Sirwin
Sirwin

Multi-Chain Bridges & Leo Bridge


The bridges on Ethereum network gained importance when the transaction fees on Ethereum blockchain were unaffordable for many people. Although it may look like a serious concern, the Layer 2 solutions and bridges to other blockchain could fix the problem.

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I'm pretty sure you are already familiar with popular bridges such as Avalanche Bridge, Rainbow Near Bridge or Ronin Bridge for Axie Infinity. By transfering your assets, you can store or use your NFTs, contracts or cryptocurrencies with no single issue.

Do Bridges Bring Problem for Crypto?

Even though there are some crypto influencers criticizing bridges due to the complex nature and the possible bugs or leaks that may end up losing millions of dollars (e.g, recent Wormhole case for Solana & Ethereum Bridge, the operational side of bridges enable users to transfer their stored values to any blockchain that is compatible.

So far we have experienced serious problems related to bridges but I think we are in the early phases of multi-chainned crypto ecosystem in which we can utilize the bridges easily like we do in De-Fi liquidity pools. As of today, we can transfer values between Avalanche and Ethereum blockchains smoothly with no single concern since the developers prioritized the bridges to Avalanche network to increase the value of the chain.

Do Bridges Transfer High Amount of Value?

Actually, I was surprised when I realized the total value bridged from Ethereum to other blockchains and second layers. If you enjoy tracking such information about bridges, I can suggest you the website called Dune.xyz.

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As you can see, the TVL bridged may surprise you, too. Polygon is leading the TVL and Avalanche is following Polygon L2 in the second position. Among the listed bridges, I have faith in the future of Ronin and Arbitrum to increase their operations as the crypto ecosystem attract more people.

What Are Crypto Assets Bridged from Ethereum?

The leading cryptocurrency is Ethereum or Wrapped ETH for sure. After Ethereum, we see USDC and AXS in the top 3. There are 2 interesting that attracted my attention.

First, the stable coin USDC replaced the tyranny of USDT in the stable coin assets being transferred. I believe it is something positive for crypto considering the Tether FUD that we experienced for years 😅

Second thing is that the Ronin operates perfectly to carry AXS to the top 3. I think it is a sign of the growing GameFi or Play2Earn concept in the crypto ecosystem.

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In the long term, I expect to see stablecoins leading the top 3 for the use of bridges if we can reach enough mass-adoption level for the use cases of bridges. Personally, I would be bothered with different types of stablecoins (I hope HBD, too) transferred from one blockchain to another.

Bridges in Hive Ecosystem, CUB-POLYCUB-LeoBridge

If you do not know about the LeoBridge, I think it is better if you read the document to understand how Hive-BSC-Ethereum Mainnet and Polygon (in progress) will be bridged. Thanks to the LeoBridge (a.k.a CUB Bridge, you can transfer your Leo tokens you earn on Leofinance and swap ERC20 - BEP20 tokens by using the bridge.

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Thanks to CUB Finance, you can also use the DEC pool and SPS-BNB LP to transfer your Splinterlands assets to Binance Smart Chain. Honestly, I want to see every single token on CUB Finance and PolyCUB to be transferred by using Leo Bridge. It would be great to for Hive to be the center of operations for BSC and Polygon networks thanks to Leo Bridge.

3Speak tokens, Ragnarok and LVL tokens of PsyberX can be on CUB to be used and transferred. We can also provide enough liquidity as the players and investors. It would be nice if it happens 😎

Who knows, maybe it is soon enough to be real 🦁

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idiosyncratic
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Crypto-Blogger 🖊Blockchain Gamer 🎮 https://read.cash/@idiosyncratic https://noise.cash/u/idiosyncratic1 https://leofinance.io/@idiosyncratic1


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