Article Summary, Automatically Generated By AI
About Axelar
- Axelar is a decentralized network and tool suite for seamless cross-chain communication.
- Features: decentralized network, software development kit, and gateway smart contracts for cross-chain connectivity.
- Powered by a decentralized network of validators using proof-of-stake (PoS) consensus mechanism.
- Native token: AXL, with a total supply of 1,070,075,609 tokens and a circulating supply of 301,937,372 tokens.
- Token allocations: Backers (29.5%), Team (17%), Company operations (12.5%), Community sale (5%), and Community programs (36%).
- Axelar has raised capital from top-tier investors, including Binance, Coinbase
About Axelar Network
Introducing Axelar (AXL): A Revolutionary Interoperability Solution
Axelar purports to furnish “secure cross-chain communication for Web3,” thereby providing a decentralized network and a comprehensive suite of tools to facilitate seamless cross-chain communication for decentralized application (dApp) builders, courtesy of its protocol suite, tools, and APIs.
Axelar boasts a trifecta of core components: a decentralized network, a comprehensive software development kit comprising protocols and APIs, and a suite of gateway smart contracts facilitating seamless cross-chain connectivity.
Empowered by a decentralized network of validators, anyone is free to join the network, build upon it, or utilize it. Application builders can seamlessly interact with a straightforward API situated atop a permissionless network, which efficiently routes messages and ensures network security through a robust proof-of-stake (PoS) consensus mechanism.
At the heart of the Axelar network lies AXL, its native token. Furthermore, the protocol facilitates seamless cross-chain transfers of various native tokens, which are bridged through their wrapped ERC-20 counterparts, including AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).
Notably, Axelar has secured funding from a prestigious roster of investors, featuring esteemed names such as Binance, Coinbase Ventures, Dragonfly Capital, Polychain Capital, and others.
The Visionaries Behind Axelar: Meet the Founders
In 2020, the blockchain platform was inaugurated by Georgios Vlachos and Sergey Gorbunov, esteemed members of the founding team at Algorand. Notably, Georgios was the mastermind behind the Algorand consensus protocol, while Sergey spearheaded the initiative to standardize BLS signatures, a pioneering effort that has since been adopted as a draft in CFRG and has been emulated by Ethereum 2.0 implementations, among others.
Sergey holds the esteemed position of Assistant Professor at the University of Waterloo, situated in Canada.
Unveiling the Unparalleled Advantages of Axelar
What distinguishes Axelar is its robust cross-chain communication, facilitated by a dynamic validator, a unique feature that sets it apart from other projects. While a select few are employing optimistic setups and federated multi-sig, Axelar stands alone in building these capabilities on a foundation of Proof-of-Stake.
Moreover, the blockchain project has established a comprehensive suite of protocols, APIs, and developer tools, thereby facilitating the creation of cross-chain applications without necessitating the acquisition of new programming languages. “Our value proposition to developers is that they can build on the chain that optimally aligns with their specific use case and technical background, while seamlessly granting their users access to the entirety of the decentralized web with a single click,” co-founder Georgios Vlachos elucidated.
The Circulating Supply of AXL Tokens: A Key Metric
Axelar boasts a total token supply of 1,070,075,609 AXL tokens, with a current circulating supply of 301,937,372 AXL at the time of writing.
According to the company, the allocation of AXL tokens is distributed as follows: Backers constitute 29.5%, the Team holds 17%, Company operations account for 12.5%, Community sale represents 5%, and Community programs, including the insurance fund, comprise 36%.
Where to Acquire Axelar: A Comprehensive Guide
Axelar (AXL) tokens are readily available for purchase on a multitude of prominent exchanges, including Coinbase, Kraken, Uniswap v3, Huobi, KuCoin, and several others.
Stay up-to-date with real-time AXL price movements at your fingertips with the CMC mobile app.
Axelar Unveils Ambitious $60 Million Startup Ecosystem Initiative
In December 2022, Axelar unveiled a $60 million startup funding initiative, backed by an impressive roster of over 15 esteemed blockchain investors. This ambitious program aims to catalyze the development of decentralized applications and protocols, poised to supplant traditional centralized exchanges (CEXs).
Dubbed the Axelar Ecosystem Startup Funding Program, this initiative is specifically designed to foster a pipeline of innovative developers who are building cutting-edge Web3 products that surpass the capabilities of their centralized web counterparts.
To be eligible for funding, a project must be dedicated to upholding digital autonomy, ensuring robust security, and protecting user privacy, or alternatively, focus on driving the widespread adoption of blockchain technology, or provide innovative solutions to pressing global issues that the centralized internet is incapable of resolving.
Associated Resources:
Delve into the realm of decentralized applications with the comprehensive CMC Glossary.
Delve into the realm of blockchain technology and discover the essence of smart contracts with this comprehensive beginner’s guide.
Delve into the world of cross-chain bridges and discover their transformative potential.
Delve into the realm of cross-chain contract calls and interoperability, unlocking the secrets of seamless interactions between disparate blockchain ecosystems.
Stay abreast of the latest developments in the cryptocurrency realm and elevate your understanding of the digital asset landscape with CoinMarketCap Alexandria, your premier source for timely insights and in-depth knowledge.