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Axelar Overview

Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets, and users to deliver Web3 interoperability. Axelar is composed of a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to enable composability between blockchains. This allows developers to build on the best platform for their use case while being able to access users, assets, and applications in every other ecosystem. Instead of pairwise cross-chain bridges, they can rely on a network architecture that provides a uniform code base and governance structure.

Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:

  1. Make it easy for blockchain developers to plug in and communicate with other chains.
  2. Provide decentralized application (dApp) developers with cross-chain composability.
  3. Allow users to interact seamlessly with applications across multiple ecosystems.

The Axelar SDKs provide a rich suite for developing Web3 applications, ensuring that developers have the tools they need for building. With these tools and APIs, developers can use the Axelar network and its SDKs to write dApps that can be easily deployed across all Axelar-connected ecosystems. In other words, Axelar distills cross-chain interoperability down to a simple set of API requests. This is absolutely central to adoption, as the developer experience around deploying Web3 applications must be like the experience today for Web2 developers, where the underlying networking and ecosystem-specific deployment considerations are largely abstracted away.

Project Development

Over the course of 2021, the Axelar team has made great strides in laying the foundation for the Axelar Platform, a universal interoperability platform that connects all blockchains through a decentralized network and an SDK of protocols and APIs.

In 2021 the team launched Axelar’s Testnet for developers and the Quantum Community Program for non-technical community members. Additionally, members of the Axelar community launched their own education hub — the Axelar Academy.

On January 11th, 2022, the company announced the start of Axelar Mainnet Rollout.

On January 26th, 2022, the launch of Satellite was announced. Satellite is one of the first ecosystem applications powered by the Axelar Network. It is a decentralized cross-chain asset transfer application, which enables users to transfer assets they hold on a source chain to an address on a different destination chain.

Axelar Team

Sergey Gorbunov, CEO and Co-founder. Works on building systems and protocols that protect data and information in untrusted, distributed, and highly adversarial environments. His goal is to enable new types of applications that have built-in trust and security properties and allow users to share, exchange, and compute information without having to trust each other or any third party. Towards this, he designs new cryptographic models, primitives, and systems.

Georgios Vlachos, Co-Founder. Georgios received his M.Eng. in Computer Science from MIT in 2017, under the supervision of Professor Silvio Micali. He holds a B.S. from MIT, double majoring in Mathematics and Computer Science. In 2011, he was awarded a Gold Medal at the International Mathematical Olympiad (the first Greek student to achieve this distinction). Worked as a Head of Mathematics at Algorand.

$AXL

AXL is the native token of the Axelar network. The AXL token supports the following critical functions:

  1. AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network.
  2. AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).
  3. AXL enables incentives to support the decentralized Proof-of-Stake consensus that secures the network and validates transactions on chain. Validators receive AXL rewards as incentives to continue to secure the network. These incentive rewards are distributed programmatically, per rules encoded in network protocols, and are inflationary, i.e., each protocol reward increases the total token supply.
  4. AXL is used to reward ecosystem builders and community contributors.

AXL token allocation

At a high level, AXL is designed to help the Axelar network achieve four outcomes as a universal connector of blockchain ecosystems:

1. Security: providing incentives to encourage a wide set of validators to participate.

2. Decentralization: wide distribution among token holders, delegating to validators, and participating in network governance decisions.

3. Longevity: incentives that encourage maintenance of the network.

4. Ecosystem growth: incentives for developers to use Axelar SDKs and APIs to build cross-chain capabilities into their applications.

Full AXL tokenomics can be found here.

About Axelar

The Axelar protocol provides a uniform solution to cross-chain communication that’s designed to be interoperable with any chain, satisfy plug-and-play connectivity with almost no work to integrate a new chain, and is decentralized by design. The Axelar Platform includes both cross-chain routing and application-level transfer protocols.

One gateway allows platform and application builders to access all interconnected chains via the Axelar network. As a result, developers can build on the best platforms for their needs while leveraging global liquidity and composability.

Axelar is unique from other approaches to cross-chain interoperability in that it is:

  • Decentralized and open for participation to anyone
  • Universal in its approach to connectivity, enabling scalability across arbitrary L1, L2, Proof of Work (PoW), or Proof of Stake (PoS) chains
  • Capable of performing cross-ecosystem message routing and translation functionalities
  • Open to any developer who wishes to integrate on top of the network

To learn more about the Axelar project visit their official website.

Medium | Twitter | Telegram | Reddit | Whitepaper | LinkedIn | Blog | Discord | YouTube | Community

If you have further questions, drop us a message to support@citadel.one. You can also join our chat in telegram, there is an active discussion of all current updates, as well as round-the-clock support from our managers.

About Citadel.one

Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.

The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.

One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.

Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.

Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST ($IOST), KAVA ($KAVA), BSC ($BNB), Juno ($JUNO), Comdex ($CMDX) and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the nearest future.

Learn More About Citadel.one

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Citadel.one is a multi-asset non-custodial platform.

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Citadel.One

Citadel.One

Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets

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