Axelar enables secure cross-chain communication and interoperability between different blockchain ecosystems, applications, assets, and users. The protocol supports the cross-chain transfer of various native tokens, including Avalanche (AVAX), Ethereum (ETH), Fantom (FTM), Moonbeam (GLMR), and Polygon (MATIC), through their wrapped ERC-20 versions.
Axelar aims to address the security risks associated with interoperability between blockchain networks. The decentralized nature of the AXL token is a fundamental component of providing secure blockchain infrastructure and facilitating interoperability across different chains.
WAXL is the wrapped version of the AXL token represented on the Ethereum blockchain as an ERC-20 token. The AXL token serves as the native utility token within the Axelar network.
AXL plays a crucial role in providing decentralized security and governance for the network. Users contribute to the security of the ecosystem and participate in network governance decisions through the AXL crypto. Additionally, AXL token holders receive rewards and fees for their participation.
The Axelar network aims to connect different blockchain ecosystems, applications, assets, and users, enabling web3 interoperability. Developers can integrate their web3 applications with the Axelar SDK, which provides tools and resources for building on the network. Running a node or validator is another way to participate in securing the network and validating cross-chain transactions
Here's an overview of how Axelar works:
Axelar allows for the transfer of information and assets between different blockchains. For example, if an application or user on the Avalanche blockchain wants to transfer a token to Ethereum, they can utilize the Axelar API to transmit a message to the Avalanche blockchain's Gateway, initiating the action.
The AXL token powers the Axelar network and serves multiple purposes. AXL token holders contribute to decentralized security and governance within the network. They also receive rewards and fees for their participation.
Axelar builds on a battle-tested proof-of-stake consensus mechanism, providing security and reliability to the network. It incorporates layers of security and programmability, leveraging the power of the AXL token to enable secure cross-chain communication.
Axelar aims to deliver web3 interoperability, allowing dApp users to interact with any asset or application on any chain with ease. The network acts as a bridge, connecting different blockchains and enabling seamless communication.
Axelar was launched and began its rollout of the public mainnet in February 2022. The rollout phase involved a series of scheduled updates to ensure a smooth and successful launch.
In the same month, Axelar completed a $35 million Series B funding round, which propelled its market value above $1 billion. The funding round involved participation from notable investors such as Dragonfly Capital and Polychain.
Axelar launched the Axelar Grant Program in December 2022, providing grants to over 50 projects. Approximately 33% of them were successful in raising seed or pre-seed funding through this initiative.
The project introduced the Axelar Virtual Machine (AVM) in February 2023, powered by CosmWasm. AVM allows developers to build cross-chain applications without having to learn the intricacies of each blockchain.
In April 2023, Mastercard selected the Axelar Network to join its Start Path program, which provides resources and support to startups working on innovative solutions in the fintech industry. Axelar will work with Mastercard to explore potential use cases for its technology in the payments space as part of this initiative.
Axelar could be a good investment to include in your crypto portfolio, especially if you believe in the potential of web3 and blockchain interoperability. Rising mainstream adoption of web3 technology could spur the demand for projects like Axelar to make dApps more scalable for commercial use, supporting the price of WAXL crypto in the market.
The growth of the overall blockchain industry and dApps could also increase the demand for the AXL token among investors, boosting the WAXL price statistics. Additionally, when Axelar introduces new features or adds more use cases for its native token, the demand for the AXL and WAXL tokens could rise further.
The Axelar price could also strengthen amid an improvement in the overall crypto market sentiment. A bullish sentiment encourages buying activity in the market, supporting the WAXL to USD price.
Although it is impossible to offer an accurate WAXL price prediction over any period, you could monitor the following factors to understand price action in the Axelar token better:
The adoption and usage of Axelar's cross-chain communication tools and services can impact the $WAXL price. Higher adoption and utility may lead to increased demand for AXL tokens, potentially driving the value of Axelar higher.
Updates, developments, and partnerships related to Axelar's technology, ecosystem, or collaborations with other blockchain projects can influence the market perception and investor sentiment, potentially affecting the price of WAXL crypto. The Axelar price could also head higher when the project receives fresh investment, boosting its appeal as a crypto asset to buy and hold.
Cryptocurrency markets are interconnected, and the overall market conditions can impact the price of individual cryptocurrencies, such as Axelar crypto. Factors such as Bitcoin's price movements, market trends, and investor behavior within the broader cryptocurrency ecosystem can influence AXL's price.
The Axelar (AXL) token is the native cryptocurrency of the Axelar network. It serves multiple purposes within the ecosystem, such as:
The AXL token is designed to provide incentives to encourage a wide set of validators to participate in securing the Axelar network.
Token holders and validators who stake the AXL token can provide various services supporting the Axelar network.
The AXL token may play a role in the governance of the Axelar network, allowing token holders to participate in decision-making processes related to network upgrades, parameter changes, and protocol improvements.
Trade Axelar crypto against other digital assets to profit from changing market conditions and volatility. Buy or sell WAXL on the KuCoin Spot Market or hold it long-term if you believe in the future potential of Axelar Network. Remember to DYOR before investing in any crypto asset to manage your risk exposure better.
WAXL, the Wrapped Axelar token, lets you use the AXL token on the Ethereum blockchains. You can convert AXL to WAXL and participate in the DeFi ecosystem on Ethereum, store the token in Ethereum-compatible wallets, and more.
As of May 2023, Axelar supports 38 blockchain networks and 204 cross-chain contracts. Supported blockchains include Ethereum, Avalanche, Polygon, Filecoin, Osmosis, Terra Classic, Aurora, BNB Chain, Terra, Arbitrum, Cosmos, Fantom, and Kava. For a full list of blockchains supported by Axelar, click here.
MetaMask is one of the most popular EVM-compatible wallets in the crypto market. You can add Axelar Network’s wrapped token WAXL to MetaMask in the following manner:
1. Download the MetaMask extension and configure your wallet, if you are a new user.
2. Visit the Axelar documentation website and select the EVM chain where you received the wAXL token (wrapped AXL).
3. Search for the AXL token in the dropdown menu.
4. Find the token address (contract address) for AXL.
5. Copy the token contract address and open your MetaMask wallet.
6. Click "Add Token" or "Import Token" and paste the AXL token contract address into your MetaMask interface.
7. Confirm the details and add the Axelar (WAXL) token to your MetaMask wallet.
Follow the steps given below to stake AXL on Axelar Network:
1. Buy WAXL tokens on KuCoin or other supported platforms. Transfer to Keplr wallet, as it supports AXL staking.
2. Convert your WAXL token to the native AXL token supported by the Axelar Network. Here’s a guide on how to do this.
3. Click Stake and view the available validators you can delegate your AXL tokens for staking.
4. Click Manage on the validator of your choice and select Delegate.
5. Enter the number of AXL tokens you want to stake via delegation and click Delegate to confirm.
6. Approve the transaction from your wallet.
7. Sit back, earn rewards, and grow your crypto holdings by staking $AXL on Axelar Network.