Axelar PriceAXL

Powered by a decentralized network of validators, anyone can join the network, build on it, or use it. App builders can interact with a simple API atop a permissionless network that routes messages and ensures network security via a 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.

Axelar is able to achieve its interoperability through a process known as General Message Passing (GMP). With GMP, instead of needing to wrap/unwrap tokens, call functions are executed on the source chain and sent through an Axelar Gateway (which acts as a translator), which is then approved and then subsequently executed on the destination chain.

Who Are the Founders of Axelar?

The blockchain platform was launched in 2020 by Georgios Vlachos and Sergey Gorbunov, both part of the founding team at Algorand. While Georgios designed the Algorand consensus protocol, Sergey led the effort to standardize BLS signatures, a standard that is now adopted as a draft in CFRG and was followed by Ethereum 2.0 implementations and others.

Sergey is an assistant professor at the University of Waterloo in Canada.

What Makes Axelar Unique?

One thing that sets Axelar apart is its secure cross-chain communication over a dynamic validator. While a handful of projects are using optimistic setups and federated multi-sig, Axelar claims to be the only network building these capabilities on Proof-of-Stake.

Furthermore, the blockchain project has built protocols, APIs, and developer tools that make it easy for application developers to build cross-chain, without the need to learn a new programming language. “Our value proposition to the developer is that they can build on the chain that best suits their use case and background, while letting their users access anything on the decentralized web, with one click,” said co-founder Georgios Vlachos.

What is the Circulating Supply of AXL Tokens?

Axelar has a total token supply of 1,070,075,609 AXL tokens. At the time of writing, the circulating supply is 301,937,372 AXL.

According to the company, the allocations of AXL tokens are as follows: 

• Backers: 29.5%
• Team: 17%
• Company operations: 12.5%
• Community sales: 5%
• Community programs (incl. insurance fund): 36%.

Where Can You Buy Axelar?

Axelar (AXL) tokens can be purchased on numerous exchanges, including Coinbase, Kraken, Uniswap v3, Huobi, KuCoin, and more.

Axelar $60M Startup Ecosystem Program

In December 2022, Axelar launched a $60 million startup funding program. The initiative, which is backed by over 15 blockchain investors, seeks to accelerate the development of decentralized applications and protocols that can replace centralized exchanges (CEXs).

Dubbed the Axelar Ecosystem Startup Funding Program, the initiative is designed to “nurture a pipeline of developers building Web3 products that are better than anything on the centralized web.”

To qualify for funding, a project must be involved in safeguarding digital sovereignty, security, and privacy, working on the mass adoption of blockchain tech, or solving global problems that the centralized internet cannot address.

What is the All-time High for Axelar (AXL)?

The highest price paid for Axelar (AXL) is $2.64, which was recorded on Mar 01, 2024 (3 months). Comparatively, the current price is 62.24% lower than the all-time high price.

What is the All-time Low for Axelar (AXL)?

The lowest price paid for Axelar (AXL) is $0.3129, which was recorded on Oct 26, 2023 (7 months). Comparatively, the current price is 219.08% higher than the all-time low price.

How Does the Price Performance of Axelar Compare Against Its Peers?

With a price decline of -3.70% in the last 7 days, Axelar (AXL) is underperforming the global cryptocurrency market which is up 4.30%, while underperforming when compared to similar Polygon Ecosystem cryptocurrencies.

How to Add Axelar (AXL) to Metamask?

Adding Axelar (AXL) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you will need to import AXL as a token. You can copy AXL’s contract address (0x467719ad09025fcc6cf6f8311755809d45a5e5f3) and import it manually, or if you've installed MetaMask's Chrome extension, add AXL to MetaMask with one click on CoinGecko.

What’s Next for Axelar

In February 2023, at the Axelar-hosted Interop Summit at ETHDenver, Axelar announced the upcoming release of the Axelar Virtual Machine. Powered by Cosmwasm, the Axelar Virtual Machine turns interoperability into a programmable layer. It enables developers to write smart contracts on Axelar while scaling their interchain deployments and “programming” the cross-chain networking layer. 

Conclusion

Given that $AXL has been spreading to more than 50 different blockchains. Axelar is one of those protocols where if blockchain tech is bullish in general, Axelar should be as well too. However, It's important for anyone interested in participating in Alexar or similar platforms to conduct thorough research and consider the inherent risks associated with investing in cryptocurrencies. Before making an investment in Alexar, be sure you are completely aware of the risks involved in the process. This material needs to be independently verified and is for your reference. It is not intended as financial advice. A financial advisor should always be consulted before making any investing decisions.