Socket — Year in Review ‘22
Greetings Socketeers! It’s been a while since we’ve put one of these out 💜
Socket has been in this space for over a year now. In the past 12 months, we’ve:
- Rebranded to Socket & raised our seed round
- Securely transferred $1.5B+ worth of value across 9+ chains
- Successfully executed over 1.4mn+ cross-chain transactions
- Grown a flourishing ecosystem of 70+ protocols who’ve chosen Socket to go multichain
- Fostered our community to over 100,000 members across our socials
If you’ve missed out on the updates and advancements at Socket, allow us to bring you up to speed!
An evolving Socket 💫
In early 2022, Socket enabled cross-chain asset transfers by leveraging deep liquidity from third-party & native bridges and DEXs.
In just a year, Socket has grown to support:
- 9+ chains including Ethereum, Optimism, Polygon, Arbitrum, BSC, etc.
- All major asset bridges like Hop, Multichain, Celer, Stargate, Across, etc.
We have plans to extend support for more EVM and non-EVM chains in our roadmap, further expanding our capabilities and providing even greater value to our partners.
Leading web3 Innovators use Socket ⭐️
With Socket, our partners can offer their users a seamless multi-chain experience. They can quickly and cost-effectively swap any token across 9+ chains right within the application. This means:
- DeFi protocols can take advantage of Socket’s deep multi-chain liquidity to enable users to bring assets from any chain into their application. Better multi-chain accessibility = more TVL!
- Web3 wallets can supercharge for the multi-chain with Socket, allowing their users to effortlessly explore different chains & protocols. Simplifying multi-chain access at the touch-point of crypto
An overview of Socket’s ecosystem 🤩
This has spurred the growth of a thriving ecosystem of 70+ protocols that’ve chosen Socket as their multichain solution, including…
- Top protocols on Optimism & Arbitrum like Synthetix, Polynomial, Perpetual, Premia
- Top 4/5 wallets, names like Metamask, Rainbow, Zapper, and Zerion are all powered by Socket
Growing Metrics to the Moon 📊
We are thrilled to announce that during the past year, we have surpassed all our milestones and targets — phenomenal growth made possible by our partners.
- We have Securely transferred $1.5B+ worth of value across 9+ chains. Fun fact: The first $500M took us 6 months, the next in 3 months, and the next in just 45 days!
- L2s have been the biggest beneficiaries of this growth & we have onboarded 40% of present TVLs of Optimism & Arbitrum combined. Additionally to accelerate our mission we have also been granted $500K OP from Optimism!
This remarkable growth demonstrates the huge potential of going multichain. While our current achievements are impressive, we anticipate an even greater expansion in 2023 that will make these figures look modest.
Giving back to the community 🛠
Our mission at Socket is to continually improve multichain technology for both applications and the wider cryptocurrency community. To achieve this, we offer:
- Plugin, an open-source, user-friendly bridging UI that enables any protocol to go multi-chain with just a few lines of code
- Refuel, a feature for users to effortlessly refill their gas tokens as they explore protocols across any chain
- Socketscan, that lets bridge users track their multi-chain transactions from any bridge in one convenient place
Together, these offerings strive to make the multichain landscape more accessible and user-friendly for everyone.
Expansion of the Socket Family 🫂
2022 was our breakout year — we saw our socials swell to crazy numbers! It is truly an honor to have earned such a devoted and engaged community.
- We boast of a 50K+ Discord community
- A strong 50K+ Twitter community across Socket & Bungee, our own multichain bridge
As the Socket community continues to grow, we see a significant uptick in multichain interest. More and more people are getting on the grand multichain doctrine, and we can’t wait to lead you all to a truly chain-agnostic future!
Plugging into ETHIndia ⚡️
Socket is always pushing the multichain agenda and supporting other multichain maxis like us.
- We sponsored travel for 20+ multichain builders via Socket Citadel, our developer foundation. We got to see them build out their ideas and hack some crazy stuff!
- Our ETHindia representation was not just limited to hackers. Socket co-founder VC served as a judge for ETHIndia, overseeing 150+ projects at the frontiers of the ecosystem.
Socket Unplugged 🔌
We also took the opportunity to celebrate our achievements with Socket Unplugged, our flagship party. Attendees ranged from bigshot DeFi founders, builders, and some of the most popular anons in the space!
It was a fantastic opportunity to connect with our community and reflect on our progress, and also party hard!
Become a Socketeer 🙌
We are truly grateful for the unwavering support and contributions of our valued partners, contributors, and community members!
Our journey to disrupt the interop space is just getting started! Be a part of our community, build with us, or join our team to help us push the boundaries of multichain together 🤝
