Axelar (AXL)
Axelar Network is a decentralized transport layer that facilitates secure cross-chain communication across the Web3 ecosystem. Developers can leverage Axelar's gateway contracts to connect with EVM contracts on any chain without altering their existing chains or user interfaces. Founded in 2020 by Georgios Vlachos and Sergey Gorbunov, Axelar aims to enhance blockchain interoperability.
Overview
Axelar serves as a blockchain network that interlinks various blockchains, promoting interoperability within Web3. It employs a proof-of-stake consensus for security and utilizes permissionless protocols for routing and translating messages. The platform is often compared to Stripe for Web3 due to its role in enabling composability between blockchains. The network comprises validators, gateway contracts, translation and routing architecture, SDKs, and APIs. It supports cross-chain transfer of native tokens like AVAX, ETH, FTM, GLMR, and MATIC through their wrapped ERC-20 versions.
History
The Axelar network was established in 2020 by Georgios Vlachos and Sergey Gorbunov, both of whom were part of the Algorand founding team. Vlachos designed the Algorand consensus protocol, while Gorbunov contributed to standardizing BLS signatures, now adopted by Ethereum 2.0 and other platforms. Vlachos emphasizes that Axelar allows developers to build on the chain that best suits their needs while enabling seamless access across the decentralized web for users.
| Ticker | AXL |
| Category | Infrastructure |
| Website | https://axelar.network/ |
| @axelarnetwork | |
| Telegram | axelarcommunity |
| https://www.reddit.com/r/axelar/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x46...f3 Copied! |
| optimistic-ethereum | 0x23...0fCopied! |
| base | 0x23...0fCopied! |
| arbitrum-one | 0x23...0fCopied! |
| polygon-pos | 0x6e...40Copied! |
| avalanche | 0x44...5dCopied! |
| secret | se...3zCopied! |
| moonbeam | 0x46...f3Copied! |
| fantom | 0x8b...65Copied! |
| osmosis | ib...5ECopied! |
| binance-smart-chain | 0x8b...65Copied! |
Technology
Decentralized network
The Axelar network is maintained by a decentralized group of validators responsible for executing transactions and maintaining the network's integrity. These validators operate the cross-chain gateway protocol, a cryptographic layer over Layer 1 blockchains, handling read and write operations to gateway smart contracts and attesting to blockchain events.
Gateway smart contracts
Validators oversee gateways for incoming transactions, reaching a consensus on their validity. Once agreed upon, they execute cross-chain transactions by writing to the destination chain's gateway. Gateways and validators form the core infrastructure, enabling connectivity between Axelar and other Layer 1 blockchains.
Developer tools
Developers can access Axelar's network through APIs and SDKs, positioned above validators and gateways. These tools simplify interoperability between chains and facilitate cross-chain asset transfers and application triggers. Axelar enables developers to execute cross-chain requests efficiently.
AXL token
AXL is the native token of the Axelar network, used for transaction fees and network usage payments to validators. It supports the proof-of-stake consensus, incentivizing validators to secure the network. AXL is also crucial for governance and rewarding ecosystem contributors.
Tokenomics
At its genesis, Axelar issued 1 billion AXL tokens. The distribution includes allocations for the team, company operations, community programs, community sale, and backers. The token supply is released on linear schedules, varying from six months to four years.
Axelar $60M ecosystem startup program
In December 2022, Axelar initiated a $60 million funding program to boost the development of decentralized applications and protocols. This initiative aims to replace centralized exchanges, providing broader access to blockchain technology. A coalition of blockchain investors supports this program, promoting the growth of Web3 startups.
Axelar Foundation
The Axelar Foundation leads the development of the Axelar Network, focusing on creating a scalable and open-source cross-chain communication platform. In collaboration with the community, the Foundation works to connect diverse blockchain ecosystems, enabling seamless asset and information routing.
Axelar Virtual Machine
On February 27, 2023, Axelar introduced the Axelar Virtual Machine, a technology that makes interoperability a programmable layer. It allows developers to write smart contracts on Axelar and program cross-chain functionalities, enhancing interchain deployments.
Interchain amplifier
The Interchain Amplifier enables developers to establish connections to the Axelar network, accessing its interconnected chains. It reduces development costs for new connections, potentially enhancing security and availability.
Interchain maestro
The Interchain Maestro offers a unified approach to deploying dApps across multiple chains. It features orchestration contracts and templates, enabling developers to manage contracts, governance, and upgrades efficiently across interconnected chains.