Compare the best Cross Chain Bridges of 2023 for your business. Find the highest rated Cross Chain Bridges pricing, reviews, free demos, trials, and more.
New ways to use blockchain for investors are continuously being developed, and the ecosystem continues to expand. Most developers and users used Ethereum for their dApps or bitcoin for high-value transfers in the past, so they were not concerned about using other blockchains.
Newer blockchain platforms, such as Ethereum, were developed due to the disadvantages of well-known blockchains, such as Ethereum. Blockchain bridges are new chains that offer benefits such as lower transaction fees, higher network throughput, and innovative ways to earn yields.
The number of blockchains has increased to more than 125, but they cannot communicate with one another. There is no entry or exit in a blockchain, so it is a self-contained “silo.” Using a bridge, also called a cross-chain bridge, is most effective for transferring tokens and coins between blockchains, for example, Bitcoin.
Data can be exchanged through cross-chain bridges, including smart contract calls, decentralized identities, off-chain information like stock market prices, and much more. Thanks to them, a decentralized application (dApp) can also be used on multiple blockchains. In this article, you’ll learn about the top eight cross-chain bridges offering the highest security levels, support, and more.
Multichain Bridge
A multichain bridge, formerly called Fantom Anyswap, allows data to be exchanged between different blockchain networks. Multichain supports more token types than any other cross-chain bridge service.
The Bridge supports various blockchain networks, including Arbitrum Astar Networks, Avalanches, BNB Chains, Bitcoin, Blocknets, Boba Networks, Celo, Clover, ColossusXT, Optimism, Polygon, REI, Shiden Networks, Syscoin NEVMs, Telos, Terra, Velas, and more. Any two supported chains can be transferred using the Multichain Bridge.
During multichain bridge transfers, 12 USDT is the minimum amount, and 20,000,000 USDT is the maximum. Cross-chain fees are 0.01%, and it takes approximately 10-30 minutes to process.
Arbitrum Bridge
Off-chain labs launched Arbitrum in 2021 to solve Ethereum’s congestion problems at layer 2 (L2). Ethereum’s Layer 1 (L1) blockchain was designed to streamline transactions with Arbitrum, a scaling solution. Arbitrum’s benefits and Ethereum’s security attracted some of the biggest names in the DeFi space, like Uniswap, Curve, and SushiSwap.
To provide secure transactions at a lower gas fee, Arbitrum uses the concept of optimistic rollups. Off-chain transactions can be bundled with optimistic rollups using smart contracts. High-security standards are maintained while bundling transactions and reducing gas fees and network congestion.
Various cryptocurrencies are supported, including YFI, USDT, ETH, WETH, Ethereum Assets, UNI, SUSHI, CRV, USDC, COMP, Dai, and WBTC. The arbitrum Bridge must be connected to a crypto wallet to bridge ETH assets. By the time this article was published, the Bridge had more than 1 billion dollars of total value locked (TVL).
Polygon Bridge
It is possible to transfer ERC tokens or NFTs to Polygon with the Polygon Bridge. Proof of Stake (PoS) and Plasma Bridges are the main bridges on Polygon. While both can transfer assets between Ethereum and Polygon (and vice versa), their security mechanisms differ.
The PoS Bridge uses a consensus algorithm called Proof of Stake (PoS) to secure its network. Most ERC tokens and Ether (ETH) are supported. Developers who need increased security can use Plasma Bridge. MATIC, ETH, ERC-20, and ERC-721 tokens can be transferred using the Ethereum Plasma scaling solution.
Low gas fees characterize polygon bridges. It is also completely decentralized, meaning transactions process faster. Using Polygon bridge fees will result in lower fees than using the Mainnet. By the time this article was written, the Bridge had a total value locked (TVL) of over 2 billion.
Synapse Bridge
The Synapse Bridge protocol facilitates interoperability between chains within DeFi using a layer-decentralized approach. An essential component of the protocol is the Synapse Bridge, which integrates the Synapse AMM.
Using an extensible cross-chain messaging protocol, Synapse connects blockchains by supporting asset transfers, smart contract calls, and more. In addition to Arbitrum, Avalanche, Boba, Binance Smart Chain Ethereum, Fantom, Harmony, and Polygon, Synapse’s cross-chain Bridge allows crypto assets to be seamlessly transferred between multiple blockchain networks.
Blockchain-based stablecoin assets can also be seamlessly swapped between networks. Synapse powers a multi-party computation validator to secure and react to events on the blockchain networks connected by the Bridge. While still in its infancy, the Bridge has had over 60 million dollars locked up as of this writing.
Tezos Wrap Protocol Bridge
With its permissionless, decentralized, bidirectional link between the Ethereum and Tezos networks, the Wrap Protocol was developed by DeFi development firm Bender Labs. A user can wrap an ERC-20 token into an FA2 token within the Tezos ecosystem. Tezos’ scalability and high network speeds are made possible by the wrap protocol for ERC-20 tokens.
ERC-721 tokens can also be wrapped using the protocol. It is, therefore, possible to easily transfer NFTs between the two networks. Additionally, Wrap facilitates the transfer of cross-chain assets onto the Tezos network and provides new applications for these wrapped tokens. The wToken/XTZ pair can be used for yield farming and as a source of liquidity.
Therefore, the protocol allows users to earn a share of their wrapping and unwrapping fees. As part of the Wrap Protocol Bridge, $WRAP tokens are used, which are both ERC-20 tokens and FA2 tokens.
For wrapping and unwrapping tokens, there is a 0.15% fee. WRAP governance token holders can earn these fees by staking their WRAP on a pool of a supported token and paying them in w-Tokens of the assets they are bridging. The wrap has over 2 million in total value locked (TVL).
Protal Token Bridge (formerly Wormhole)
There are several cross-chain bridges available in the industry. Still, the Portal Token Bridge is one of the most popular. For bidirectional crypto token transfers between Solana and Ethereum, this decentralized Bridge was built on the Solana Network.
The Portal network has since scaled into a multichain network that is interconnected with seven of the top blockchains in the DeFi sector, including Solana, Ethereum, BSC, Polygon, Terra, Avalanche, and Oasis, which combined make up 88% of all DeFi applications.
The Portal uses special validation nodes called Guardians for cross-chain swaps. Users’ requests are verified by guardians who monitor the Bridge’s activity.
Its user-friendly interface and extremely low transaction fees make Portal Token Bridge different from the rest. By writing, over $400K in transactions have been processed on the Bridge. It has a total value locked (TVL) of 177 million.
Avalanche Bridge
With the Avalanche Bridge, token transfers between the Avalanche and Ethereum networks can be done bi-directionally. With the Avax bridge replacing the Avalanche-Ethereum bridge or AEB, Avalanche was able to grow rapidly.
A two-way transfer of crypto tokens and NFTs is enabled via ChainSafe’s ChainBridge. Avalanche’s ChainBridge Smart Contract lets users exchange ERC-20 tokens across chains and use them within decentralized applications.
The documentation indicates that Avalanche transactions on AB take only a few seconds. In contrast, Ethereum transactions may take up to 15 minutes.
Binance Bridge
One of the most popular options for porting Ethereum intelligent contracts to Binance Smart Chain, Binance Bridge, is at the top of the list. Crypto tokens can be converted from Ethereum-Binance Smart Chain (BSC) formats into and back from Binance Chain and BSC formats using the Ethereum-Binance Smart Chain (BSC) Bridge.
There are currently a few coins on other networks that can be converted with the Binance Bridge, including XRP, LINK, ATOM, DOT, XTZ, and ONT.
To bridge tokens between networks, it takes less than a minute. Furthermore, there are no transaction fees associated with the Bridge. The native and destination chains are the only ones that require gas payment.
One of the most popular points of entry from Ethereum into the Binance Network is the Bridge interface, which anyone can access without having a Binance account.
Why you should care
De decentralized, interoperable, and open blockchain development depends on cross-chain bridges. With bridges, users can access greater liquidity and security by seamlessly integrating previously siloed blockchain networks.
