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Table Of Contents
Axelar (AXL) operates as a cross-chain infrastructure and layer 1 programmable blockchain. The network’s developers have introduced a variety of features that are geared towards expanding the user experience for web3.0 Dapp subscribers. The network introduces features such as 1-click deployment to improve onboarding and performance.
What Problems Does Axelar Attempt to Fix?
It’s clear from Axelar's structure that the network is focused on streamlining interoperability within the market. For years, developers have sought out ways to improve the ability of blockchain to communicate data freely. Achieving this goal would bring the benefits of added liquidity and functionality to the market.
Axelar accomplishes this task by enabling Dapp users to interact with assets on any network regardless of if the blockchain is private or public. The network also supports developers creating multi-chain Dapps that leverage the best aspects of each network. This structure will improve performance and programming time.
Another main concern for the developers behind Axelar was to improve developer onboarding. As part of their strategy, the founders made sure to enable developers to join the network without the need to learn new programming languages. This step means that users from slower blockchains can easily expand their Dapps onto the Axelar system without delay.
Lack of Liquidity
There has been a steady drumbeat of complaints regarding the lack of interoperability within the crypto space as of late. Many networks provide the same service with a slight difference because of this lack of the ability to share functionality. Axelar eliminates this issue and enables developers to create advanced Dapps and cross-chain DEXs or AMMs.
Benefits of Axelar
There are a lot of reasons why a person would want to look deeper into Axelar. For one, the network enables developers to leverage the best blockchain based on their capabilities. Dapp development that leverages cross-chain communication for Web3 supports interactions with assets across popular networks in real time. Best of all, Axelar streamlines the process down to one click.
Better than Bridges
One of the main selling points of Axelar is that its technology far outperforms bridges in terms of cross-chain capabilities. In most bridge scenarios, a wrapping smart contract is used to transfer the asset across chains. Axelar provides a smarter option via native cross-chain Dapps.
Anyone can stake AXL to secure passive income. Staking protocols are common in most fourth gen blockchains. The main advantage of these networks is that they are very low risk and provide consistent returns based on the amount you stake. Notably, staking is ideal because you receive the staked asset back at the end of the process. Staking is a core component because it enables users to see what they are going to receive regarding returns via the staking calculator.
How Does Axelar Work?
Axelar functions as a universal interoperability network that supports data and asset transfers across all blockchains. The system introduces techniques such as Turing-complete calls as part of its model. Additionally, the network functions as a permissionless Proof-of-Stake network.
Axelar Virtual Machine
At the core of the Axelar protocol is the virtual machine. This is the decentralized protocol that executes smart contracts on the network. The Axelar VM has the added benefit of functioning on other networks which improves the platform's Dapp capabilities dramatically. The Axelar VM is EVM and IBC compatible. Notably, the process takes less than 10 minutes.
The application development layer of Axelar is where smart contract and dapp protocol exist. This structure enables the network to scale without congestion during the validation process. The network introduces the concept of Gateway smart contracts which enable the protocol to communicate messages across all connected chains. Interestingly, the system creates a new gateway for each chain connected.
Cross Chain NFTs
Another huge benefit that Axelar brings to the market is cross-chain NFTs. This technology provides developers with the ability to make NFTs that can operate in a variety of different digital landscapes and applications. This approach enables them to create more value for digital assets without increasing overhead. It also enables users to leverage NFTs for collateral in other DeFi ecosystems.
Token – AXL
The AXL token is the main utility token for the network. Users can stake this token to help validate the network and secure passive rewards. There are 1 billion AXL tokens in total scheduled for issuance. AXL provides fast performance due to the network's DPoS consensus and streamlined processes.
Axelar leverages a community governance mechanism to keep users in the loop. These systems enable you to put forth proposals regarding everything from fee changes to upgrades in the protocol. These changes go to a community vote. Those that pass receive funding and are implemented.
How to Buy Axelar (AXL)
Currently, Axelar (AXL) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state).
Axelar (AXL) – Interoperability Opens the Door for Further Adoption
Axelar's developers have recognized that interoperability is a crucial step that the market needs to undertake to expand. Axelar provides a variety of features that make it an ideal solution for users to consider. The network's scalability and ease of integration continue to drive its adoption. You can learn more about other interesting crypto projects like Axelar here.
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