Why are we optimistic about the cross-chain track? Which cross-chain project do we have more confidence in?

➤ Why are we optimistic about the cross-chain track?

The logic is simple. There are over 100 Layer1 and Layer2 projects in the market, can you believe that? However, there may be fewer than 10 cross-chain interoperability projects connecting these ecosystems.

At least the commonly used cross-chain interoperability projects like ChainLink, LayerZero, Wormhole, Axelar, Debridge, Celer, etc., add up to less than 10.

In 2021, there were almost only Ethereum and BSC ecosystems that were relatively active. By 2025, there are more Layer1 projects like Solana, SUI, Sonic, and Bear Chain, as well as Layer2 projects like Base and Arbitrum.

The more intense the competition between ecosystems, the stronger the demand for cross-chain solutions.

Perhaps the cross-chain track may not be as crazy as MEME, but it is definitely a stable and growth-oriented track.

With the market recovery, various on-chain ecosystems will gradually begin to compete, and funds will soon start to flow back and forth among these cross-chain protocols...

➤ Which cross-chain project do we have more confidence in?

In fact, ChainLink, LayerZero, Wormhole, Axelar, Debridge, and Celer are all good projects. However, as investors, we need to consider which project has more investment space.

So, Brother Bee has compiled the FDV of these five projects: LayerZero, Wormhole, Axelar, Debridge, and Celer, along with the ratio of cross-chain transaction volume and transaction count, in order to find undervalued projects.

Transaction volume and transaction count can reflect the market scale of cross-chain products. FDV/cross-chain transaction volume is similar to the price-to-earnings ratio, as cross-chain transactions and the income of cross-chain protocols are positively correlated.

It is clear from the comparison that DeBridge ($DBR) is the most undervalued cross-chain project. Whether on a monthly, weekly, or daily basis, the ratio of $DBR's FDV to transaction volume and transaction count is the lowest.

Besides $DBR, LayerZero ($ZRO) also has relatively low ratios.

In fact, DeBridge's cross-chain scale is only slightly lower than Wormhole's. In February, DeBridge's cross-chain scale once surpassed Wormhole's. However, the number of exchanges where $DBR is listed is also the least, so the potential of $DBR may be the greatest.