I. What is AXL?
Axelar Network is a decentralized network that offers consumers the tools they need to quickly, easily, and conveniently link developers and application builders across chains. In particular, Axelar is built with a full suite of technologies that maximize the removal of obstacles throughout the multi-chain connection process. Application programming interfaces, a general protocol package, and support toolkit are all part of Axelar’s solution suite.
A decentralized network of validators is currently in charge of running the Axelar Network project. Therefore, anyone can join, use, and develop on the Axelar Network.
The objective of Axelar is to develop a decentralized stack that can establish bridges across various blockchains in terms of coding languages, consensus protocols, and support for various smart contract languages.
II. History of Axelar
III. Striking Features of Axelar
Axelar has numerous more exceptional capabilities in addition to assisting developers with asset conversion and multi-chain trades, including:
Decentralized Network: Provides a decentralized network.
Cross-chain Communication: The protocol offers numerous auxiliary tools and features that facilitate and ease communication between chains.
The following protocols and APIs are part of the Axelar network:
Cross-chain Gateway Protocol (CGP): The Cross-chain Gateway Protocol (CGP) is a cross-chain gateway that connects and routes traffic between different ecosystems.
Cross-chain Transfer Protocol (CTP): CTP, or the Cross-chain Transfer Protocol: This protocol is comparable to a gateway for connecting online and transferring files and documents. Multi-chain dApps housed on various blockchains can apply to be connected by developers. Additionally, users can use APIs like FTP, HTTP GET/POST, and other ones to query the program.
IV. Core Technology of Axelar
The Axelar blockchain currently operates on a consensus protocol model (DPoS) similar to the Cosmos Hub network. In order to participate in the consensus protocol and ensure the highest quality for operational services, users will be chosen at random to serve as validators with stake binding.
Thanks to the Axelar network, the communication protocol between blockchains becomes as simple as using the familiar HTTP/HTTPS protocols in the browser. It enables platform creators to directly connect their blockchain to other networks.
Additionally, application developers have the right to set up a straightforward access procedure using their own API programming interface in order to access worldwide liquidity or for Internet information sharing the whole ecology.
The development of connectivity and interoperability between blockchain networks is the current goal of the Axelar network. One of the combinations that attracts a lot of interest is Polkadot, which enables the transfer of assets from other blockchains into Moonbeam and their use in decentralized apps.
The Axelar gateway enables applications operating on the Moonbeam network to operate on other chains including Terra, Ethereum, and others.
Developers can benefit from the simplicity and speed of the Polkadot ecosystem since Moonbeam and Ethereum are compatible. Both Moonbeam and Axelar are developing ground-breaking solutions that defy all odds and open the door to linking liquidity throughout networks.
Main features of Axelar Network
The Axelar Network platform has several key features as follows:
- Enabling blockchain ecosystems and communicating applications easily: Anyone using the network can use Axelar to connect blockchain networks and apps in the safest, most secure, and practical way possible thanks to a set of verification nodes working under the byzatine consensus protocol.
- Process requests between blockchains through Axelar’s decentralized governance: Users can simply engage in and join new chains without restrictions or consensus rules thanks to a network of several important protocols, one of which is CGP (Cross-Connection Gateway).
- Commonly managed by the Threshold cryptographic algorithm: Every transaction that is made after going via the gateway must receive consensus from all validators, according to the Threshold cryptographic algorithm. In order to provide a distinct signature and verification for the main transaction, this cryptographic method also encrypts the consensus of validating nodes as a side transaction. As a result, it is feasible to separate transactions, speed up processing, and cut expenses while maintaining the system’s security and safety.
Tools of the Axelar Network project
Axelar Network provides a set of tools including: System protocols and API programming interfaces. Among them, protocols include:
Multi-chain protocol converter using the Cross-chain Gateway Protocol (CGP): It is used to automatically connect various blockchain ecosystems together, much like the Border Gateway protocol. CGP is also in charge of routing on several blockchain ecosystems concurrently. Blockchain networks don’t need to update, restructure, or reconfigure their network in order to connect to the global network.
Multi-chain Transfer Protocol (MCTP) and Cross-chain Transfer Protocol (CTP) This protocol enables developers to link their Dapps to any chain to carry out multi-transfer operations, much like File Transfer or Hypertext Transfer Protocol data transfer applications.
Developers on any blockchain network can lock, unlock, or transfer assets between two separate addresses using CTP. Developers can simultaneously activate programs in one thread from another thread.
Technology of Axelar network
Cross-chain Gateway Protocol (CGP)
This is a multi-chain protocol converter, similar to the Border Gateway protocol. This protocol is used to connect multiple blockchain ecosystems together automatically. At the same time, CGP is like a cross-chain gateway responsible for routing on these blockchain ecosystems.
Cross-chain Transfer Protocol (CTP)
This is a multi-chain transfer protocol, this protocol is similar to File Transfer or Hypertext Transfer Protocol data transfer applications. Developers can apply to connect multi-chain dApps and conduct transactions. Through CTP developers can lock – unlock or transfer content between any two addresses on any blockchain network. At the same time, developers can activate and access applications through APIs such as FTP, HTTP GET/POST, etc.
Additional Cross – chain Requests
CTP further supports cross-chain operations between applications on different blockchains:
Perform Public Key Name Services (PKNS): This is a public folder for connecting public keys to phone numbers or Twitter.
Cross-chain application triggers: an application on chain A can update its state if several applications on chain B satisfy the search criteria.
Smart contract composability: this is a smart contract composability. The smart contract on chain A can update the smart contract state on chain B.
V. What is Axelar?
1. Detailed Information about AXL
AXL is a token of the Axelar Network project, some basic information of the AXL token is as follows:
- Ticker: AXL.
- Blockchain: Ethereum.
- Contract: Updating…
- Token Standard: ERC-20.
- Token Type: Utility, Governance.
- Circulating Supply: Updating…
- Total Supply: 1,000,000,000 AXL.
2. AXL Allocation
- Company – Core Team: 17%.
- Company – Operations: 12.50%.
- Backers – Seed: 13.40%.
- Backers – Series A: 12.64%.
- Backers – Series B: 3.50%.
- Community Sale: 5%.
- Community Programs: 30.96%.
- Insurance Fund: 5%.
3. AXL Noticeable Milestones
AXL Token Release Schedule
Community Program: Distributed gradually over 4 years.
Core Team: Distributed gradually over 4 years.
Backers – Seed: Distributed gradually over 2 years.
Backers – Series A: Distributed gradually over 2 years.
Operation: Distribution gradually over 4 years.
Insurance Fund: Minimum 5% for insurance, available as needed to cover any losses caused by system vulnerabilities.
Community Sale: 50M AXL will unlock linearly for 9 months, starting around May 11, 2022.
Backerss – Series B: Distributed gradually over 2 years.
4. Use Cases of AXL
- Transaction fees and any other charges incurred when utilizing the Axelar network are paid with AXL.
- Owners of AXL units may stake and execute administrative rights on proposals, such as modifications to parameters or updates to the Axelar Network protocol.
- The Proof-of-Stake consensus process, which protects the network and authenticates on-chain transactions, is supported by incentives that employ the AXL token. It will award validators with AXLs to encourage them to keep the network secure. The overall token supply may rise as a result of these incentive rewards.
- Ecosystem creators and community contributors are recognized with AXL.
VI. How to earn & own AXL?
Axelar will open AXL token sale on CoinList on March 9, 2022. Investors can register to participate in the AXL token sale event from March 3, 2022 to March 7, 2022 and see more information about this event in the article “Axelar Token (AXL) is an open official sale on CoinList”.
The main cryptocurrency exchanges to trade Axelar stock at the moment are MEXC, Bitget, BingX, BitMart, and Gate.io, if you’re interested in finding out where to acquire it at the current price.
VII. Which Crypto Wallets are suitable for AXL?
VIII. AXL Recent Developments
Axelar network token payment schedule
Phase 1: completed
Open for sale Seed Round.
Phase 2: completed
Integration of Bitcoin and Ethereum.
EVM chaining support.
Decentralized dApps launching on Axelar.
Applications that integrate with Axelar.
Introduce more assets and chains.
Build ecosystems and solutions around the Axelar network.
Empowering all ecosystems, dApp developers build on any Blockchain and cross-chain aggregation through Axelar’s Infrastructure Stack.
IX. Teams, Funds & Partners of AXL
As a founding team member of Algorand, responsible for platform design, dean of cryptography, MIT PhD, software-defined network @UToronto, cryptocurrency @IBM, co-author of many protocols and other coding standards.
Also the founding team of Algorand, consensus design and development, dean of math, gold medalist at the International Math Olympiad, MIT bachelor’s and master’s of science.
Has 10 years of experience in systems research and software engineering. Also holds a PhD in computer science at UWaterloo, with a role in optimizing performance for network decentralized systems. He also holds a master’s degree in Physics from Karlsruhe Institute of Technology.
PhD at UWaterloo in Quantum Information and Cryptography at the Institute for Quantum Computing and the Institute for Theoretical Physics | He studies cryptocurrencies at Isara and ConsenSys and co-authored qTESLA, a post-quantum signature scheme, and gnark, a ZK proof library.
Lead developer of BFT-SMaRt, a high-performance Byzantine fault-tolerant state machine mirroring library. He holds a PhD from the University of Lisbon and was awarded the William C. Carter Ph.D. thesis for his remarkable contribution in the field of reliable and secure computing.
2. Investment Funds
July 15, 2021 – The $25 million in Series A funding for Axelar, the decentralized interoperability network bridging blockchain ecosystems, applications, and users, was headed by Polychain Capital. The money raised will be used to scale the network’s fundamental integration and supply more technical resources for the team’s quick growth.
Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, Collab+Currency, Cygni Capital, Lemniscap, Divergence Ventures, SCB 10X, Hypersphere, Zola Global Investors, Nima Capital, and GoldenCoin TS LLC are significant investors in the round in addition to Polychain Capital. Terra’s Series A round angel investors include Waikit Lau, the creator and CEO of RemoteHQ, Happy Walters, the co-founder and CEO of Catalyst Sports & Media, and others.
X. Where can AXL information be updated?
Currently, Crypto users can fully consult, research, and analyze information about AXL through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of AXL and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Axelar
- Where can I stay updated and learn more about the Axelar project?
- What is the potential of the Axelar Network project in the future?
Axelar Network enables developers to have a common, unified platform and API programming interface that can be utilized in any network by being able to connect disparate blockchain chains like Bitcoin and Ethereum as well as multi-chain gateways like Cosmos and Polkadot.
The Axelar Network’s interoperability, which addresses one of the key issues in the blockchain ecosystem, distinguishes this project and attracts a lot of interest. Axelar Network is anticipated to play a key role in the development of the Metaverse universe of the blockchain ecosystem by providing a decentralized space that guarantees security and can be united for multi-chain communication and information transmission.
In conclusion, Axelar Network is a breakthrough decentralized cross-chain solution. In order to provide safety, security, and unattended asset transfers throughout the chain, the project offers a network and tools that connect all Dapps and blockchains. When the Axelar Network ecosystem has the backing of numerous partners and is trying to cross-chain many of the aforementioned blockchains, it is considered a potential project. Many people have been paying attention to this project, and it is anticipated that it will help the cryptocurrency market grow.
The above is Meta Lion’s comment on the Axelar Network project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.