The total locked value (TVL) in the cross-chain protocol Wormhole has recovered to $1 billion, nearly two years after the start of the cryptocurrency bear market in May 2022. Since the protocol's launch, cross-chain transfers totaling $38 billion have been executed.
As of now, the protocol's balance stands at $1.02 billion, with the majority of this amount held in assets such as Ethereum (ETH), Fantom (FTM), and Solana (SOL), with $675 million, $174 million, and $96 million, respectively. TVL has increased by more than three times after hitting a minimum of $234 million earlier in the year. The protocol reached its all-time high TVL of $3.8 billion 16 months before this, but then faced a crisis in the Terra ecosystem and subsequent cryptocurrency downturn.
This achievement coincided with the overall market recovery and a capital inflow of $225 million, estimated at $2.5 billion by November 29, 2023. In February 2022, the Wormhole platform suffered a hack and lost over $321 million due to the exploitation of infinite mining on the Ethereum-Solana bridge.
Immediately after the incident, the venture firm Jump Crypto promised to reimburse the lost funds of over $320 million. On February 25, 2023, Jump Crypto, along with its then-parent company and Oasis.app, launched a counter-exploit against the hacker Wormhole, allowing the return of users' assets amounting to $225 million.
