#MarketBuyOrHold? What Is Axelar (AXL)?
Axelar claims to deliver “secure cross-chain communication for Web3.” The project provides a decentralized network and tools to help builders of decentralized applications (dApps) with seamless cross-chain communication through its protocol suite, tools and APIs.
Axelar features three core components – a decentralized network, a software development kit of protocols and APIs, and a set of gateway smart contracts for cross-chain connectivity.
Powered by a decentralized network of validators, anyone can join the network, build on it, or use it. Apps builders can interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake (PoS) consensus mechanism.
AXL is the native token of the Axelar network. The protocol also supports the cross-chain transfer of several native tokens via their wrapped ERC-20 versions, including AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).
Meanwhile, Axelar has raised capital from top-tier investors, including Binance, Coinbase Ventures, Dragonfly Capital, Polychain Capital and others.