Axelar — is your assistant in the world of cryptocurrencies
Axelar is a cross-chain platform that is built for platform developers and application creators. The Axelar network consists of a decentralized network that connects multilingual blockchain ecosystems and a set of protocols with application programming interfaces.
In short, Axelar helps developers of any Dapp in a couple of steps to port it to other networks and blockchain developers to embed it in other blockchain ecosystems. This gives developers a much greater reach and audience for their products.
Application developers will be able to choose the best blockchain to host their applications and use Axelar’s cross-network communication protocols to lock, unlock and transfer assets, as well as to communicate with applications created on other platforms. By connecting decentralized applications to multiple blockchain ecosystems, the Axelar platform enables users to interact with all applications in the ecosystem directly from their wallets.
Now let’s talk about the possibilities of using the Axelar network in more detail:
- The Axelar network opens up liquidity for DeFi. Given the universal mobility of assets in ecosystems, DeFi developers can benefit from greater liquidity and distribution channels.
- Developers can create cross-network bridging applications that allow users to move their assets from one ecosystem to another. Axelar creates a sample application for this use case, and we encourage independent developers to create their own.
- Axelar Network also allows you to create applications in arbitrary chains: suppose you have a DEX in chain A with assets (X, Y) and a DEX in chain B with assets (Y, Z). If you want to swap X -> Z, you can use the Axelar protocol for general layout.
Once the network is up and running, users don’t have to worry about different networks, they can freely exchange files and communicate with each other.
This feature will be opened in several ways. The first way is directly to Axelar or other developers’ apps. The application that is created should allow the user to take their asset and quickly move it to another platform and then use it directly in the applications of that platform. Users would then be able to go to the web portal and use it to move the asset to one of the other platforms.
A second way to implement the ability to share files, without the hassle of networks, is to integrate with application developers. A developer builds an app on top of Ethereum, but wants to include assets from other ecosystems or link to other apps in other ecosystems — they integrate their app with the Axelar protocol. This way, they will be able to send requests to interact with the assets of those ecosystems.
Another really interesting feature that is very intriguing is the ability to connect an arbitrary EVM chain. Avalanche, for example, is EVM-compatible, so it is now quite easy to connect Avalanche users to the Axelar network.
When talking about the project, it is worth mentioning the project partners. Their names are pretty big:
The co-founders of Axelar Network are Sergey Gorbunov, a founding team member and head of cryptography at Algorand, and Georgios Vlachos, a founding team member and head of mathematics at Algorand. The first draft of Whitepaper was released in January 2021.
Axelar also raised $3.75 million from Binance X, DCVC and some other leading blockchain and cryptocurrency industry players in an initial funding round. During the Axelar Series A funding round led by Polychain Capital, Axelar raised $25 million to scale network integration for full industry-wide blockchain interoperability. Axelar later announced strategic funding from Crypto.com Capital. The full list of project sponsors can be found here.
The list of network ecosystem partners consists of: Avalanche, Moonbeam, Terra, Polygon, Ethereum, Cosmos, Keplr, Chainode Tech, Pangolin, Chorus, Cosmostation, Citadel.one, Metrika, P-OPS Team.
It is also worth pointing out the foundations behind the project:
To summarize, the project is actually promising and really worthwhile, and the major partners and foundations are proof of that.