Beamswap partners with Axelar to enable cross-chain swaps
The strategic partnership will incorporate Axelar’s cross-chain abilities to expand the Beamswap list of tradeable assets, and enhance the user experience of swapping them cross-chain.
As the Beamswap DeFi Hub grows, so does its need to expand on cross-chain connectivity and provide a wider array of options to our community and those on other networks.
We’re proud to partner with one of the forefront providers of cross-chain communication for Web3, Axelar.
What is Axelar?
Axelar is a platform for secure cross-chain communication and a key provider of interoperability in Web3 applications.
It expands the reach of DeFi apps, games, DAOs, even NFTs. Providing a secure 1-click experience, Axelar-supported platforms allow users to interact with any asset and any application from any blockchain network.
In its mission to enhance the cross-chain exchange of data and assets, Axelar provides:
- Composable liquidity from multiple chains, a deal-maker for DEXs or AMMs aiming to expand beyond their native networks
- Cross-chain governance with coordinated activity anywhere on Web3, ideal for DAOs spanning different communities and networks
- Cross-chain NFTs that can serve as DeFi collateral on other chains, or help users convert any asset on any network into currency or credential
How does Axelar work?
In a myriad of blockchain networks shaping the Web3 space, moving assets from one chain to another can be a challenging task.
Axelar not only enables Web3 apps to communicate cross-chain — it does so in a highly secure manner while streamlining the apps building process via APIs.
- High connectivity through Axelar’s GMP (General Message Passing) system allows apps to call any function on any connected chain and reduces user interaction to just one click. This expands the opportunities for developers to build specialized platforms across networks and streamlines the user experience by bringing the program to the asset.
- Secure cross-chain communication relies on a Delegated Proof-of-Stake consensus mechanism sustained by a dynamic set of permissionless validators. This separates Axelar from most cross-chain solutions that are based on permissioned multi-sigs and proof-of-authority, and thus more prone to security exploits.
- Easy building via API in Axelar’s application-development layer empowers developers to build cross-chain without unnecessary complexity and the need to master new programming languages. With Axelar, they can simply build and embed cross-chain ability into their apps from the get-go.
Apps built on the Axelar infrastructure deliver an enhanced user experience and opportunity to interact with any asset or application, on any chain, even non-native, with just one click.
Learn more about Axelar 👉 Website | Axelar Academy | Twitter | Telegram
Axelar’s USDC.axl and one-click swap
To celebrate the Axelar partnership, the Beamswap DEX will soon be listing USDC.axl (Axelar Wrapped USDC), a USDC token bridged via Axelar’s secure cross-chain bridge to the Moonbeam Network.
Find USDC.axl on https://app.beamswap.io/exchange/swap or check out token details on Moonscan.io. 👇
As we further incorporate Squid, an Axelar-powered cross-chain liquidity router, Beamswap will grow to enable cross-chain swapping of assets in just one click.
This way, the Beamswap DEX will expand its reach and enhance the process of swapping tokens, including non-Moonbeam-native ones. What’s more, it will do so with solid security in place, thanks to Axelar’s maximum safety thresholds.
We’re excited about new opportunities that will arise from the Axelar partnership, and to continue serving our community with the best DeFi possibilities around.
About Beamswap
Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.
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