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Last Week In The Multi-Chain Ecosystem (07 - 13 Nov' 2022)

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Nov 14, 2022

Welcome to LI.FI’s Cross Chain Insider newsletter. If you want to join this community of cross-chain aficionados learning about bridges, interoperability, and the multi-chain ecosystem, subscribe below:

You can also check out LI.FI’s research articles, and follow us on Twitter!

Bridge Updates

1) MetaMask Launches In Dapp Bridge Aggregator 🦊

MetaMask has launched MetaMask Bridges, a bridge aggregator that helps users find the best routes to move their assets across chains within the MetaMask Portfolio Dapp. To provide this functionality, MetaMask has integrated two bridge aggregators, LI.FI and Socket, through whom they support 4 individual bridges such as Connext, Hop, cBridge, and Polygon Bridge.

The release is currently in beta and supports 1:1 bridging of up to $10k per transfer of assets like ETH/WETH, common stable coins like USDC, USDT, DAI, and native gas tokens such as MATIC across Ethereum, Avalanche, BNB Chain, and Polygon. Try it out here.

2) Tally Ho Announces DOGyssey 🐶

Tally Ho, a community-owned and operated Web3 wallet, announced its DOGyssey campaign — an adventure that rewards Tally Ho users for exploring the Arbitrum ecosystem. To participate, users need to bridge to Arbitrum via Hop, Across, LI.FI, or Bungee with their Tally Ho wallet and claim a trusty space dog NFT on Galxe before 23rd November.

3) Liquality Integrates LI.FI’s SDK 🦎

Liquality, an open-source, multi-chain web3 crypto wallet supporting 10+ chains, has integrated LI.FI’s SDK. With the integration, Liquality wallet users can now bridge and swap assets across any chains that are supported by both Liquality and LI.FI. You can check out how the integration works by downloading the Liquality wallet.

4) Nomad’s Recovery Progress Update 🧐

As per the Nomad team, the Nomad token bridge is close to relaunching, allowing users to bridge back their assets. In preparation for the same, the team will be conducting recovery wallet operations in the coming weeks and has categorized the recovered funds as:

1) tokens returned in their original form — (~76.7% of recovered funds, ~$29.8M USD-equivalent)

2) tokens that were converted to another form and subsequently returned — (~21.3% of recovered funds, ~$8.3M USD-equivalent)

3) Retroactive Bounties Requested — (~1.6% of recovered funds, ~$610K USD-equivalent)

4) Funds potentially subject to regulatory restrictions — (~0.4% of recovered funds, ~$160K USD-equivalent)

Multi-Chain Ecosystem Updates

1) CryptoStats Introduces CryptoFlows Info Site 🔥

CryptoStats released CryptoFlows.info, a data visualization site that provides the “complete map of the crypto ecosystem: charting the relationships between all major chains, and the bridges that connect them together.”

The site also offers a “Bridge View” which shows omnidirectional links between chains, representing individual bridges. The team also partnered with LI.FI and Immunefi to provide key information on bridge security, such as the security assumptions and total bug bounties.

2) Gnosis Builders Introduce BuyxDAI.com 💪🏻

BuyxDAI.com is an onboarding tool introduced by Gnosis Builders that makes it easy for anyone to buy xDAI and explore the Gnosis ecosystem — It provides users with all the trusted sources and providers, such as on-ramps, bridges, and exchanges, to acquire xDAI, all in one place. Check it out here.

3) Solana’s Layer N Schedule to Launch in 2023 ⏳

Layer N, a scaling protocol building on top of Solana that aims to be the first blockchain to match the throughput of a centralized exchange, has come out of stealth mode to announce its Mainnet launch has been scheduled for 2023. The team plans to deploy a "sandbox" testing environment later this year.

4) Neon EVM Schedule to Launch on 12.12.22 🗓️

Neon Labs announced that Neon EVM, the first Solana EVM, is scheduled to launch on Mainnet on 12th Dec’ 22. The launch of Neon EVM will enable any Ethereum-based dApps to be ported on top of Solana. According to the team, Ethereum-based projects, such as Aave, Curve, and Sobal, have started to build on Neon.

What’s Popping on Twitter?

This past week, our Twitter timelines were mostly cluttered with news about the FTX debacle. However, there were some major announcements from the cross-chain ecosystem with teams delivering high-quality work that will help move our industry in the right direction. One of those teams was CryptoStats, a neutral source of truth for crypto metrics, that released another info site called CryptoFlows.com! — “a visualisation tool offering the complete map of the ecosystem: charting the relationships between all major chains, and the bridges that connect them together.”

David Mihal.eth @dmihal

Today we're launching our most ambitious info site yet: CryptoFlows.info! 🔄 CryptoFlows aims to be the first complete map of the crypto ecosystem: charting the relationships between all major chains, and the bridges that connect them together.

cryptoflows.infoCryptoFlows.infoMapping the chains & bridges of the global blockchain economy

CryptoFlows.info is a highly beneficial visualization tool for those looking for a simple resource to understand the complex cross-chain ecosystem and how chains and bridges interact.

What does CryptoFlows.info offer?

Visualizations — a visual guide showcasing the connections between blockchains and the directional flow of value between them.

Top exporters and importers — a list of chains ranked by the total value they export and the total amount of value they import.
Bridge view — to provide more insights into how assets flow across the ecosystem, there’s also a bridge view that shows omnidirectional links representing individual bridges. Additionally, there’s also a list of bridges ranked by TVL.
Bridge security — CryptoStats partnered with LI.FI and Immunefi to provide more insights on important bridge security information, such as security assumptions and the total bug bounties. Here, LI.FI classifies bridges on the scale of trustlessness from very low to very high and lists some of each bridge's key security assumptions.

We thank the CryptoStats team for finding and aggregating data about where value flows across the crypto ecosystem!

Bridge Analytics

Here are key data insights from the bridging ecosystem in the past week (7 to 13 Nov):

Total bridge volume ➡️ ~1.92B (up 155.87% compared to last week)

Day with most volume ➡️ 10 Nov ~482.74M
Bridge volume breakdown on 10 Nov
Bridge with most volume ➡️ Multichain ~389.48M
Bridges in order of 7 day volume