In-depth analysis of deBridge: Undervalued giant in the multi-chain wave, steadily empowering $DBR
远山洞见2024/11/11 09:08
By:远山洞见
In the field of DeFi, cross-chain bridge technology provides crucial support for multi-chain interoperability and liquidity aggregation. deBridge, as an emerging cross-chain bridge solution, has gradually established itself on mainstream blockchains such as Solana and Ethereum with its unique technical architecture and robust market performance, and has become one of the official standard bridges such as BNB Chain. Since winning the Hackathon award, deBridge has gradually developed from a start-up company to a leader in the field of cross-chain bridges, and the undervaluation of its DBR token also provides potential value-added opportunities for investors.
1. Project background and development history
The birth of deBridge stems from the team's attention to cross-chain liquidity bottlenecks. After winning the Chainlink Global Hackathon, deBridge has gradually become one of the most important bridges on the Solana and EVM chains through continuous innovation. As of now, deBridge's cumulative cross-chain settlement has exceeded $4.50 billion, protocol revenue has exceeded $13 million, and has maintained a stable source of income without liquidity incentives. This revenue model that does not rely on liquidity mining has laid the foundation for the sustainable development of deBridge.
Important achievements:
Cross-chain settlement volume: accumulated over 4.50 billion USD, protocol revenue over 13 million USD, no liquidity incentives, focus on sustainable income.
B. Users and transactions: Attracted more than 550,000 loyal users, with more than 3 million cross-chain transactions. Partners with deep integration, Solana has the highest proportion of users.
Chain support and infrastructure: It has supported 15 chains and become one of the important infrastructures for multiple public chains and second-layer networks, and has been selected as one of the official specification bridges for BNB Chain. It has received a grant of 1 million ARB from the Arbitrum Foundation to subsidize cross-chain and gas fees.
D. Security: 100% secure operation since launch, has passed 26 security audits, with a $200,000 bug bounty program.
DBR Token Launch: DBR was launched on October 17th and airdropped to 491,000 wallets, supporting multiple exchanges. The trading volume exceeded $100 million within 24 hours, laying the foundation for the transformation of DAO.
2. Innovative technological advantages
DeBridge has achieved disruptive innovation in cross-chain bridge technology, mainly relying on the "zero TVL" model and the "Interoperability as a Service (IaaS) " architecture, establishing a leading position in the industry. Compared with traditional cross-chain bridges that require locking a large number of liquidity pools to support cross-chain transactions, deBridge's "zero TVL" model does not rely on pooled liquidity. Instead, it achieves efficient cross-chain transfer with minimal slippage in a decentralized environment through a peer-to-peer transaction mechanism. This design not only greatly reduces capital efficiency requirements, but also avoids security risks caused by locked liquidity in the pool, making deBridge more secure, flexible, and has strong scalability potential.
DeBridge achieves high interoperability in cross-chain information and value exchange through its IaaS architecture. This model allows any EVM or SVM-compatible blockchain to quickly access the deBridge network by paying a subscription fee and achieve real-time and reliable information and value transmission between multiple chains. DeBridge has built standard adapters for EVM and SVM, which not only facilitate existing links, but also provide developers with the flexibility to build adapters to support other chains (such as Aptos, Sei, Sui, Starknet, etc.). This innovative model enables emerging public chains to integrate deBridge's cross-chain solutions at a lower threshold, achieving a decentralized, permissionless cross-chain ecosystem.
In addition, deBridge's architecture makes it one of the few cross-chain bridges that can combine efficient transactions with low Gas fees. The development of Gas-free cross-chain transaction function further enhances user convenience, making cross-chain operations almost as smooth as transactions on CEX. Such technological advantages not only enhance User Experience, but also give deBridge a significant competitive advantage in the wide application of on-chain operations.
3. Market value expectations
deBridge ($DBR) is a decentralized cross-chain bridge protocol that supports multiple chains, aiming to improve liquidity and security between chains. Compared with cross-chain bridges such as Wormhole and Zeus, deBridge stands out with its zero-lock (Zero TVL) model, interoperability-as-a-service (IaaS) architecture, stable revenue sources, and comprehensive security measures. Especially in terms of fee revenue and protocol value-added, deBridge achieves stable growth without relying on incentive measures, demonstrating its profitability and long-term value potential. In recent data comparisons, deBridge's protocol revenue remains at a high level, user engagement rate and loyalty continue to rise, showing unique market appeal.
Based on the current unit price of $DBR tokens of 0.0279 dollars and the initial circulation of 1.80 billion tokens, its circulating market value is $50.3 million, and its fully diluted market value (FDV) is $279.9 million.
To estimate the unit price of $DBR when it is close to the market value of other cross-chain communication protocols, refer to the following:
Benchmark project type and market value expectations:
Zeus Network ($ZEUS) - Permissionless communication layer on Solana and Bitcoin
Token unit price: 0.54341 dollars
Market capitalization: $91,022,728.51
If the circulating market value of $DBR is the same as $ZEUS, the token unit price is about 0.0506 dollars
Increase: + 81.4% of current price
Wormhole ($W) - Web3 Universal Messaging Protocol
Token price: 0.268 dollars
Market capitalization: $730,289,331.25
If the circulating market value of $DBR is the same as $W, the token unit price is about 0.4068 dollars
Increase: + 1358.8% of current price
LayerZero ($ZRO) - Full-chain interoperability protocol
Unit price: 3.89 dollars
Market capitalization: $433,332,492.67
If the circulating market value of $DBR is the same as $ZRO, the token unit price is about 0.2407 dollars
Increase: + 763.1% of current price
4. Multi-dimensional data comparison: transaction volume, fee revenue, user growth and activity
Transaction volume and fee income
From the data comparison, deBridge's transaction volume and fee income show significant growth potential. The data shows that deBridge's cross-chain transaction volume exceeds 3 million times and maintains a stable growth trend. In terms of fee income, deBridge's cumulative revenue has exceeded tens of millions of dollars and does not rely on high liquidity incentives.
In comparison, similar protocols such as LayerZero, although performing well during market peaks, rely on short-term benefits brought by liquidity incentives and fluctuate greatly in user activity, making it difficult to compare with the steady growth of deBridge. DeBridge's fee income, which relies on real user requests rather than incentive models, provides a solid guarantee for its future Sustainability.
Breadth of support chain
As of now, deBridge has supported 15 chains, including mainstream EVM and SVM chains, covering multi-chain ecosystems from Ethereum to Solana. This makes deBridge more widely applicable in the cross-chain bridge market and able to serve more user requests. In contrast, Stargate and Zeus are relatively limited in terms of supporting chain diversity and flexibility.
This multi-chain support not only increases the market coverage of deBridge, but also enhances the flexibility and user experience of users, bringing higher potential for the long-term development of the platform.
Active users and daily trading volume
DeBridge has also performed steadily in terms of user growth and active level. Data shows that the number of active users and daily transaction volume of deBridge have maintained an upward trend in the past few months, demonstrating its attractiveness in the market. Unlike other projects that rely on incentive policies to drive short-term active levels, deBridge's growth curve indicates that its user base is more stable and sticky. This stable user growth provides important support for deBridge's fee income and ecological development.
5. Safety: 100% safety record and multiple guarantees
deBridge has set an industry benchmark in terms of security, with no security incidents to date and has been audited by 26 top security companies. In addition, deBridge has established a $200,000 vulnerability bounty pool to further encourage developers and customers to engage in security maintenance. This high-standard security strategy not only protects users' asset security, but also establishes a good brand perception in the market.
In contrast, projects like Wormhole have encountered serious security issues in the past, which have affected user trust. For example, Wormhole was hacked in 2022, losing about 120,000 ETH worth about $320 million; in addition, Ronin cross-chain bridge was also stolen 620 million dollars. These events highlight the importance of cross-chain bridge security, and deBridge, with its robust security record, has never had a security incident, which has laid a solid foundation for attracting more users, improving market trust and valuation.
6. Future plans for technology
deBridge has demonstrated unique advantages and vision in product innovation and market expansion in the field of cross-chain bridges. In the future, deBridge plans to further consolidate its leading position in the market through technological upgrades and application expansion.
Support more chains
Supporting more blockchain cross-chain bridges will be an important step towards achieving true interoperability. DeBridge plans to expand chain support through two modes to achieve seamless transfer of cross-chain assets and information.
Interoperability as a Service (IaaS): deBridge's IaaS model allows any EVM or SVM chain to subscribe to real-time information and value exchange between multiple chains. Currently, EVM and SVM adapters are ready, and future builders can extend connections to blockchains such as Aptos, Sei, Sui, and Starknet, promoting deBridge as an important infrastructure for interoperability.
Strategic Construction: For chains with high user requests or liquidity and lack of connection to the DeFi ecosystem, deBridge will prioritize building IaaS adapters to eliminate subscription fees, attract more users and activities, and further expand the DeFi ecosystem.
Bitcoin custody
In order to expand DeFi liquidity, deBridge will launch a Bitcoin native custody solution, allowing BTC to be traded almost instantly on any chain. This custody service not only simplifies the cross-chain flow of Bitcoin, but also brings nearly $1 trillion of potential Bitcoin liquidity to the DeFi ecosystem, enabling BTC to more effectively participate in DeFi applications on different chains.
Gas-free cross-chain transactions
DeBridge will launch a Gas-free cross-chain feature, allowing users to easily transfer and trade without paying Gas fees. This feature will greatly optimize the on-chain transaction experience, making it as seamless and smooth as CEX transactions, further reducing the threshold for users to enter the DeFi ecosystem.
Programmable cross-chain (deBridge Hooks)
The newly launched deBridge Hooks allows for real-time cross-chain data transmission, simplifying operations, optimizing experiences, and improving efficiency. Through Hooks, developers, protocol parties, and market makers can attach any on-chain operations to cross-chain transactions, integrating the transaction steps of multiple chains. For example, Hooks can be applied to risk management of on-chain lending or cross-chain leverage operations, greatly improving users' cross-chain experience and breadth of functional applications.
SocialFi support
deBridge is committed to providing broader support for future SocialFi applications, allowing users to easily achieve functions such as copy trading, betting, and gaming. By integrating with social platforms such as Telegram, deBridge combines SocialFi with DeFi functions, making it more convenient for users to participate in DeFi and enjoy a diverse blockchain ecosystem experience.
With its continuously expanding technology and product layout, deBridge has laid the foundation for true cross-chain interoperability and set a benchmark in the field of cross-chain bridges.
The growth path of deBridge demonstrates another possibility of cross-chain bridge technology - without the need for huge lock-up liquidity, it has taken a unique path through a stable technical architecture and innovative IaaS model. Its revenue model does not rely on incentives, its user base is stable, and the valuation of DBR tokens is relatively low, which undoubtedly attracts the attention of long-term Value Investment. In an era where the demand for multi-chain interoperability is becoming more and more significant, can deBridge continue to move forward on this rarely traveled path and become the core pillar of the cross-chain ecosystem? The future may witness how deBridge gradually realizes this vision, which is worth looking forward to.
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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.
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