Ethereum

Token

Base

The Orbiter Finance team announced that the cross-chain bridge had earned over $52 million in annual revenue. According to Orbiter’s official website, the protocol had nearly 4 million global users, an overall transaction volume of over $16B, and processed over 27 million transactions. 
Orbiter declared on August 23 that its annual revenue was 35.13% higher than the $39M generated by the Coinbase-backed Layer 2 solution Base over the same period, as reported by <a href="https://tokenterminal.com/terminal/metrics/earnings?v=ODY2YjA0" rel="nofollow noopener" target="_blank">Token Terminal</a>. The cross-chain bridging protocol’s financial report also showed that its annual earnings surpassed the combined revenue of all other third-party cross-chain bridges. 
<h3 id="span-style-font-weight-400-orbiter-finance-outperforms-base-in-annual-revenue-report-span">Orbiter Finance outperforms Base in annual revenue report&nbsp;</h3> 
<figure id="attachment_578794" aria-describedby="caption-attachment-578794" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-578794" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/token-terminal.jpg" alt="" width="630" height="432" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/token-terminal.jpg 630w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/token-terminal-300x206.jpg 300w" sizes="(max-width: 630px) 100vw, 630px">
 <figcaption id="caption-attachment-578794" class="wp-caption-text">
 Credits: <a href="https://tokenterminal.com/terminal/metrics/earnings?v=ODY2YjA0ZmE0Njc1YjY3MDVmZGJmOTg1" rel="nofollow noopener" target="_blank">Token Terminal</a>
 </figcaption>
</figure> 
The decentralized cross-chain layer 2 bridging protocol, Orbiter Finance, reported 20K ETH (~$52M) in revenue in the past year, surpassing Base’s revenue over the same period. Orbiter claimed that it was the industry’s most profitable cross-chain bridge protocol. 
According to Orbiter, it utilized the highly profitable revenue generation Maker system engine that had previously operated as a centralized liquidity provider. 
The Co-founder of Orbiter Finance, Iris Cheung, disclosed that Orbiter had “a clear vision of creating an omnichain future” and that the perfect cross-chain bridging protocol had been the first step towards that objective. He affirmed that Orbiter provided instant bridging, unlike other bridges like ZKsync, Lite, and Arbitrum, which imposed a 7-day waiting period for layer 2 transfers.&nbsp; 
Speaking to Coingape about Orbiter, <a href="https://coingape.com/decentralized-cross-chain-layer-2-protocol-orbiter-finance-reports-20000-eth-in-annual-revenue/#:~:text=This%20%E2%80%9CTrend%2DDriven%E2%80%9D%20strategy%20proved%20highly%20effective%2C%20as%20we%20entered%20the%20market%20when%20few%20believed%20in%20the%20potential%20of%20Ethereum%20L2s" rel="nofollow noopener" target="_blank">Cheung</a> said, “This “Trend-Driven” strategy proved highly effective, as we entered the market when few believed in the potential of Ethereum L2s.” 
Partner at Cinneamhain Ventures and Web3 contributor Adam Cochran declared that Base could still surprise people even if the network was not better than layer 2 networks like Orbiter. Cochran asserted that tech is important, but Base’s reach will be more important for its growth. 
<h3 id="span-style-font-weight-400-the-future-of-orbiter-s-vizing-zk-based-bridging-span">The future of Orbiter’s Vizing ZK-based bridging&nbsp;</h3> 
Orbiter Finance affirmed that it was gearing up for the launch of the Vizing ZK-based omni-rollup infrastructure. Cheung claimed that the Orbiter team was now focused on decentralizing the Vizing system to allow third-party liquidity provider access. 
According to the Orbiter team, the protocol’s commitment to decentralization was further supported by OKX Ventures’ strategic investment. Orbiter confirmed that it had raised Series A funding and had backing from Hash Global, Tiger Global, Skyland Ventures, Mirana Ventures, Redpoint Ventures, and Mask Network. 
Representatives of Orbiter Finance also said the upcoming Vizing infrastructure aimed to revolutionize the blockchain experience by improving interoperability across Ethereum rollups and addressing liquidity fragmentation. Orbiter asserted that Vizing would introduce a unified wallet system and aggregated liquidity to further enhance the protocol’s user experience and scalability. 
As of the time of writing, Orbiter had processed 27M transactions with a transaction volume of over $17B.

Orbiter Finance reports over 20K ETH in annual revenue, leads other cross-chain protocols

Table of Contents

Cryptopolitan_News

Other articles published on Aug 24, 2024

Get Paid to Play: The Inside Scoop on BlockDAG’s TG Tap Miner

Crypto Scams on Rise Again, Here's What You Need to Know

Robert F. Kennedy Jr. Suspends Presidential Bid, Endorses Trump, Boosts Bitcoin Agenda in 2024 Race

Bitcoin Price Surges After Fed News

Floki Inu Shows Significant Price Increase

Solana ETF Faces Potential Block, While MoonTaurus Gains Holders and Prepares for 100% Growth

Join our free newsletter for daily crypto updates!