Blockchain

Axela is a web3 solution serving as a universal network that builds bridges between multiple blockchain ecosystems. 

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The future of web3 is strongly dependent on the ability for transactions to be completed across multiple blockchain ecosystems. More than that, this interoperability must be secure, fast and easy. However, thus far, both developers and users have struggled with 

 complexity. While blockchains are secure networks, the segregation associated with the fractured service market comes with costly deployment challenges and increased security risks. Axelar’s web3 overlay network provides an essential solution to these issues. 

Axela is a web3 solution serving as a universal network that builds bridges between multiple blockchain ecosystems.

 The simplified architecture of Axelar, with its routing and delivery protocols, supports secure cross-chain communication with one-click functionality.

Further, the platform’s developers have designed the Axelar network to elevate security. 

Specifically, its decentralized architecture uses a 

 In addition, traffic is suspended between interconnected chains that are deemed to be malicious. Other security measures include extensive audits and contract limits. 

Axelar functions as a tech stack with three layers. Its first is a 

 blockchain that uses permissionless and PoS protocols to process cross-chain requests. A cross-chain gateway protocol sits over the blockchain, through which validators monitor and process cross-chain communication using smart contracts. The cross-chain gateway protocol includes consensus, multi-party computation and voting for on-chain event verification. 

The second layer are the gateways consisting of smart contracts that the validators read and write to execute cross-chain transactions. The final layer, over the blockchain and gateway layer, is the API and SDK layer, which lets developers easily establish 

When an integrated blockchain is established, it has limitless interoperability functionality. More specifically, the 

 supports applications with popular blockchains like 

The Axelar platform’s developers have designed this decentralized network with several standout features that enhance the functionality of cross-chain routing, while also supporting improved user experiences. What are some of these critical elements of the Axelar network?

Supporting the ability to easily and securely transfer assets across different blockchains has been a top priority for the Axelar team. 

 is a web application developed by them for this purpose. It’s built on the Axelar network for simplified and secure crypto asset transfers, and features a user-friendly interface. Those using the Satellite application for the first time are initially encouraged to make smaller transactions. 

 transfers wrapped assets between different chains at a rudimentary level.

 However, it also offers developers full 

 for web3. Developers can build on a chain best suited to their project, and users can access it via any chain with the click of a button.

General Message Passing supports greater functionality and more opportunities for 

, gaming and other DApps. For example, the 

 collection is the product of integration between the Axelar network and 

. With General Message Passing, users can easily bridge their Axelar Robot NFTs to other blockchains. 

 further supports interoperability by making it programmable. Developers can thus set up their DApps directly on Axelar via smart contracts, instead of having to build and manage them in multiple chains. The Axelar Virtual Machine supports two new products — the Interchain Amplifier and the Interchain Maestro. While the Interchain Amplifier supports easy and seamless connections via Axelar and its supported blockchains, the Interchain Maestro allows developers to launch and manage their DApps across all interconnected chains. 

The native token of Axelar is AXL, which supports the network's decentralized interoperability. This 

 token is used for governance, staking, paying transaction fees and liquidity providing. As a PoS network, validators also earn rewards from securing the network. Some parameters covered under governance include the base inflation rate, chain rewards, transfer rate limits and the addition of new EVM chains.

Rewards increase the total AXL token supply. This inflationary structure is designed to enhance security, stability and decentralization to maintain and grow the network over the long run. 

 compatible variation of AXL is wAXL. This token is functional on all 

-compatible chains. Note that wAXL cannot be used for providing liquidity in exchange for rewards, and has to be converted back to native AXL in order to provide liquidity.

One billion AXL tokens were issued at the genesis block. These are allocated with 17% to the Axelar team, 12.5% to company operations, 29.54% to backers, 5% to a community sale and 35.96% to community programs. The majority of these tokens were initially locked. AXL tokens can be staked, but not transferred or spent during the locked period. The release schedule varies for each allocation group, ranging from six months to four years. 

As of Apr 11, 2023, AXL’s price is $0.58 with a market cap of $128.88 million. This is 49.5% lower than its all-time high of $1.15, which occurred on Sep 27, 2022. Its current price is 48.7% higher than its all-time low of $0.39 on Dec 13, 2022. 

, the price of AXL is projected to be $0.79 by the end of 2023. This may increase to $1.66 by the end of 2025 and $10.26 by the end of 2030. Similarly, 

 that AXL’s price will increase, specifically anticipating an average price of $1.20 at the end of 2023, $1.92 at the end of 2025 and $5.97 by late 2030. 

In early 2022, Axelar debuted with cross-chain communication between the EVM and Cosmos ecosystems. This was followed by Series B financing, the launch of a new grant program, General Message Passing’s introduction, Axelar Robot NFTs, the AXL token release, the connection of 30 chains and other accomplishments. Notably, 

With more improvements planned in the coming year, such as interconnections to other chains and an extension of the General Message Passing function, the Axelar team is dedicated to making simple cross-chain communication a reality, which signals its potential as a viable investment as web3 becomes increasingly adopted. However, remember that our views aren't intended as investment advice. Because of the crypto market's extreme volatility, always do your own research before investing in any crypto token. 

AXL drives the interoperability of the decentralized Axelar network and supports cross-chain requests. AXL can be purchased on major crypto exchanges, including Bybit. Before making your token purchase, you’ll need to 

 spot trading pair and has an easy-to-use interface that simplifies orders. 

From Apr 5 to Apr 19, 2023, you can also easily 

Web3 has increasingly moved into the spotlight, and continued growth in this area is rooted in the ability to improve security and functionality for cross-chain communication. Axelar is a decentralized solution that supports the interoperability of multiple ecosystems while also enhancing security and functionality. Its network is becoming a critical aspect of web3 functionality, and its dominance will grow as more developments are introduced.

Axelar (AXL): Building Interoperability Bridges for the Crypto World

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