Axelar is excited to announce the initial release of the AXL token to advance the Axelar network’s burgeoning role as the secure, universal connector of blockchain ecosystems, applications, assets and users. Axelar enables an entirely new level of composability for developers and seamless cross-chain experiences for end users. The deployment of the AXL token marks the beginning of a new phase in the mainnet roll-out of the Axelar network, and will provide essential network security, decentralization, longevity and sustained ecosystem growth.
As the native token of the Axelar network, the AXL token supports four critical functions:
- AXL is a medium for fees generated through transactions and network usage. Users will use AXL to pay the validators that run the network.
- AXL is the ecosystem governance token, allowing holders and their proxies to stake and exercise influence over proposals.
- AXL fuels the decentralized Proof-of-Stake consensus that secures the Axelar network and validates transactions on chain. Validators receive AXL rewards as incentives to continue to secure the network.
- AXL is used to reward ecosystem builders and community contributors.
The token launch marks the beginning of release schedules for the 1 billion AXL tokens created at genesis and allocated to Axelar stakeholders, including community programs, backers, core team and community members who participated in a public sale of AXL tokens that took place in March. Community programs managed by the Axelar Foundation include testnet and developer grants, as well as other incentive programs.
Axelar’s established proof-of-stake security model utilizes a dynamic validator set that is chosen by AXL tokenholders who delegate stake to secure the network. AXL tokenholders fuel the Axelar network’s secure cross-chain communication capabilities, supporting the most decentralized and robust cross-chain security available. Because Axelar is a blockchain, AXL tokenholders also enable features like routing and one-time deposit addresses, which cannot be duplicated by other cross-chain offerings.
For their contribution to the network, AXL holders are rewarded. Tokenholders can stake AXL through the validator of their choice, earning them additional tokens that are added to the overall supply. A list of validators and validator performance metrics can be found on Axelar’s block explorer at axelarscan.io/validators. AXL is supported by wallets like Keplr, Cosmostation and Ledger, all while including the flexibility of a chain-agnostic token, meaning ERC-20 representations of AXL will live on all connected EVM chains.
The AXL token is designed to support a sustainable and diverse network of stakers and validators that is crucial to Axelar’s utility and security. For more information on the AXL Token, Token Economics, and a Guide for Tokenholders, visit the links provided here or go to Axelar.network.
Axelar delivers secure cross-chain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus.
Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.