The still emerging field of blockchain is in the process of being structured. Many blockchains have emerged in recent years. Now is the time for interoperability between blockchains. Some cryptos understood this long before others …
Towards a blockchain internet?
The emergence of cryptos is often compared to that of the internet. After years of development and competition, one search engine has finally taken over. This analogy is interesting to consider for cryptos created as means of payment like Bitcoin. On the other hand, in the field of decentralized applications (DApps), for many, things will be different.
Until recently, the creator of Cardano spoke of the future being the blockchain internet. For him, several blockchains will be part of the landscape and will have to communicate with each other. For the cryptos used to develop Dapps, the analogy to be considered for him would be more related to wifi routers than to search engines. Several manufacturers thus share the market. However, all products serve the same purpose, that of connecting equipment to the Internet. This observation is shared by many other players in the field. This is the case of researcher Dmitriy Berenzon who has just published a report on this subject and who mentions a market that is now “multi-chain”.
“Interoperability paves the way for innovation. Bridges are important because they allow users to access new platforms, protocols to interact with each other, and developers to collaborate on the creation of new products. After years of research and development, we are finally in a multi-chain structure ”Dmitriy Berenzon, research partner at 1kxnetwork
The most advanced cryptos in blockchain interoperability
Exactly, what do the figures say on the front of theinteroperability between blockchain ? According to statistics collected on Dune Analytics, more than $ 7.7 billion is exchanged between the Ethereum blockchain and 8 other blockchains. What are the cryptos most affected by these inter-blockchain exchanges?
According to the figures as of September 16, 2021, these $ 7.7 billion break down mainly as follows:
• Polygon: $ 2.48 billion, or 32.5%;
• Arbitrum: $ 2.4 billion, or 31.5%;
• Avalanche: $ 1.6 billion, or 21%;
• Solana: $ 507 million, or 6.7%;
• Fantom: $ 506 million, or 6.6%.
We note the presence in particular of three cryptos well known to the general public: Polygon, Avalanche and Solana. Interestingly enough, these are also three cryptos that have seen their price start to take off in recent months … So, are you more Polygon, Avalanche or Solana?