Today, the cross-chain interoperability track will add a long-awaited hero, Wormhole.#w It will be listed on Binance at 20:00 Beijing time. The current market value of Wormhole in Whales is estimated to be around US$20 billion, and there are even rumors of a market value of up to 50 billion US dollars. This also made me pay attention to Axelar (#AXL ).
Axelar is a network that provides secure cross-chain communication for Web3, enabling the creation of cross-chain dApps that go beyond a single blockchain. Axelar is built on a proof-of-stake approach (a proven method used by Ethereum, Polygon, Cosmos, etc.) that facilitates seamless cross-chain communication. This means you can create a user experience that allows you to interact with any asset or application on any chain with just one click. Axelar also integrates @CelestiaOrg
. Celestia enables developers to create their own rollups with custom logic and EVM support. Axelar and Celestia collaborated to create cross-chain Rollups, facilitating the transfer of assets and data between Ethereum and other chains. This allows the creation of hybrid dApps that combine the advantages of Ethereum and other blockchain platforms.
One of the leaders in cross-chain interoperability
Let's take a look at a simple table. As the two leading companies in the cross-chain interoperability track, Axelar has a higher competitive advantage than Wormhole in terms of programmability, ecological projects, and token value capture methods. Since there is no consensus on the cross-chain interoperability track, the market's opening market value for Wormhole ranges from 20 billion to 100 billion US dollars. From this perspective, once Wormhole issues a coin, Axelar has great potential as the first or second leader in the track.
For developers, the recently released virtual machine (AVM) by Axelar marks Axelarâs ââimportant layout on the cross-chain interoperability track - creating a programmable full-chain Layer 1, developers can write smart contracts based on AVM, and implement The development of the final chain abstraction layer simplifies the user experience [3]. Before the launch of AVM, Axelar's core technical barrier was General Messaging (GMP). Axelar is not a simple cross-chain bridge concept. GMP transcends the original concept of asset cross-chain bridge and enables developers to build native cross-chain applications. In crypto, assets are issued based on applications, and service applications themselves will be more fundamental than service assets. This also lays the technical framework for Axelar's subsequent gas burning mechanism and public chain governance.
Another point that caught my attention with Axelar is its RWA attribute
Since 2023, RWA (Real World Assets) has been widely regarded as the key to DeFi and Web3 going mainstream. On March 20, traditional financial giant BlackRock indeed entered the game: after applying for a spot Bitcoin ETF, it once again launched BUIDL, the first tokenized fund issued on a public blockchain. The fund will be subscribed through Securitize Markets, providing qualified investors with the opportunity to earn US dollar returns.
As a cross-chain interoperability project, Axelar, which has been deeply involved in the RWA track for a long time, will gradually come into everyone's view.
Axelar's quiet penetration in the field of RWA cross-chain interoperability goes beyond Centrifuge - last November, Axelar cooperated with Ondo Finance to launch Ondo Bridge, an innovative cross-chain liquidity solution for RWA.
This solution aims to simplify the liquidity of tokens issued by Ondo (such as the interest-bearing stable currency USDY) between different blockchain networks. Ondo Bridge uses the "destroy and mint" mechanism, which not only breaks through the limitations of traditional cross-chain technology, It also effectively avoids the risks that traditional encapsulated assets may face when crossing chains.
It is worth noting that the operating mechanism of Axelar (AXL)'s programmable cross-chain platform on RWA interoperability is still analyzed using Ondo Bridge as an example. This solution is mainly based on Axelar (AXL)'s cross-chain liquidity router Squid
What Axelar has to do is also very simple, that is, to face the future, which is destined to be more and more fragmented RWA asset deployment, and become a "full-chain infrastructure" that unifies the liquidity of different RWA assets. This is actually reshaping the product-centric RWA second-half paradigm.
Axelarâs âârecent actions
At the beginning of this month, Binance launched multiple spot trading pairs of Axelar token AXL (at the end of last year, Binance Research released a research report on cross-chain interoperability protocols, listing four major cross-chain interoperability protocols: Chainlink CCTP, Wormhole, Layerzero, and Axelar , among which Axelar is the most underestimated);
In the middle of the month, Axelar was immediately deployed and upgraded to v0.35 to support virtual machines (AxelarVM) - supporting developers to write smart contracts on Axelar to achieve the operability of cross-chain tasks, making Axelar escape from a single cross-chain attribute. , completely opening up the imagination space of multiple narratives;
In addition, Axelar's new token economics change proposal is also about to be implemented - reducing the final total inflation rate from 11.5% to 6.7%, a significant reduction by nearly half, and Axelar also plans to change the AXL token from an inflation token by implementing Gas burning. The currency changes to a deflationary token;
Hong Kong welcomes blockchain event: Axelar Asia Pacific Head SHAWN LIM appears at Hack.Summit
Today, April 3rd,
13 projects building use cases such as DePIN, wallets, DeFi, etc. will
Online meeting at Axelar at therollupco
These Axelar ecosystem innovators will share their protocols and whatâs coming soon
In view of the performance of new coins, #AXL has been in the second round of market adjustment since its launch on March 1st. The current price is 1.7, and the predicted price is 1.7 to 2.5
Let's see if it happen :)
Part of the content of this article comes from Odaily and Foresight news. Thanks
