Analysis

From the beginning of 2023 until the end of March, the Stargate Bridge experienced relatively modest activity for the Polygon network, with daily transfer volumes ranging between a few hundred thousand and $5 million. However, a significant surge in both volume and user engagement has been observed since the start of April. Daily bridge volumes have spiked to between $5 million and $20 million in and out of Polygon, indicating a growing interest in utilizing the network. In addition to the increase in transfer volumes, the number of users engaging with the Stargate Bridge has also seen a notable upswing. Previously, daily user counts were below 500; however, the surge has brought the numbers to over 1,000 and even up to 2,000 users per day. A primary driver behind this heightened activity appears to be the influx of users sending Ethereum over the bridge. As a result of this increased activity, the Total Value Locked (TVL) within the Stargate Bridge on the Polygon network has reached approximately $40 million. Interestingly, much of this value is concentrated in stablecoins, which may suggest that users are leveraging Polygon for its fast and low-cost transactions while retaining a stable store of value. In summary, the Stargate Bridge has experienced a remarkable surge in both transfer volumes and user activity on the Polygon network since the start of April 2023. This growth has primarily been driven by users sending Ethereum over the bridge and a rising preference for stablecoins, ultimately contributing to the $40 million TVL currently held by the bridge on Polygon.

Layer Zero Cross Chain Flows