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niting all the power across over 56 blockchains to create the most interoperable version of Web3, the almighty Axelar Network.
Let’s find out how they’re shaping the future of blockchain with cross-chain technology.
What is the Axelar Network (AXL)?
The Axelar Network is a Layer 1 Proof-of-Stake (PoS) blockchain and cross-chain infrastructure that has the primary mission to connect all blockchains together, to make the most interoperable Web3 experience for both users and developers.
For those who are unaware of the keyword interoperability, it is simply the ease with which users and developers can move and interact between different blockchains. Axelar is providing the framework to create the most interoperable Web3 experience for all!
Today, we see new Layer 1 and Layer 2 networks pop up all the time, all competing to become the number one network. Instead, they should all be able to connect and enable users to shift between them in just one click. This is where the Axelar Network comes in.
How Does the Axelar Network Work?
To make this possible, Axelar is made up of 3 important layers. First is the Application-Layer with supreme and easy-to-use APIs & SDKs. The second layer is home to Layer 1 Gateaways which execute and receive messages and the final layer is the native Layer 1 itself, Axelar.
Within the Axelar Network are 3 in-house products/features for both developers and users. First is the infamous Squid Router which is built for users who wish to swap assets seamlessly between major networks such as Ethereum, Cosmos, Arbitrum, Celestia and 52+ more!
Second, is the powerful Axelar Virtual Machine (AVM) which enables developers to create and launch dApps directly on the Axelar Network. Finally, we have General Message Passing (GMP) which enables developers to expand and connect their dApps across multiple networks!
Axelar Network Ecosystem
Hundreds of dApps are joining the ultimate #Axelar Ecosystem. Why? Because this is where the heart of #Web3 is at. Here are some leading dApps in the Axelar Network’s ecosystem:
This is just a minuscule list of many.
Axelar Network Token (AXL)
Native to the network is the $AXL token which is used to secure the network, participate in the governance and pay for Layer 1 network fees. Fees from the Axelar Network are distributed to $AXL community members who secure the network.
Conclusion
At the time of writing, The Axelar token ($AXL) is priced at $1.45 with a market cap of $836.9M. Funnily enough, $AXL broke its previous All-Time high today, reaching a peak of $1.55. As we move into the bull market, $AXL could continue to create new ATHs!
Without a doubt, we need true interoperability between all the blockchains. The Axelar Network has stepped into the world of Web3 and has the correct foundation to make this possible. We don’t want one ruling blockchain, we want the blockchain to rule.
Official Axelar Network Links
Disclaimer
The content provided in this article is strictly intended for informational purposes. Nothing said in this article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.
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