By Petrache Ionut Nov 2, 2022
For Web3, Axelar offers secure cross-chain communication. Users of dApps can engage with any asset or application on any chain with only one click.
Axelar network connects blockchain ecosystems and makes it possible for applications to communicate securely. Collectively, validators manage the cross-chain request protocols and a byzantine consensus process. Anyone is welcome to join, use, and participate in the network. The underlying network has been designed to meet the strict safety and liveness standards required by cross-chain queries. A protocol suite and APIs are also included in the Axelar network. Recently, Axelar and Polygon announced a partnership to expand interoperability for Polygon Supernets.
Cross-Chain Gateway Protocol
On the Internet, this protocol is comparable to the Border Gateway Protocol. As the Axelar white paper states, "Blockchains do not need to “speak any custom language”, their platform developers do not need to make any custom changes on their chains, and their chains can be plugged into the global network easily."
Cross-Chain Transfer Protocol
Similar to file transfer and hypertext transfer protocols on the Internet, this protocol is an application-level protocol. To execute cross-chain requests, application developers can connect their dApps on any chain.
Advantages of using Axelar
With General Message Passing, which transports any payload safely cross-chain, Axelar goes well beyond transmitting wrapped assets. Applications are able to call any function on any connected chain and provide users on any other connected chain with a one-click experience. This is a brand-new approach to developing dApps that prioritizes consumers and allows developers to create on the platform that is most appropriate for their use case.
Communication across chains securely is difficult. The majority of solutions in use today are proof-of-authority-based permissioned multisigs, which have cost hundreds of millions of dollars in security vulnerabilities. Delegated proof-of-stake is the foundation of Axelar network security; a permissionless, dynamic validator set applies a consensus method comparable to the networks Axelar connects.
An application-development layer, used to compose over any number of chains, is positioned on top of the Axelar stack. Without learning new programming languages or adding complexity, developers move across chains. They concentrate on developing the features that set their dApp apart. Start building with the Axelar docs and Axelar's series of tutorials on building cross-chain dApps.
The AXL Token
The Axelar network's native token is called AXL. The AXL token is capable of four crucial tasks.
AXL is a means by which users can pay transaction fees and other network usage costs to the validators who manage the network.
Holders and their proxies use AXL to stake and manage proposal governance (such as a parameter change or protocol upgrade).
The decentralized Proof-of-Stake consensus, which protects the network and verifies transactions on chain, is made possible by AXL incentives. As an incentive to keep securing the network, validators receive AXL payments. These incentive payments are inflationary, meaning that with each protocol award, the total number of tokens grows. They are dispersed programmatically in accordance with the regulations included in network protocols.
Ecosystem creators and community contributors are recognized with AXL.
Read more on the AXL token and its uses, here.
Polygon gets together with Axelar to expand Supernets
In order to improve safe cross-chain interactions of Polygon Supernets, Polygon has partnered with the Axelar network, a secure communication layer connecting Web3 ecosystems.
Blockchain networks can be built using the scalable, adaptable, and application-specific Polygon Supernets technology. Axelar, will let dApp users safely transfer assets with just one click between Supernets and other related chains.
Polygon Edge, a flexible blockchain stack for creating networks tailored to particular requirements without compromising security and efficiency, powers Polygon Supernets. Edge is positioned to serve as the primary infrastructure for an interconnected network of specialized EVM blockchains when combined with Axelar.
This marks a huge milestone in Axelar’s development plan and their mission to improve the Web3 space and ecosystem as a whole!
For more information you can read the official announcement here.
Axelar and Interop Summit
Axelar is sponsoring the Interop Summit that will take place between the 20th and 22nd of February 2023 on Miami Beach in Florida.
The blockchain industry's first gathering of developers building web3-wide dapps is called Interop Summit. Communities from all ecosystems will come together throughout the 2.5 day event for technical workshops, talks, and celebrations.
For more information and how to attend click here.
Axelar delivers the best and most innovative solution for what others have been banging their heads during the past 5 years to deliver without success. True cross-chain inoperability and cutting-edge tools for developers to properly build high standard protocols.
Website - https://axelar.network/
Twitter - https://twitter.com/axelarcore
Discord - https://discord.gg/axelar