Cosmos IBC | Across | LI.FI | Jumper | Squid | Axelar

• The Inter-Blockchain Communication Protocol (IBC), the cross-chain interoperability protocol used in the Cosmos ecosystem, is the most widely-adopted interoperability protocol in the world. The 115+ IBC-connected chains process over $2.7B of cross-chain transfer volume every 30 days. 1.5M monthly active users (MAUs) use IBC for cross-chain transfers.

• At over $660M in cross-chain transfer volume, Noble is the chain with the highest volume of cross-chain transfers over IBC over the last 30 days. Noble is Cosmos's leading USDC and RWA issuance platform. It has issued over $500M in Cosmos-native USDC since launch.

• As the first blockchain launched in the Cosmos ecosystem in 2019, the Cosmos Hub established a foundation for cross-chain communication through IBC. Today, it leads the network in monthly active IBC users, as over 71,000 people used IBC transfers through the Hub in the last 30 days.

• Across, one of the leading cross-chain bridges with an intent-based design, touched new heights with its all-time bridging volume crossing $17B. Q4 2024 was the best performing quarter with a 100% rise over Q3 2024 by gaining a volume figure of over $4.4B. The holiday month, December of 2024, alone accounted for a volume of more than $2B. Daily volume peaked at $96M in the first-week of December 2024.

• Across charges two primary fees, a "Liquidity Provider Fee" and "Relayer Fee." Over time the protocol has generated over $17M in fees for its liquidity providers and relayers. The Relayer Fee shot-up tremendously in Q4 2024 when it had previously been on a decline despite Across generating similar amounts of volume.

• Another interesting point to note is that Across got 80% of its order flow from bridge aggregators like Jumper and Bungee in its early days. But Q4 2024 tells a different story — Across directly attracted three times more volume than it did via bridge aggregators. The individual volumes of LI.FI and Socket, the protocols underlying Jumper and Bungee, hit at approximately $660M and $500M for Q4 — Across' direct share was a whopping $3.4B.

• LI.FI is a multi-chain liquidity aggregator with a single API for bridging and swapping across 30+ chains and 5500+ tokens. It works across multiple virtual machines (EVM, SVM, altVMs soon). Over 300 projects, from wallets like Phantom to exchanges like Jumper, integrate LI.FI. With $17B+ in volume and 25M+ transactions to date, LI.FI hit a $2.3B monthly high in December 2024. Adoption is growing fast, and 2025 looks set to accelerate that momentum.

• LI.FI powers swap and bridge transactions in top wallets like Phantom, Rabby, MetaMask, Binance, and Robinhood. Beyond wallets, different apps use LI.FI — from chain abstraction apps to exchanges to projects like Hyperliquid. With growing adoption, usage is soaring and metrics are climbing.

• In 2024, LI.FI saw increased demand for its same-chain swaps offering, with support for 12+ aggregators like 1inch, Jupiter, and Odos. The LI.FI DEX Aggregator launch improved coverage on underserved chains, driving more integrations and users leveraging LI.FI for swaps.

• Jumper, the flagship aggregator, had bridging volume peak in Apr. 2024, reaching ~$235M weekly; it returned to this level in December. An interesting point is that volume in April was mostly driven by transactions to Optimism, Arbitrum, Base and Ethereum, and they seem to have kept their moat since then.

• In the bridge aggregator sub-market, Jumper —alongside LI.FI— became, in the span of 18 months, the leading aggregator in terms of volume, from 10% in November 2023 to 45% of the market share recently.

• Jumper was the official bridge partner to SuperFest, where Optimism distributed $2M in OP rewards, the chain's native token, to Superchain protocol participants. In two months, users bridged nearly $200M to the Superchain ecosystem via Jumper.

• Squid Router is cross-chain protocol built on Axelar with facilitates roughly 2400 daily transactions averaging $3.3M in volume. At $394M, Ethereum is Squid's leading capital source. But the real story lies in the flow — users are increasingly moving to DeFi hubs like Osmosis —$262M— and exploring L2s across Arbitrum, Base, and Optimism, signaling a shift in cross-chain behavior.

• Challenges persist beneath the surface —with 253.6K dormant accounts and 20% retention, Squid faces the classic Web3 challenge: converting explorers to regular users. The high dormancy rate against 305.7K total users suggests a platform ripe for reactivation strategies.