Axelar claims to deliver “secure cross-chain communication for Web3.” The project provides a decentralized network and tools to help builders of decentralized applications (dApps) with seamless cross-chain communication through its protocol suite, tools and APIs.
Axelar features three core components – a decentralized network, a software development kit of protocols and APIs, and a set of gateway smart contracts for cross-chain connectivity.
Powered by a decentralized network of validators, anyone can join the network, build on it, or use it. Apps builders can interact with a simple API atop a permissionless network that routes messages and ensures network security via 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.
## 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.
## 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.
Axelar (AXL) aims to provide a secure cross-chain communication solution for Web3. Its core components include a decentralized network, software development toolkit, and cross-chain connection smart contracts. AXL serves as the native token of the Axelar network, supporting cross-chain transfers of various native tokens. Setting itself apart from other projects, Axelar features secure cross-chain communication and dynamic validators, enabling application developers to easily build cross-chain applications through protocols, APIs, and development tools. Its value proposition lies in empowering developers to choose the chain that best suits their use case and background, and facilitating one-click access to any content on decentralized networks. Axelar has garnered support from top investors such as Binance, Coinbase Ventures, Dragonfly Capital, and Polychain Capital.
How to Buy AXL
1. How to Buy AXL on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing AXL.
Step 5: Purchase AXL
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy AXL.
Step 6: Store your AXL
After purchase, you can choose to store AXL in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and AXL assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy AXL via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) AXL trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC AXL trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find AXL trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the AXL purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release AXL to the AXL address you provided. You can check your AXL wallet balance after the trade to confirm its success.
3. How to Buy AXL through Decentralized Exchanges (DEX)
Buying AXL on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying AXL on DEX:
Step 1: Choose a AXL-supporting wallet
Create a new wallet supporting AXL assets, then select a decentralized exchange that supports AXL.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the AXL blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the AXL trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the AXL trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the AXL blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased AXL, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased AXL to your wallet for safer storage of your digital assets.
4. Official Channels for AXL Project Team or Community
Sometimes, the AXL project team or community may launch official channels for direct AXL purchases. This may include private placements, presales, or other forms of direct sales.