Axelar claims to provide "secure cross-chain communication for Web3." This project offers a decentralized framework along with tools to assist developers of decentralized applications (dApps) in achieving smooth cross-chain communication using its suite of protocols, tools, and APIs.
The Axelar network is built on three main parts: a decentralized network, a software development kit made up of protocols and APIs, and a collection of gateway smart contracts for cross-chain connectivity.
With a decentralized network of validators at its core, anyone can join, develop, or use the network. App developers can engage with a straightforward API on a permissionless network that manages message routing and ensures security through a proof-of-stake (PoS) consensus mechanism.
AXL serves as the native token within the Axelar network. The protocol also facilitates cross-chain transfers of various native tokens through their wrapped ERC-20 versions, including AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).
Moreover, Axelar has secured funding from prominent investors such as Binance, Coinbase Ventures, Dragonfly Capital, and Polychain Capital, among others.
Who Are the Founders of Axelar?
This blockchain platform was established in 2020 by Georgios Vlachos and Sergey Gorbunov, both of whom were part of the foundational team at Algorand. Georgios was instrumental in designing the Algorand consensus protocol, while Sergey led the effort to establish BLS signatures as a standard, which has now been adopted as a draft in the CFRG and is implemented in Ethereum 2.0, among others.
Sergey also holds a position as an assistant professor at the University of Waterloo in Canada.
What Makes Axelar Unique?
Axelar distinguishes itself with its secure cross-chain communication powered by a dynamic validator system. While a few projects rely on optimistic setups and federated multi-sig, Axelar boasts of being the sole network constructing these capabilities on a Proof-of-Stake foundation.
Additionally, the blockchain venture has developed protocols, APIs, and tools for developers, simplifying cross-chain application development without requiring new programming language knowledge. "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," co-founder Georgios Vlachos stated.
What Is the Circulating Supply of AXL Tokens?
Axelar has a total token supply of 1,070,075,609 AXL tokens. As of now, the circulating supply stands at 301,937,372 AXL.
According to the company, the distribution of AXL tokens is as follows: Investors: 29.5%; Team: 17%; Company operations: 12.5%; Community sale: 5%; Community programs (including the insurance fund): 36%.
Where Can You Buy Axelar?
Axelar (AXL) tokens are available for purchase on a range of exchanges, such as Coinbase, Kraken, Uniswap v3, Huobi, KuCoin, and others.
You can monitor live AXL prices in real-time using the CMC mobile app.
