Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Orbiter Finance Hits 20,000 ETH Annual Revenue Mark from Cross-Chain Protocol

CryptoNewsCryptoNews2024/08/23 14:03
By:Shalini Nagarajan

Orbiter declared earnings significantly higher than Base's $39m for the same period.

Last updated:
August 23, 2024 02:01 EDT

Orbiter Finance, a decentralized cross-bridge rollup project, announced on Friday that it generated 20,000 ETH , or $52.7m, in annual revenue from its cross-chain bridging protocol, surpassing the combined earnings of all other third-party cross-chain bridges.

According to TokenTerminal data , this figure significantly surpasses Base’s earnings, which stood at about $39m for the same period.

The Orbiter Bridge operates as a decentralized, cross-rollup conduit within the Ethereum ecosystem. It facilitates the transfer of assets across various Layer 2 networks, including zkSync and Arbitrum. Additionally, it provides connections to and from the Ethereum mainnet.

Low Gas Fees Fuel Growth to 24M Transactions

Users commend Orbiter for its low gas fees, especially when compared to the high transaction cost on the Ethereum mainnet.

According to the team, the protocol has processed over 24m transactions so far, with a transaction volume surpassing $16b. Orbiter Finance has also gathered more than 4m users globally.

Orbiter Bridge Was Born During DeFi Hype

Cheung told Cryptonews that the team began developing the Orbiter Bridge at a time when the market was focused on DeFi and NFTs . At that time, there was little attention on the growing Layer 2 transactions.

Additionally, there was widespread skepticism about the adoption of ZK technology in blockchain. Despite this, the team conducted a thorough investigation and concluded that this trend had the potential to drive the industry forward.

“At a time when even venture capitalists were skeptical of such a vision, our launch of the first ZK bridge on the market attracted users organically,” she said.

Moving forward, Orbiter plans to enhance its bridge with Vizing, a ZK-based omnichain interoperability layer. Vizing will consolidate liquidity from rollups for shared incentives, and also batch together ZK-proofs for submission. This setup allows for quick integration with various chains while preserving security, according to Cheung.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

REEFUSDT is Now Available on Futures

Bitget launched REEFUSDT futures on September 20 , 2024 (UTC+8) with a maximum leverage of 50x. Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. REEFUSDT-M perpetual futures: Parameters Details Listing time September 20, 2024 18:30 (UTC+8) Underlying asset REE

Bitget Announcement2024/09/20 10:35