Crypto Biz: Axelar’s new interoperability stack goes live#BTCUptober
With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
Protocols are continuing to race for interoperability solutions. With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
One of the players in this game is Axelar protocol. The company announced on Oct. 2 its Mobius Development Stack (MDS), offering a new platform for self-service integration with both onchain and offchain systems, allowing decentralized applications to connect across various blockchain networks.
The platform debuted supporting Solana, Stellar, Sui and XRP Ledger, with additional security features from Babylon and EigenLayer. The stack also offers the Interchain Token Service (ITS), allowing developers to tokenize assets like real estate and intellectual property on any blockchain.
“Interoperability stacks have traditionally been in catch-up mode with the rapid growth in the number of blockchains,” Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar, said in a statement. The new stack “allows developers to easily plug in their blockchain to the ‘internet’ of blockchains and build DApps that span all chains simultaneously.”
According to data from Markets and Markets, the blockchain interoperability market is set to grow at an annual compound rate of 27.2% in the coming years, reaching $1 billion by 2028.
This week’s Crypto Biz also explores CME’s new Bitcoin derivatives, Ripple’s license in Dubai, Bitwise’s filing for an XRP fund, and the impact of the Federal Reserve’s interest rate cut on stablecoin revenue.
Ripple receives in-principle license approval in Dubai
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