At some point, all the buzz was about these, until hacks became prevalent, then we just stopped hearing all about them. Now we’re at this point where you almost hear nothing about these cross-chain bridges, so it leads me to question whether or not they’re even practical anymore in today’s age. Why would I think they’re not relevant? Well, they were initially created to deal with the problem of the Ethereum gas fee, so people had to migrate their holdings to cheaper chains. Now considering what people know, tokens are purchased right away on the optimized chain, so I’d imagine their utility isn’t as useful anymore. Do you guys still use cross-chain bridges?
7 thoughts on “Does anyone still use cross-chain bridges?”
They’re still useful. I hold my assets in different tokens in order to not have all my eggs in one basket. I receive crypto payments pretty often too, so sometimes I don’t get to choose the exact currency/chain I receive the payment in, so a cross-chain allows me to exercise more control in the currency I receive. So let’s say I get USDT on ETH, I would exchange that to TRC-20 USDT on octusbridge.io, and use it to pay for my expenses, or exchange half of that to other small assets to have a balanced portfolio.
Hell yeah! Ive bridged some BTC and ETH over to Algorand. And tons of people are bridging PEPE right now because there are almost no fees to trade on Algorand.
Yes, and these bridges are getting more secure and functional. I have used Axelar with Cosmos and it has been very cool.
Yeah, the hacks and exploits have not done bridges any favours. I personally don’t appreciate bridging due to the involved complexity of wrapping. There are actually some great development in the DeFi/[DEX](https://np.reddit.com/r/zetablockchain/comments/1376kop/defi_amm_platform_towerdefi_now_supports_twstzeta/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) as protocols have started to explore ways for cross chain interoperability without the use of bridges or wrapping.
Bridges do like 200M / day in volume right now… never been more active. The biggest players are Stargate, Multichain, Hop, and Synapse. Most of the volume is going between Ethereum, Arbitrum, Optimism, and Polygon.
I bridge all the time. Last time I bridged even Sushiswap was doing cross-chain transfers which were pretty cheap.
I see the other people’s comments.. Yeah they’re quickly becoming obsolete.
200m a day between all bridges is peanuts.