Bridges, tunnels, portals, holes, and more; now, crypto investors are realizing that it’s not just about picking a winning altcoin, but also keeping an eye on cross-chain bridging protocols.
Two well-known names in this sector are Wormhole and Allbridge. Both help move assets between their supported blockchains and are growing their ecosystems. Though relatively new, both platforms have also recorded some impressive milestones.
Time for a crossover
Allbridge announced that it had bridged more than $1.15 billion in liquidity to Solana in a period of five months.
? A new milestone has been reached!
? In 5 months, we bridged over $1,15B liquidity to @solana.
? Thank you for joining us on this wonderful journey! pic.twitter.com/61cWkJz4PH
— Allbridge (@Allbridge_io) December 15, 2021
According to Allbridge’s website, the total value of assets bridged was approximately $3,600,000,000, at press time. These figures show that asset bridges are lucrative in the crypto sector and that the demand for them has risen quickly. What’s more, Allbridge is just one option for those exploring cross-chain protocols.
Another solution is Wormhole, which is also growing its ecosystem of supported chains. At press time, total value locked [TVL] on Wormhole was $888 million.
To that end, new chains are regularly added to both Allbridge and Wormhole. At press time, Allbridge was supporting Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Huobi Eco Chain, Celo, and Fantom. It shared that Terra, Near, and Aurora would be coming soon.
Meanwhile, Wormhole offered support for Binance Smart Chain, Ethereum, Polygon, Solana, and Terra. Two others – Oasis and Avalanche – are scheduled to come soon as well.
One reason for Solana’s popularity on both Allbridge and Wormhole is its low fees and high speed. What’s more, Wormhole is well suited to NFT creators and traders. As of press time, the total number of locked NFTs on Wormhole was 732. Out of this, 578 were on Solana.
Bridging the gap
At press time, Allbridge’s ABR token was trading at $3.69, after falling by 7.12% in 24 hours. At its highest, during October 2021, ABR was worth more than $11.
