Axelar is a decentralized network that provides secure cross-chain communication for all dApps. With a solid uptick of 1.38% in the past 24 hours, it is up significantly. Launched in 2020 by Georgios Vlachos and Sergey Gorbunov, both formerly of Algorand, Axelar provides a suite of tools, protocols, and APIs designed to facilitate seamless interactions between different blockchain networks. So far, the project has received significant attention for its creative approach to solving the challenges of blockchain interoperability.
Axelar’s infrastructure is made up of three main components. These are a decentralized network, a software development kit (SDK) of protocols and APIs, and a collection of gateway smart contracts that enable cross-chain connectivity. This decentralized network is secured by a Proof-of-Stake (PoS) consensus mechanism. Axelar sets itself apart by developing these capabilities on top of Proof-of-Stake, like optimistic setups and federated multi-sig.
Through this latest advancements, it allows native tokens to move across chains seamlessly. This includes household name tokens such as AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon) in their wrapped ERC-20 forms. This flexibility means that users can operate within any blockchain environment they choose, using the tokens they want to use.
The allocations of AXL tokens are as follows: 29.5% for backers, 17% for the team, 12.5% for company operations, 5% for the community sale, and 36% for community programs, including an insurance fund. The circulating supply of The Axelar project is 943,754,347 AXL coins, with a total supply of 1,070,075,609 AXL tokens. It has boldly lured investments from other big-name firms, such as Binance, Coinbase Ventures, Dragonfly Capital and Polychain Capital.
This decentralized funding program for the Axelar ecosystem was envisioned by Georgios Vlachos to speed up the development of more dApps and dProtocols. The program is backed by more than 15 blockchain venture capitalists.
Our value proposition to the developer is that they can build on the chain that best suits their use case and background, while letting their users access anything on the decentralized web, with one click. - Georgios Vlachos
nurture a pipeline of developers building Web3 products that are better than anything on the centralized web. - Georgios Vlachos
