Axelar is a cross-chain communication network operating within the Web3 sphere, providing secure operations for decentralized application (dApp) developers. Its distinct feature set includes a decentralized network, protocols, tools, APIs, and gateway smart contracts for smoother cross-chain interactions. Axelarâs backbone, the proof-of-stake (PoS) consensus mechanism, ensures network security and fosters seamless bridging of disparate blockchain systems.
Devised in 2020 by Georgios Vlachos and Sergey Gorbunov, part of the original Algorand team, Axelar incorporates their experience in blockchain technology. Key investors of Axelar include Binance and Coinbase Ventures. The technology that bolsters Axelar incorporates a dynamic validator network, a far-reaching set of developer-friendly protocols and APIs, and smart contracts that initiate cross-chain transactions. This structure not only smoothens the transfer of several cryptocurrencies through their ERC-20 counterparts but also gives space for varied applications, including dApp development and decentralized finance (DeFi) solutions. #AXLđ„đ„đ„ $AXL
