Debridge Facilitates $427M in Cross-Chain Transfers in Seven Days
Debridge, a decentralized cross-chain bridge, has seen significant activity recently. Founded by Jan Wyssen, the platform facilitates transfers between blockchains like Solana, BNB Chain, and Ethereum.
In the past seven days, Debridge handled 72,781 on-chain transactions, totalling 427 million USD in volume. This averages to around 61 million USD per day and approximately 10,397 transactions daily. Notably, Solana transferred around 100 million USD via Debridge to the BNB Chain, accounting for 30% of all outflows from Solana in that period.
Stablecoins play a crucial role in these cross-chain transfers, enabling secure money movements. However, bridges like Debridge remain vulnerable to attacks. In 2022, hacks on such bridges totalled 2.1 billion USD. To mitigate this risk, Debridge proposes a model of low fees and high liquidity.
Debridge's recent activity shows a significant increase from its 2021 daily average transaction volume of around 102 million USD. Possible reasons for the outflows from Solana could include profit-taking, network congestion, or rebalancing in the DeFi sector. Despite vulnerabilities, Debridge continues to facilitate secure cross-chain transfers, demonstrating the growing importance of interoperability in the blockchain ecosystem.
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