With the approval of the Bitcoin spot ETF, the cryptocurrency industry has experienced a historic moment. Currently, the market's focus is gradually returning to industry innovation and long-term growth.
A new batch of Layer 2 and Layer 1 are competing to make efforts. The ancient phrase "multi-chain ecology" has once again become a new topic in the cryptocurrency market. With the transformation of hot public chains in the market, the development of industry infrastructure will also undergo tremendous changes with the development of the ecosystem.
Nowadays, in the rapidly developing Web3 world, interoperability is far more important than before. This includes both cross-chain liquidity of assets and cross-chain information transmission.
The First's upcoming Axelar (AXL) is creating a more connected Web3 infrastructure, laying the technical foundation for the upcoming large-scale adoption of Web3.
What is Axelar (AXL)?
Axelar is a proof-of-stake (PoS) network developed based on the Cosmos SDK. As the communication layer, Axelar allows DApps to interact between EVM and the Cosmos ecosystem. Axelar supports token transfers, smart contract calls, and general information transmission, all of which are supervised by the validator network. These validators monitor network status, verify transactions, and manage cross-chain communication by operating nodes.
As a programmable platform, Axelar can be used to connect different blockchains. Through the Axelar virtual machine, cross-chain functions are automated and abstracted, creating a unified User Experience and developer experience across multiple blockchains. This makes the extension of Web3 similar to the extension implemented by SaaS components in Web2.
Through programmable interoperability, cross-chain connections become simple, seamless, and hidden at the bottom layer. Applications built on EVM L2 can be extended to the entire Ethereum ecosystem. Developers can "build once, run everywhere". Binance has counted a total of 60 chains supported by cross-chain networks, and Axelar supports 56 of them, more than any network reviewed by Binance
Cross-chain amplifiers will accelerate this advantage, enabling hundreds or even thousands of more blockchains to be quickly and easily connected. The establishment cost of cross-chain connections is high and cannot be reused. Cross-chain amplifiers abstract this complexity for developers: the unified User Experience across EVM chains is the Plug and Play component of RaaS (rollup-as-a-service) and RDKs (rollup development kits) for building applications on new L2.
Only 100 blockchains are equivalent to about 4,950 potential connections. Paired networks can never scale.
For an ecosystem composed of hundreds (let alone thousands) of blockchains, a central hub-and-spoke topology is needed. Each new connection immediately receives a one-hop route to any other connected chain - this is the shortest path to achieve scaling!
Token Economics
Axelar's native token is AXL, which has a total of 1 billion tokens and has inflation and deflation mechanisms. The inflation mechanism sets a clear value, while the deflation mechanism is determined by the team, so the total amount of AXL is not fixed.
Initial minted 1 billion tokens
Core team: 17%
Company operation: 12.5%
Investors: 29.54%
Community ecological construction: 35.96%
Community public offering: 5%
Axelar has received three rounds of financing, with a total of $63.75 million in institutional financing and a valuation of $1 billion.
Seed round financing 3.75 million USD on November 13, 2020.
Series A financing 25 million USD on July 16, 2021.
Series B financing 35 million USD on February 15, 2022.
Conclusion:
Axelar has outstanding achievements and leading positions in the field of Web3 interoperability. Its rapid growth, support for many chains, cooperation with top projects, and high security have made it a highly anticipated cross-chain network. In this cycle, the cross-chain protocol that can achieve full-chain cross-chain deployment is basically only an external verification bridge. Compared with similar cross-chain protocols, Axelar has satisfactory performance in security, cross-chain quantity, and integrated dApp quantity.
Axelar is currently the best solution in the market that can meet the needs of security, scalability, and arbitrary message transmission. Compared with other cross-chain projects Wormhole and Layerzero, Axelar's fundamentals are at the same level, but FDV is currently less than half of the first-level valuation of the two, and it is undervalued in the cross-chain field. It can be foreseen that the future potential of AXL tokens is still very promising.
A new batch of Layer 2 and Layer 1 are competing to make efforts. The ancient phrase "multi-chain ecology" has once again become a new topic in the cryptocurrency market. With the transformation of hot public chains in the market, the development of industry infrastructure will also undergo tremendous changes with the development of the ecosystem.
Nowadays, in the rapidly developing Web3 world, interoperability is far more important than before. This includes both cross-chain liquidity of assets and cross-chain information transmission.
The First's upcoming Axelar (AXL) is creating a more connected Web3 infrastructure, laying the technical foundation for the upcoming large-scale adoption of Web3.
What is Axelar (AXL)?
Axelar is a proof-of-stake (PoS) network developed based on the Cosmos SDK. As the communication layer, Axelar allows DApps to interact between EVM and the Cosmos ecosystem. Axelar supports token transfers, smart contract calls, and general information transmission, all of which are supervised by the validator network. These validators monitor network status, verify transactions, and manage cross-chain communication by operating nodes.
As a programmable platform, Axelar can be used to connect different blockchains. Through the Axelar virtual machine, cross-chain functions are automated and abstracted, creating a unified User Experience and developer experience across multiple blockchains. This makes the extension of Web3 similar to the extension implemented by SaaS components in Web2.
Through programmable interoperability, cross-chain connections become simple, seamless, and hidden at the bottom layer. Applications built on EVM L2 can be extended to the entire Ethereum ecosystem. Developers can "build once, run everywhere". Binance has counted a total of 60 chains supported by cross-chain networks, and Axelar supports 56 of them, more than any network reviewed by Binance
Cross-chain amplifiers will accelerate this advantage, enabling hundreds or even thousands of more blockchains to be quickly and easily connected. The establishment cost of cross-chain connections is high and cannot be reused. Cross-chain amplifiers abstract this complexity for developers: the unified User Experience across EVM chains is the Plug and Play component of RaaS (rollup-as-a-service) and RDKs (rollup development kits) for building applications on new L2.
Only 100 blockchains are equivalent to about 4,950 potential connections. Paired networks can never scale.
For an ecosystem composed of hundreds (let alone thousands) of blockchains, a central hub-and-spoke topology is needed. Each new connection immediately receives a one-hop route to any other connected chain - this is the shortest path to achieve scaling!
Token Economics
Axelar's native token is AXL, which has a total of 1 billion tokens and has inflation and deflation mechanisms. The inflation mechanism sets a clear value, while the deflation mechanism is determined by the team, so the total amount of AXL is not fixed.
Initial minted 1 billion tokens
Core team: 17%
Company operation: 12.5%
Investors: 29.54%
Community ecological construction: 35.96%
Community public offering: 5%
Axelar has received three rounds of financing, with a total of $63.75 million in institutional financing and a valuation of $1 billion.
Seed round financing 3.75 million USD on November 13, 2020.
Series A financing 25 million USD on July 16, 2021.
Series B financing 35 million USD on February 15, 2022.
Conclusion:
Axelar has outstanding achievements and leading positions in the field of Web3 interoperability. Its rapid growth, support for many chains, cooperation with top projects, and high security have made it a highly anticipated cross-chain network. In this cycle, the cross-chain protocol that can achieve full-chain cross-chain deployment is basically only an external verification bridge. Compared with similar cross-chain protocols, Axelar has satisfactory performance in security, cross-chain quantity, and integrated dApp quantity.
Axelar is currently the best solution in the market that can meet the needs of security, scalability, and arbitrary message transmission. Compared with other cross-chain projects Wormhole and Layerzero, Axelar's fundamentals are at the same level, but FDV is currently less than half of the first-level valuation of the two, and it is undervalued in the cross-chain field. It can be foreseen that the future potential of AXL tokens is still very promising.
