Interoperability is becoming an important subject for the cryptocurrency market, especially for 2022. This is because there are several projects in this ecosystem introducing integrations that make their networks compatible with the Virtual Machine (EVM) and Ethereum (ETH).
This has been an important end goal for the ecosystem over the long term as a step towards protocols for an interconnected network. It has also succeeded in creating a new DeFi market for decentralized finance and multi-chain bridges.
There are 3 top cross chain bridges that many in the crypto community use for asset transfers between networks. These blockchain networks generate a very high volume. The three most popular cross chain bridges are:
· Multichain, a router protocol that has the goal of becoming the go-to choice for the nascent Web3 ecosystem. This company has $8.95 billion locked in funds for platform development. One of the major reasons for Multichain having such funding is the sheer number of blockchains networks it currently supports.
· Synapse is another protocol layer that offers users interoperability facilities between disparate blockchain networks. According to published data, Synapse has managed to garner a total locked value of$1.16 billion. Of this amount, it has spent about half on project-related work. 12 networks are currently supported by Synapse.
· Celer cBridge is a multi-chain network and extremely popular. It has the capacity to enable low-cost and instant transfers among 19 different networks. cBridge is a part of the bigger Celer ecosystem and uses CELR tokens for protocol operations and rewards those who provide liquidity with tokens. The total amount of funds in the company’s coffers is $240.9 million.