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Ethereum (ETH) No Longer Leading Cross-Chain Coin, Sees New Leader

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Sat, 09/11/2021 - 14:29
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Vladislav Sopov
Dune Analytics releases the statistics of bridges that connect Ethereum's L1 from other networks
Ethereum (ETH) No Longer Leading Cross-Chain Coin, Sees New Leader
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Ethereum (ETH) researcher Elias Simos displayed the state of the modern cross-network ecosystem and indicated the most crucial bridges and assets.

USD Coin (USDC) dethrones Ether in cross-chain realm

According to the customized dashboard created by Mr. Simos on Dune Analytics, a flagship on-chain analysis vendor, USD Coin (USDC) stablecoin is now the most used cryptocurrency in Ethereum's bridges.

In these bridges—the protocols that make Ethereum's L1 interoperable with other blockchains or scaling solutions—a total of almost $1.2 billion in USDC is locked.

To provide context, Wrapped Bitcoin (WBTC) is responsible for $1 billion of liquidity, while Ethereum (ETH) and Wrapped Ethereum (WETH) combined make $811 million.

Also, U.S.Dollar Tether (USDT) and Dai (DAI) stablecoins are responsible for a significant share of TVL in this sphere, with $693 million and $606 million, respectively.

Polygon Network (MATIC) bridges are on fire

As covered by U.Today previously, USD Coin (USDC) by Circle is the fastest-growing asset amidst all mainstream stablecoins. In August, it expanded to Ethereum's novel scalability solution, Optimism.

Related
USD Coin (USDC) Goes Live on Ethereum's Optimism, Breaks Above $1 Billion on Solana

In terms of networks bridged to Ethereum (ETH), Polygon-Ethereum bridges are the most active. Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM) represent the top three of all blockchais connected to Ethereum (ETH).

Polygon (MATIC) is responsible for almost half of all of the TVL in Ethereum bridges' ecosystems: it registers $2.42 billion locked. Avalanche (AVAX) sees $1.37 million locked, while Fantom (FTM) accounts for $494 million.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)