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

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Share

Last updated:

August 23, 2024 02:01 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

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.