![]() The above graph shows TVL across the top bridges over the last 6 monthsĬomparing capital inflow and outflow for the past few months provides interesting insights about the ecosystem. The downside of this design is that they often lack the support and usability of the wrapped token at the destination chain. The common design for multi-route bridges includes a wrapped token at the destination chain. Recently, multi-route bridges have become more popular. Alternatively, in a future where other chains are likely to displace Ethereum’s current dominance, it’s likely that users will not want to route through Ethereum. However, users are required to pay high Ethereum gas fees when using bridges with the Ethereum network as the starting point. Examples include Polygon’s Plasma Bridge and Avalanche Bridge. These bridges are often quick to develop because they don’t need to consider scalability and interoperability with other blockchains, and the design choice of these bridges makes sense given that Ethereum has the highest TVL. They are often developed and maintained by the destination chain’s protocol and most of them share Ethereum as the common starting point. Single-route bridges refer to bridges that connect two blockchains. The development of these individual ecosystems showcased their own unique strengths - faster throughput, enhanced security, cheaper transactions, and more - while also demonstrating the need for cohesion and interoperability in the great Defi ecosystem. ![]() Most recently, we’ve seen the rise of L1s such as Solana and Avalanche. After the emergence of Binance Smart Chain in early 2021, attention shifted to various L2s. The token, which is currently worth $528.44, has seen about a 1.6% rise in value in the past 24 hours.Defi started in 2020 and began adapting to a more multi-chain world after months of being Ethereum-centric. While Binance Labs is leading an investment round, the Binance Coin ( BNB) has been experiencing a turbulent time in the bear market. On the other hand, the funds raised from the investment round will be dedicated to hiring new people for key teams in Multichain, including its security audit, service and crypto algorithm research teams. With this new investment, Multichain and Binance Smart Chain(BSC) will form an alliance, and BSC will recommend Multichain as the right bridge to use by those who want to move their digital assets across blockchains. On Multichain’s part, its cofounder, Zhaojun, reiterated the protocol’s commitment to developing more cross-chain infrastructure connecting more public blockchain and mentioned its plans to integrate the NFT Cross-Chain bridge and an圜all solution. ![]() The Head of Investments at Binance Labs, Bill Chin, further added that Binance Labs supports Multichain because it invests in disruptive innovations capable of shaping the crypto landscape. Thus, Binance is more than happy to collaborate with the team and build a shared vision. In the press release from Binance Labs, the investment director, Peter Huo, said that Multichain is an important contributor to the future of multi-chain on the blockchain. With over $5 billion total value locked, the protocol currently has more than 300,000 users. Multichain, formerly known as Anyswap, is an infrastructure developer for various blockchains, including Binance Smart Chain (BSC), Avalanche, and Ethereum. The $60 million investment round led by Binance Labs also included other major investors such as Sequoia China, Three Arrows Capital, Hypersphere Ventures, Circle Ventures, DeFiance Capital, IDG Capital, Magic Ventures, HashKey, Tron Foundation, and Primitive Ventures. The venture capital arm of the largest crypto exchange, Binance Labs, is part of the new investors in the cross-chain protocol, Multichain. ![]()
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