What is Axelar (AXL)?
The Axelar network offers a comprehensive solution for cross-chain communication that is beneficial to both platform developers and application builders. Developers are not required to do any integration work, while app creators have access to global liquidity through one simple protocol and API. The decentralized network connects different blockchains such as Bitcoin, Stellar, or Algorand with interoperability hubs like Cosmos, Avalanche, Ethereum, and Polkadot. This makes it easier for applications to perform cross-chain requests without needing their own proprietary protocols or having to rewrite the application when new bridges are developed. In summary, the main goal of Axelar is to simplify the process of developing apps with universal protocols and APIs so that everyone can benefit from them.
Axelar consists of three distinct parts:
- A decentralized network;
- A smart contract gateway to link the Axelar Network with other chains;
- An SDK containing protocols and APIs.
AXL is the native token of the Axelar network. On the live Axelar price chart above, you can find the current AXL price.
Use Cases of AXL Tokens
The AXL coin enables essential operations on the platform, allowing users to pay validators for network usage and transaction fees.
Additionally, holders of AXL crypto tokens are able to stake them, as well as use them as a method of exercising governance over proposed changes or upgrades to the protocol.
Furthermore, AXL provides incentives to those who participate in the decentralized Proof-of-Stake consensus. These rewards are programmed into network protocols, which increase the overall supply of tokens. Additionally, AXL can be used as a reward for people who support and build up the ecosystem and contribute to the community.
Planning to acquire Axelar crypto assets? Before you do that, make sure to do a thorough AXL price movement analysis. Use the aforementioned Axelar price chart.
Who Founded Axelar?
Axelar was founded by Sergey Gorbunov and Georgios Vlachos.
Sergey is an assistant professor at UWaterloo. He is also the founding team member at Algorand, responsible for designing and developing the platform. He holds a Ph.D. from MIT and has experience in Software-Defined-Networks from his time at the University of Toronto. Additionally, he has worked on cryptography projects with IBM and is a co-author of several crypto protocols and standards.
Georgios is also the founding team member of Algorand who is responsible for the design and development of its consensus. He has won a Gold Medal at the International Math Olympiad, as well as obtained his BSc and MS from MIT.
There is no max supply set for AXL coins. The distribution of the initial AXL token supply is as follows:
- The company received 29.5%, which was divided between the team (17%) and company operations (12.5%)
- Backers got 29.54%, divided into the Seed round (13.4%), Series A investors (12.64%), and Series B investors (3.5%).
- 5% was allocated to a community sale.
- 35.96% went towards various community programs including an Insurance Fund.
Don’t forget that you can see the live AXL price on the chart featured above.