Axelar (AXL)

About Axelar

What is Axelar (AXL)?

Axelar is a decentralized network that provides secure cross-chain communication for Web3. The platform offers a suite of tools, protocols, and APIs to assist decentralized application (dApp) builders in seamlessly connecting various blockchains. The goal of Axelar is to enhance the interoperability of decentralized applications by enabling easy communication between different blockchain ecosystems.

The Axelar network has three main components:

• Decentralized Network – A network of validators that power the platform.
• Software Development Kit (SDK) – A collection of protocols and APIs to facilitate cross-chain communication.
• Gateway Smart Contracts – These enable secure cross-chain connectivity.

The network operates using a proof-of-stake (PoS) consensus mechanism, where anyone can join, build on, or use the network. Developers can interact with a simple API on a permissionless network that ensures both security and efficient message routing.

AXL is the native token of the Axelar network, and the platform supports cross-chain transfers of several native tokens through their wrapped ERC-20 versions. These tokens include AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).

Axelar has garnered significant investment from top-tier backers such as Binance, Coinbase Ventures, Dragonfly Capital, Polychain Capital, and others.

Who Are the Founders of Axelar?

Axelar was founded in 2020 by Georgios Vlachos and Sergey Gorbunov, both of whom were integral parts of the founding team at Algorand. Georgios was responsible for designing the Algorand consensus protocol, while Sergey led the effort to standardize BLS (Boneh-Lynn-Shacham) signatures—a standard that is now adopted by Ethereum 2.0 and other blockchain projects. Sergey is also an assistant professor at the University of Waterloo in Canada.

What Makes Axelar Unique?

Axelar distinguishes itself by offering secure cross-chain communication through a dynamic validator system. While other projects may use federated multi-sig or optimistic setups, Axelar claims to be the only network that builds cross-chain communication capabilities on a Proof-of-Stake (PoS) foundation.

Additionally, Axelar’s platform offers developers the tools and protocols needed to build cross-chain applications without requiring them to learn a new programming language. According to co-founder Georgios Vlachos, the key value proposition for developers is that they can build on the blockchain that best suits their use case, while providing their users with easy access to any decentralized web resource with just one click.

What is the Circulating Supply of AXL Tokens?

Axelar has a total supply of 1,070,075,609 AXL tokens. As of the latest data, the circulating supply is 301,937,372 AXL tokens.

The allocation of AXL tokens is as follows:

• Backers: 29.5%
• Team: 17%
• Company Operations: 12.5%
• Community Sale: 5%
• Community Programs (including insurance fund): 36%

What is the History of Axelar?

Axelar was launched in 2020 by Georgios Vlachos and Sergey Gorbunov, both of whom were key figures in the creation of Algorand. Following the launch, Axelar rapidly gained support from various investors and partners in the blockchain industry. In December 2022, Axelar introduced a $60 million development support program aimed at fostering the growth of decentralized applications (dApps) and protocols built on its platform. The initiative is designed to accelerate the adoption of Axelar’s cross-chain solutions and support the broader decentralized ecosystem.