infrastructures in order to study the network mechanics and client readiness.

For instance, the “Shadow fork” went live in April, a mechanism to “stress test our assumptions around syncing and state growth,” as Parithosh Jayanthi, an Ethereum Foundation developer, explained. This test allows developers to identify critical flaws in code that might otherwise go unnoticed by the devnets.

Ethereum Foundation Lifts the Ante

In light of the recent development and the upcoming merge, Ethereum Foundation also announced merging its PoW mainnet and PoS consensus layer bug bounty programs into one. The max reward has also been bumped up to $250,000 for reporting bugs on the Ethereum protocol. Rewards can also be doubled to $500,000 during crucial events.

” As the Execution Layer & Consensus Layer become increasingly interconnected, it becomes more valuable to combine security efforts across these layers. Client teams and the community have already organized multiple efforts to increase the knowledge and expertise of the layers. Unifying the Bounty Program will further increase visibility and coordination efforts on identifying and mitigating vulnerabilities.”

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