With the cryptocurrency market returning to the era of multi-chains, the demand and importance of cross-chain protocols are increasing. This article will introduce the key points of using cross-chain protocols, including factors such as cost, speed, and security. In addition, it will also recommend 9 major cross-chain protocols that not only provide convenient cross-chain functions but also offer opportunities to receive airdrop rewards.
Introduction
As we enter a multi-chain era, consensus is no longer concentrated on Ethereum as it was in the previous bear market cycle. There are projects worth participating in and opportunities for high returns on various chains.
In the face of cross-chain demand, the common solution is to use centralized exchanges, but this method involves cumbersome steps. On the other hand, using cross-chain protocols only requires one step to complete and offers the opportunity to receive airdrops, such as the Wormhole airdrop distributed in early March.
This article will introduce the key points that well-known DeFi KOL, The DeFi Edge, believes should be considered when using cross-chain protocols and will summarize the recommended cross-chain protocols provided by X account @its_airdrop.
Key Considerations for Using Cross-Chain Protocols
When using cross-chain protocols, the following points should be considered:
Cost
Speed: How long does it take to complete a transaction?
Security: How secure is the protocol? Am I at risk of being hacked? This can be referred to in the mentioned article to understand the security assumptions of different protocols.
Supported Chains: Not all protocols support your preferred chains.
Supported Assets: Some protocols may not support all assets on the chain.
UX/UI: Some protocols are more comfortable to use than others.
Additional incentives, such as airdrop points.
Recommended Cross-Chain Protocols
Below are 9 cross-chain protocols (cross-chain transaction aggregators) that provide potential airdrop opportunities. The distribution of airdrops is based on transaction frequency, transaction amount, and transaction count. To maximize potential returns, it is recommended to focus on specific protocols. Readers can choose the most suitable protocol according to their personal needs.
Hyperlane – Nexus Bridge
Pontem – LiquidSwap
deBridge
XSwap
Squid Router
Bungee Exchange
Jumper Exchange
RocketX Exchange
Connext Network
Supported Blockchains: Injective, Ethereum, and inEVM, among others.
Additionally, Liquidswap supports exchanges between Aptos and EVM chains and uses LayerZero technology, allowing for dual liquidity. Moreover, the team has also launched L2 Lumio, the official bridge connected to it.
Supported Blockchains: EVMs (BNB Chain, Avalanche, etc.), and Solana.
This cross-chain trading protocol is supported by Chainlink CCIP, a leading oracle provider, and supports exchanges between mainstream EVM chains with fewer competitors.
Supported Blockchains: Almost all EVM chains, Injective, etc.
Socket (formerly Movr Network) is a cross-chain aggregator supported by cross-chain infrastructure. It supports most EVM chains and has a unique feature called Refuel, which allows using native tokens on the source chain as gas fees on the target chain.
Supported Blockchains: Most EVM chains.
Supported Blockchains: EVMs, IBC, Bitcoin, Solana, SUI, and 138 other blockchains. Although this protocol charges a small platform fee, holding its $RVF token can provide up to 100% fee reduction.
Supported Blockchains: Mainstream EVMs. It is worth mentioning that Connext Network has a TVL of over $755 million, leading many competitors (Stargate’s TVL is approximately $325 million, Across is approximately $122 million, Synapse is approximately $104 million, and the rest are below $100 million).
For the convenience of readers, the above 9 cross-chain protocols have been summarized in the table below. Additionally, Bridge Info website can be used for searching by entering the desired blockchain to display available cross-chain protocols. However, it is not comprehensive. For example, when entering Merlin (Bitcoin L2), the website does not list the current mainstream meson cross-chain bridge.
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Can BTC be brought into SOL? A quick look at the architecture and token economics of Solana’s cross-chain bridge “Zeus”.