Analyze the revenue opportunities of four cross-chain protocols: Hop, Synapse, Across, and StarGate

23-02-03 11:07

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原文标题：《 How to Win the Multi-Chain Future 》

Original article by Lucas Campbell, Bankless

It's a bit of a BitpushNews

The future is multi-chained. Whether you think it's going to happen on multiple L1s like Ethereum, Cosmos, and Solana, or a roll-up-centric future, there are opportunities to make money by driving these cross-chain transactions.

Chief among them is to provide liquidity to the top bridging aggregators -- Hop, Synapse, and Across -- in return for transaction fee revenue.

Even better, most cross-chain Bridges today offer tokens with liquidity mining plans, providing a nice fringe benefit for all liquidity providers (LP).

Interested in taking advantage of this opportunity?

This article focuses on the revenue opportunities for four cross-chain protocols: Hop, Synapse, Across, and StarGate.

Hop Protocol

Network: Ethereum, Arbitrum, Optimism, Gnosis Chain, Polygon Assets: ETH, USDC, USDT, DAI, MATIC, SNX Yield: 8-12% annualized yield

The first major cross-chain bridge is Hop.

Hop Exchange 建立在 roll up Token 桥上，允许用户在主要以太坊第 2 层和侧链之间跨链转移资产。

The agreement uses market makers called Bonders, who earn fees by fuelling the liquidity behind these swaps. The bridge currently holds about $66 million in lock-in value and has facilitated billions of dollars in transfers.

在推出 HOP Token 后，该协议实施了流动性挖矿计划，每月在 ETH、USDC、DAI 和 USDT 流动性池中发行 220 万个 HOP。 Token 的分配取决于每座桥的交易量，可通过治理进行更改。

Interestingly, Hop currently offers several pools with multi-asset bonuses. The first is the SNX Bridge, which is incentivized by both HOP and OP and provides LP with an annualized rate of return of 28%.

Two other pools of note are DAI and USDT Gnosis pools, stablecoin pools where LPs earn both HOP and GNO in reward programs.

Synapse

Network: Ethereum, Arbitrum, Optimism, Polygon, BNB Chain, Canto, Avalanche Assets: ETH, USDC, USDT, DAI, BUSD, NOTE Yield: 5-22% annualized yield

Synapse (SYN) is a cross-chain messaging protocol.

The Synapse Bridge enables users to swap between a range of L1 and L2 assets using AMM. Unlike Hop Protocol, Synapse extends beyond Ethereum and the chains it contains, And support for switching between Layer 1's like Canto, Avalanche, and Harmony, as well as well-known Ethereum L2's like Arbitrum and Optimism.

也就是说，与 Hop 类似，Synapse 还具有 SYN Token ，该 Token 通过大量的流动性挖矿计划分布在大多数资金池中。

As you can see below, there are plenty of opportunities to take advantage of, with the current hottest new L1, Canto, offering yields of up to 22%.

Across Protocol

Network: Ethereum, Arbitrum, Optimism, Gnosis Chain, Polygon Assets: ETH, USDC, USDT, DAI, WBTC Yield: 4.5-17% annualized yield

Across Protocol has become a fair player across chains, with recent transfers totaling more than $1.3 billion.

Built by the team at UMA Protocol, the bridge works by providing incentives for LP to provide short-term loans to users on another chain, which are repaid from L1's liquidity pool after two hours.

在 11 月推出 Token 后，该协议现在为 ACX Token 提供了几个流动性挖矿机会。Across 的流动性计划脱颖而出，因为它根据用户提供流动性的时间为 LP 提供倍数奖励。

Users can achieve the maximum APY listed in the figure below by providing liquidity over 100 days on the agreement.

Stargate

Network: Ethereum, Avalanche, BNB Chain, Polygon, Arbitrum, Optimism, Metis Assets: ETH, USDC, USDT, DAI, FRAX, LUSD Yield: 3-10% annualized yield

The final cross-chain bridge we'll discuss is Stargate, which is built on top of Layer 0's full-chain omnichain technology.

该协议目前拥有 3.81 亿美元的 TVL，其 Token STG 的市值为 8300 万美元，FDV 为 6 亿美元。与上述跨链项目类似，该协议利用其原生 Token 来提高潜在 LP 的收益率。

Most pools on the platform include these STG rewards -- the Metis USDT pool has an annualized return of up to 10% and the FRAX Optimism Pool has an annualized return of up to 9.9%.

conclusion

There are plenty of opportunities to earn high-yielding APYs in crypto markets by providing liquidity for cross-chain swaps. People have been building Bridges between blockchains, and this guide is your starting point to get started.

The recent proliferation of activities such as Canto and Ethereum Layer 2 on the Cosmos chain has enabled LP to take advantage of these value streams. You can win the multi-chain future by providing picks and shovels (i.e., liquidity) to these value streams. After reading, see which one is right for you?