Hints of a Multichain Future.
As the blockchain space continues to grow, so do the communities around these blockchains. Bridges are opening up these communities to each other.
Interest in cross chain movement hit a new stride this week with Avalanche and Solana’s ambitious new bridges. With a great deal of value flowing between different blockchains, the multichain future is quickly becoming a consensus.
Read through-
Wormhole V2
@wormholecrypto introduced its second iteration, Wormhole bridge version 2.0, through an official announcement recently allowing migration of assets from v1. @Saber_HQ, a cross chain liquidity exchange, will support the migration of Wormhole V1 assets to V2 & move over incentives to Wormhole V2 assets.
V1 supports token transfer between eth<>sol. Wormhole V2 is bringing generic messaging protocol, on which the token bridge has been built on top. It will support eth, terra, bsc, solana chains and has more functionalities.
Wormhole is a new kind of message protocol that can connect any blockchain through a verifiable, trustless network. At launch, Wormhole mainnet will support Solana, Ethereum, Terra, and Binance Smart Chain, with the capability to connect to other chains in the future.
Asset bridges are nothing new – but Wormhole takes the concept further by supporting arbitrary data. This allows for any information to move cross-chain, be it oracle data, governance votes, NFTs, and much more.
Existing bridging data on wormhole
September saw massive inflows to the Solana network from Ethereum. $SOL token had a rally in driving it to its ATH. Meanwhile, total value locked(TVL) on solana skyrocketed from $3.5B to $12.2B (ATH) in a span of two weeks.
Avalanche TVL near $3B
Avalanche bridge stats
More than $1.8B have been transferred from Ethereum to Avalanche using AVA bridge, amid the liquidity incentives programs and dapps being deployed on the platform. Significant inflows have been happening to Avalanche recently indicating more traction on the dapps deployed platform.
Airdrop to Bridge users - GB token airdropped to more than 16K wallets who have transacted on Avalanche bridge. They were valued at $4K at ATH.
Avalanche Liquidity incentive program
In the first phase of the $180M incentive program, AVAX – the network’s native currency – will be used as a liquidity mining incentive for Aave and Curve users over a three-month period.
The foundation has set aside $20M worth of AVAX for Aave users and $7M for Curve users. Further allocations are planned for the second phase of the scheme over the coming months.
Recently, $5M worth of AVAX has been allocated for the Kyber network. Meanwhile, Popular Defi lending platform Aave has listed a governance proposal to deploy on Avalanche, more dapps are now coming to Avalanche amidst the liquidity rush. Recent raise of $310M also contributed to this growth on the Avalanche network.
Top stories
Sorare raised 680M$ in series B round, led by softbank.
Loot NFT token AGLD listed on coinbase
US treasury sanctions russia based otc desk for money laundering
https://www.theblockcrypto.com/linked/118158/us-treasury-sanctions-russia-based-crypto-otc-desk-for-laundering-over-160-million-in-bitcoin
Endnote
Catch important market updates with #CryptoMatters.
Subscribe to our daily newsletter and be the first to know -
#Newsletters #DailyCrypto