As Defi-bound Value Rise, Dozens of Dapps Benefit from Cross-Chain Support – Defi Bitcoin News
Defi protocols continue to shine as the total value booked for the challenge exceeds $260 billion. While Ethereum started the trend of challenge and took the lion’s share of TVL in the challenge, a large number of decentralized applications (dapps) support a large number of alternative blockchains.
Today’s most popular Dapps apps support more than one network
On November 7, the total value booked was $260 billion, according to Devilama’s statistics on Sunday. When Defi first started creating waves, most of the dapps that people interacted with took advantage of the Ethereum (ETH) blockchain. Towards the end of 2021, all that changed as cross-chain technology became hotter than ever, and dapps now support countless networks.
For example, the Curve Protocol, the Automated Market Maker (AMM), holds the largest share of TVL with $20.08 billion at 7.71%. Curve also connects to seven different blockchain networks with the inclusion of Ethereum. The chains include Avalanche, Harmony, Polygon, Arbitrum, Fantom, Xdai, and Ethereum.
Another big dapp with a value of $15.75 billion is Aave, which is a decentralized lending system that users from three different chains (ETH, AVAX, MATIC) can access the dapp. When it comes to cross-chain support, dapp Sushiswap has a large number of chains where 12 blockchain networks can access a dapp. Chains such as Palm, Xdai, Polygon, Avalanche, Celo, Okexchain, Moonriver, Harmony, Binance Smart Chain, Heco, Ethereum and Arbitrum.
Sushiswap, Anyswap supports 12 different chains – the cross-chain support trend continues to swell
With all these connections, decentralized exchange (dex) platform Sushiswap has a TVL of $6.8 billion. Anyswap dapp also supports 12 different networks and the only difference between it and Sushiswap is that the dapp supports Kucoinchain. Other popular dapps that take advantage of more than one network of protocols include Abracadabra, Balancer, Uniswap V3, Renvm, Cream Finance, Synthetix, Mirror, Beefy Finance, Badger DAO, and Alpha Finance.
Of course, all of these apps also support Ethereum, but with ether gas fees skyrocketing this year, competitors are starting to catch up. Over the past nine months, a large number of dapps have added support for alternative blockchains and it doesn’t look like this trend will stop growing anytime soon.
What do you think of specific applications that now serve multiple blockchains? Tell us what you think about it in the comments section below.
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