Axelar Launches Interchain Token Service (ITS) for Cross-Chain Token Deployment
- Axelar introduces the Interchain Token Service (ITS) to simplify launching tokens across multiple blockchains.
- ITS maintains the fungibility and properties of ERC-20 tokens while supporting 15 EVM-compatible blockchains, with more to come.
- ITS uses a permissionless 'mint and burn' mechanism for trust-minimized bridging, providing a decentralized alternative to existing solutions.
- The service allows the deployment of new tokens across multiple chains in one step and unifies the deployment of native tokens already on various chains.
- Axelar plans to expand ITS to the Cosmos Interchain later this year.
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