Interoperability is the word of the day and many blockchains have caught on to the trend. In October and November, the Wormhole protocol was especially active, connecting chains and making it possible for tokens and NFTs to travel through diverse crypto ecosystems.
After weeks of activity and new announcements, Wormhole released its first monthly recap to shed more light on the “high-value blockchains”, it supported.
At the same time, Wormhole also revealed which blockchain would join its growing collection.
Coming through
Currently supporting Solana, Ethereum, Binance Smart Chain, and Terra, the Wormhole protocol has enabled users to carry out complex DeFi activities that wouldn’t have been possible even a year ago.
With regard to NFT bridges and stats, Wormhole revealed,
“As of now, users have wormholed more than 250 NFTs between Ethereum, Solana and BSC, including the first ever(wrapped) Cryptopunk bridged to Solana!”
Furthermore, the recap noted that at the end of October, the protocol had seen more than $500 million in total value locked [TVL]. Further, Terra’s UST stablecoin was the top-ranking asset.
Source: wormholebriedge.com
Finally, at the end of its recap, Wormhole announced the entry of a new chain. The report revealed,
“Wormhole’s mission is to power interoperability between high valued blockchains. We are thrilled to be launching support for Polygon next. “
? Out of the Wormhole #1 – our first monthly recap is out!
TL;DR
* @terra_money token bridge launched
* BSC token & NFT bridge launched
* $540M+ TVL
* ~1200 messages/day
* 250+ NFTs wormholed
* Wormhole explorer launched
* New chain coming soon ? https://t.co/4vggeE3rbw— Wormhole (@wormholecrypto) November 4, 2021
Chained together
Coming to messages and inter-chain communication, Wormhole’s recap announced that more than 12,000 messages were sent between the four supported chains in the last month.
Source: wormholenetwork.com
Solana and Ethereum, the oldest blockchains in the Wormhole ecosystem, saw the most activity in the past 30 days. However, Binance Smart Chain’s activity levels were close to that of Ethereum.
Getting to know Polygon
At press time, Polygon [MATIC] was the 19th biggest blockchain by market cap. Its price was $1.91 and the alt coin has been seeing bullish momentum since around mid-October.
What’s more, Bitwise later introduced a Polygon fund. The company stated,
“Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency.”
Source: Polygonscan
On 5 November, there were 275,512 active addresses on Polygon.
