The protocol has processed $38 billion in cross-chain transfers since inception.
Cross-chain protocol Wormhole’s total value locked (TVL) has recovered to $1 billion, nearly two years after the onset of the cryptocurrency bear market in May 2022.
At the time of publication, the protocol’s TVL shows a balance of $1.02 billion, with Ether (ETH), Fantom (FTM) and Solana’s SOL (SOL) assets taking the top places at $675 million, $174 million and $96 million, respectively. Its TVL has increased by over 300% after falling to a low of $234 million at the beginning of the year. The protocol reached a peak TVL of $3.8 billion 16 months prior, shortly before the collapse of the Terra ecosystem and the onset of the crypto winter.
The milestone reemerged amid an overall market recovery and a $225-million capital infusion at a valuation of $2.5 billion on Nov. 29, 2023. In February 2022, Wormhole was hacked for more than $321 million in an infinite minting glitch on its Ethereum–Solana bridge.
