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Bridging the Gap: Stargate's Cross-Chain Analysis
Jake Kennis
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Key Takeaways
6 min read
  • Stargate’s DAUs and volumes peaked in July 2023, currently down over 88% and 83% respectively from their peaks.
  • Arbitrum, Optimism, and Ethereum have been the largest recipients of Stargate flows since February 2023, whereas Avalanche, BNB Chain, Fantom, and Polygon have seen the most net outflows in USD bridging.

Introduction

In a multichain world, the need for cross-chain bridging has become ever-present. Stargate Finance is one of the most used bridges today, having bridged well over $15b in volume since its inception. It uses Layer Zero’s messaging to enable cross-chain swaps and deposit liquidity on different blockchains.

This report presents the findings of the comprehensive on-chain analysis to map out most of Stargate's flows, using Nansen data and labels. We focus on two high-level metrics:

  • USD volumes
  • Daily Active Users or DAUs

To answer questions such as:

  • ‘Which chains saw the most inflows in 2023?’
  • ‘Which chains have the most consistent levels of DAUs over time?’

We have created a dashboard that visualizes flows and DAUs...