Blockchain Bridge Usage Increases 530% in March: Analytics Platform After CoinEdition

• Nansen reported a 530% increase in bridge users in March 2023.
• zkSync and Starknet were the most popular bridges among new users.
• Over 92% of users spent less than $1,000 on zkSync, highlighting the skewed transaction value distribution.

More than 623,000 new users transferred their assets using bridges in March, according to data from blockchain analytics platform Nansen. This represents a 530% increase from last month and the highest level recorded in the last 15 months. This marks an all-time high in the last 15 months, according to data from Nansen Query.

The platform shared that this increase is mainly due to the popularity of zkSync and Starknet, as many users are excited about the possibility of an airdrop. A diagram provided by Nansen Query shows that the number of new bridge users has increased steadily since January 2022.

Data indicates that zkSync and StarkWare’s StarkGate ETH Bridge were the most popular bridges among the new users. The other bridges that saw significant adoption were Arbitrum’s Inbox, Polygon’s Zk EVM Bridge Proxy, Layer Zero’s Aptos Bridge, Polygon’s PoS ETH Bridge, and Rhino.fi’s StarkEx Proxy.

Other bridges gaining popularity include Optimism’s Gateway, Synapse’s L1 Bridge Zap, Orbiter Finance’s StarkNet Bridge, Hop Protocol’s ETH L1 Bridge, Sorare’s Bridge Proxy, Polygon’s Plasma Bridge, Celers cBridge V2, Immutable X’s Bridge, Across Protocol’s SpokePOOL Ether (Pool Ether), Wormhole’s Token Bridge, Optimism’s Teleportr Deposit and Looprings ExchangeV3.

The data reflects the growing use of blockchain technology and the growing interest in bridging assets across different blockchain networks. The popularity of bridges such as zkSync and StarkWare’s StarkGate ETH Bridge highlights the importance of layer-2 scaling solutions for blockchain networks.

Furthermore, Nansen noted that over 92% of users who have linked their assets to zkSync have done so for amounts less than $1,000. Therefore, if a user has linked more than $1,000 to zkSync, they belong to the top 8% of users in terms of transaction value. This suggests that while there is growing interest in bridging, most users are experimenting with smaller amounts.

The post Blockchain Bridge Usage Increases 530% in March: Analytics Platform appeared first on Coin Edition.

Get the news you want

Read exciting news in the market with a personal feed of stocks you care about.

Get the app

See the original at CoinEdition