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Symbiosis in 2024: TVL up 300%
We pulled the numbers behind Symbiosis' 2024: which chains added the most volume, how many new networks went live, and how the Symbiosis TVL on DeFiLlama actually moved month by month.
Updates
Numbers
Proven performance
TL;DR
Key takeaways
Symbiosis TVL grew over 300% in 2024, rising from $3.2M in January to over $11M by early June across cross-chain operations.
Monthly cross-chain swaps jumped from 31K in January to 161,981 in May, while processed volume hit $195M, a 594.6% increase.
Scroll led growth with a 1240% swap increase (51,746 in May), Base rose 1515% to 31,942, and Arbitrum One grew 429% to 26,139.
Top volume gains came from Scroll, Base, Mantle Network, and TRON, with TRON boosted by USDT demand for cheap cross-border transfers.
May's most-used networks were Base, Scroll, and Arbitrum One, plus newcomer Mode Network joining the Top 5 across 30+ supported chains.
7 minute reading
Updates
Inside the 2024 numbers
DeFi continues to strengthen its position in the Web3 world - as more decentralized solutions arrive to the market, the need to go cross-chain becomes stronger and stronger. Symbiosis’ swaps and bridge operations grow and provide the excellence of the “any-to-any” exchanges to crypto folks.
Nothing speaks louder than actions and numbers!
We carried out an analytical research and prepared a report of monthly accomplishments and milestones that Symbiosis. Let’s see what was going on these last two months
The list of utilized sources for this report include Symbiosis Dune, DefiLlama, Symbiosis internal database and our public explorer.
Symbiosis’ TLV growth
Right in the beginning of June 2024 our cross-chain protocol reached the mark of $11+ million in the total value locked. New horizons for Symbiosis to go beyond and above!
With the amount of $3.2 million in TVL that we had this January, the growth resulted in more than 300% increase. Let’s see what the upcoming summer brings for our protocol
Overall cross-chain growth
In our report we compare the latest full-monthly time periods: January, February, March, April and May. Well, the numbers are in!
To break down this result let’s review the initial numbers.
Number of Monthly Cross-Chain Swaps
In the January period Symbiosis processed over 31 thousand bridge and cross-chain transactions, with reaching the mark of 53 thousand in March, then heading to 161981 cross-chain exchanges in May;
Funds Amount of Monthly Cross-Chain Swaps
Respectively, the 594,6% growth was recorded at the mark of the equivalent to $195 million in the processed cross-chain exchanges in May’ 24 - compared to the timeline of full January with just over $32 million in the amount.
There are several factors that contributed to such results. The wave of Symbiotes that arrived to our ecosystem, new Symbiosis WebApp users, partners’ integrations and on-chain campaigns - all these events have definitely taken a certain place in the Symbiosis growth. Striving for the best experience and higher results!
For those Symbiotes that are fans of numbers and reports, head over to these posts in our Blog:
Latest Digest of integrations and campaigns (beginning of June)
Networks with the biggest growth at Symbiosis
We love watching the blockchain networks reaching new heights at Symbiosis. Our report includes the same timeframes: January 2024 versus May 2024. Since we support over 30 chains including EVM and non-EVM ones, there are lots of milestones we can talk about.
Let’s break them down into several categories.
Category 1 - biggest growth in number of cross-chain swaps
Top three scores include some of the biggest networks supported at Symbiosis. The list consists of such Layer 2 solutions as Scroll, Base and Arbitrum One. The whole trio showed some great results:
One of the greatest contenders is Layer 2 network - Scroll. Last month the blockchain presented a 1240% increase in the number of processed cross-chain swaps (scoring 51 746 transactions versus 4 170 exchanges in January);
Another great contender - Base, the Optimistic Rollup from Coinbase - rocketed with a 1515% growth rate in the number of cross-chain swaps, reaching the milestone of 31 942 in the period of 1-31 May (compared to January with 2 108 transactions);
Arbitrum One is in the top monthly growthers as well. The network secured a 429% growth in the same category comparing the May and January timeframes (with 26 139 versus 6 081 swaps, respectively).
Category 2 - Growth Milestones of Swapped and Bridged Amount
This category represents the blockchain networks that showed the biggest increase of the funds’ amount processed by Symbiosis. While the list was quite predictable, we have a new entry
The top three list includes already mentioned Scroll and Base networks as well as Mantle Network and TRON, which is a Layer 1 blockchain that focuses on transforming the DeFi and entertainment spheres in the industry.
Several events contributed to such results, and these numbers prove that the organic growth has connections with the rising popularity of DeFi and “any-to-any” swaps. Cheers to the cross-chain that people need and want!
Since its initial launch at Symbiosis, the TRON Blockchain has been recording a consistent increase - mostly due to its popularity as a solution for simple, secure and cheap transactions. Not to forget quite a big impact of USDT on TRON Blockchain as one of the main assets for cross-border transactions.
Keep it up TRON!
Category 3 - most used networks in month at Symbiosis
This part covers the blockchain networks that were in a big demand at Symbiosis in May. It’s worth mentioning that we have a newcomer in our Top 5 most used chains. Let’s check who are those:
Expectedly, such Layer 2 solutions as Base, Scroll and Arbitrum One have entered the list of most utilized networks at Symbiosis. It means that users and developers performed the swaps and bridge transactions mostly from and to these chains;
One of our debuts this year - Mode Network - has also entered the Top 5 most used networks this month. We’re here for the full Layer 2 experience with all pairs available at the Symbiosis WebApp.
Must visit and read
There are numerous ways to stay updated and track the volumes and growth of Symbiosis. While this report contains the information from the Symbiosis Public Explorer and our internal Database, the statistics are constantly updated at the analytical platforms.
Here are your best-to-read resources:
Symbiosis at Dune. Review and research the data on Symbiosis swaps and transactions with a breakdown on several popular networks including Ethereum, Arbitrum, Avalanche, zkSync and many others.
Symbiosis DefiLlama space. There are lots of things that are happening in our ecosystem that are displayed and demonstrated in our DefiLlama page including the TVL growth
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FAQs
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01
How much did Symbiosis TVL grow in 2024?
Symbiosis TVL rose from $3.2 million in January 2024 to over $11 million by early June 2024, a more than 300% increase. The figures come from the DefiLlama page tracking the protocol.
02
How many cross-chain swaps did Symbiosis process in May 2024?
Symbiosis processed 161,981 cross-chain exchanges in May 2024, up from roughly 31,000 in January and 53,000 in March. The growth reflects new Symbiotes, partner integrations, and on-chain campaigns.
03
What was the total swap volume on Symbiosis in May 2024?
Symbiosis recorded the equivalent of $195 million in processed cross-chain exchanges in May 2024, compared with just over $32 million in January. That is a 594.6% increase month-over-period.
04
Which networks had the biggest swap count growth on Symbiosis?
Scroll, Base, and Arbitrum One led growth in number of cross-chain swaps. Scroll grew 1240% (51,746 vs 4,170), Base grew 1515% (31,942 vs 2,108), and Arbitrum One grew 429% (26,139 vs 6,081).
05
Which chains drove the biggest volume growth on Symbiosis?
The top chains for swapped and bridged amount were Scroll, Base, Mantle Network, and TRON. TRON's traction is tied to its popularity for cheap transactions and USDT as a cross-border asset.
06
What were the most used networks on Symbiosis in May 2024?
Base, Scroll, and Arbitrum One topped usage as expected. Mode Network, a 2024 debut on Symbiosis, also entered the Top 5 most used networks for the month.
07
How many chains does Symbiosis support?
Symbiosis supports over 30 chains, including both EVM and non-EVM networks. Users can browse the available assets and pairs through the Symbiosis WebApp.
08
Where can I track Symbiosis stats and TVL?
Symbiosis publishes data on Dune and on its DefiLlama page, with breakdowns across Ethereum, Arbitrum, Avalanche, zkSync, and other networks. The team also maintains a public explorer and internal database.
Learn more
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