With the increasing popularity of alternative L1’s and L2’s and the necessity of good multi-chain bridges to further DeFi, I believe it’s only a matter of time before bridges become a core component to DeFi’s continued success.
Avalanche, Polygon, BSC, Solana, Cosmos, Terra, and Fantom have all had tremendous increases in TVL now that they’ve matured and started to grow their own DeFi ecosystems. This growth has been spurred on by high ETH gas fees but also the technological advancements of these alternative chains.
You can view the growth of these chains on Defillama: Chain TVL - DefiLlama
A multi-chain world is not just on the horizon, it’s here now.
Multi-chain DeFi is inevitable and so I propose we get ahead of the curve by creating a Cross-Chain Bridge Index ($BRIG5).
Below are the proposed constituents:
Project: Ren Bridge
Liquidity: Sushiswap: REN-ETH: $8,062,595.66, Univ2: REN-ETH: $1,594,498, Univ3: REN-ETH: $112,340
Chains: Arbitrum, Avalanche, BSC, Ethereum, Fantom, Polygon, Solana
Edit: Anyswap rebrands to Multichain
Project: Anyswap Bridge
Token: ANY / MULTI
Liquidity: Sushiswap: ANY-ETH: $14,063,747.11
Chains: ETH, BSC, FSN, FTM, Matic, Heco, AVAX, xDai, Arbitrum, KCC, One, MOVR, CELO, SDN, Iotex, CRO, Boba, Fuse, TLOS, OEC
URL: AnySwap - Cross Chain Protocol
Liquidity: Univ2: RBC-ETH: $4,624,628
Chains: ETH, BSC, MATIC, Solana, Avalanche, Moonriver, Fantom, Harmony, xDAI
Liquidity: Univ2: RELAY-ETH: $132,860
Chains: ETH, BSC, Fantom, Matic, Avalanche, IoTex, Moonriver, HECO, Shiden, Cronos, Harmony
URL: Relay App
Project: Synapse Bridge
Liquidity: Sushiswap: SYN-ETH: $12,387,473.64
Chains: Ethereum, BSC, Arbitrum, Avalanche, Polygon, Fantom, Optimism, Boba, Moonriver, Harmony
REN - $520,022,668
ANY - $325,514,660
SYN - $285,639,352
RBC - $22,048,745
RELAY - $11,473,021
These are the tokens I propose we start the index with, however, more protocols can be added later.
Here are a few additional protocols that can be considered once they release a token.
Please let me know your thoughts on the proposal and any feel free to suggest any projects I may have missed.