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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Altcoin Roundup: Cross-chain bridge tokens moon as crypto shifts toward interoperability

MULTI, SYN and CELR saw a substantial boost in price as the crypto ecosystem focused on integrating cross-chain interoperability as a new fundamental component in DeFi.

Interoperability is shaping up to be one of the main themes for the cryptocurrency market in 2022 as projects across the ecosystem unveil integrations that make their networks Ethereum (ETH) Virtual Machine (EVM) compatible.

While this has been one of the long-term goals of the ecosystem as a step on the path to an interconnected network of protocols, it has also created a new decentralized finance (DeFi) market for multi-chain bridges and decentralized finance.

Here are three of the top volume cross-chain bridges that the cryptocurrency community uses to transfer assets between blockchain networks.

Multichain

Multichain (MULTI), formerly known as Anyswap, is a cross-chain router protocol that aims to become the go-to router for the emerging Web3 ecosystem.

According to data from Defi Llama, Multichain is the top-ranked cross-chain swap protocol by total value locked, with $8.95 billion currently locked on the platform.

Multichain total value locked. Source: Defi Llama

One of the main reasons for the high TVL on Multichain is the large number of blockchain networks supported by the protocol. Currently, 30 different chainscan be accessed on the network.

Blockchain protocols supported by Multichain. Source: Multichain

According to data provided by Multichain, the protocol has processed a total of $53.15 billion worth of volume since launching, with $19.08 billion of that being transacted in the past 30 days alone. There are currently 485,399 users that have interacted with the Multichain protocol, amounting to nearly 2.256 million transactions.

Multichain network statistics. Source: Multichain

Users who deposit tokens into one of the pools supported by Multichain receive a sare of the transaction fees generated by the pool in question.

The protocol's native MULTI token is used to vote and participate in the governance of the Multichain ecosystem and has a circulating supply of 18.64 million tokens out of a total 100 million.

Synapse

Synapse (SYN) refers to itself as a “cross-chain layer ∞ protocol” that is designed to offer users interoperability between separate blockchain networks.

According to data from Defi Llama, Synapse recently hit an all-time high in total value locked of $1.16 billion prior to experiencing a wave of outflows that lowered the TVL to 740.43 million.

Total value locked on Synapse. Source: Defi Llama

The Synapse protocol currently supports 12 different chains which have a combined total bridged volume of $5.33 billion according to data from the platform’s dashboard.

Total bridged volume on each network supported by Synapse. Source: Synapse

A large percentage of the total volume recorded on Synapse has come since the start of 2022 with the protocol seeing an all-time high bridge volume of $157.8 million on Jan. 23.

Synapse bridge volume. Source: Synapse Analytics

The protocol's native SYN token has several uses within the ecosystem. Token holders can use it to conduct community governance votes via the SynapseDAO, liquidity providers (LPs) receive a percentage yield paid out in SYN for their deposits and it is also used as a subsidy to pay for the gas expended by network validators to secure transactions across the network.

LPs also receive a share of the protocol fees earned by the Synapse platform on each transaction.

Related: Web3 innovations are replacing middlemen with middleware protocols

Celer cBridge

Another popular cross-chain bridge is the Celer cBridge, a multi-chain network that enables instant, low-cost value transfers between 19 different networks.

The cBridge is a subsector of the larger Celer (CELR) ecosystem and utilizes the CELR token for operations on the protocol and as the reward token for liquidity providers.

Along with the CELR rewards paid to LPs, a percentage of the transaction fees generated by people who use the liquidity pools to bridge funds across chains are paid out to LPs and added directly to the pools, allowing the rewards to compound.

According to data from cBridge analytics, the total value of funds locked in the bridge contract (pool-based bridge) and the funds locked in the token vault contract (canonical token bridge) currently stands at $240.92 million.

cBridge usage statistics. Source: cBridge

A total of 89,897 unique addresses have interacted with the protocol since inception and have conducted a total of $2.842 billion in transaction volume.

Similar to the transfer trend seen with Synapse, the transaction volume on cBridge has gotten noticeably higher in 2022 with a record $71.12 million being transacted on Jan. 22.

Daily transaction volume on cBridge. Source: cBridge analytics

Some of the protocols currently supported by cBridge include Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Metis, Harmony, Gnosis, Arbitrum and Optimism.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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