Axelar

Axelar is an interoperability network developed so that independent blockchains can exchange tokens and data. Through Axelar, applications can call a smart contract on one chain from a contract on another; users can thus transact with assets on different networks from a single interface. The network has its own proof of stake blockchain built with the Cosmos SDK, and AXL is the native token of that chain.

Axelar validators monitor the nodes of connected chains, verify the authenticity of incoming messages and give joint approval through threshold signatures. A feature called General Message Passing enables cross-chain contract calls, while the Interchain Token Service allows a token to be deployed consistently across several networks. AXL is staked for validator security, used for transaction fees on the network and grants voting rights in on-chain governance decisions.

In bridge and interoperability projects, the price is sensitive to cross-chain transaction volume passing through the network, changes in the number of integrated chains and applications, security incidents and rival messaging protocols. Axelar's dollar price on Lzzo.com is taken from Binance AXL/USDT trading and converted at the Coinbase Exchange rate, and this data is used in the price chart.