05/30/2024
BTC68,076.0
ETH3,923.76
USDT0.998912
BNB594.52
SOL171.09
USDC1.0
XRP0.537005
DOGE0.171579
BUSD1.001

Axelar (AXL) Price

AXL
4,6
$1.066
Market cap
714,596,195.0
Total volume
28,201,187
Circulating supply
674,541,614
Total supply
1,151,355,856
Axelar enables seamless communication across different blockchains. It allows users of decentralized applications (dApps) to effortlessly engage with any asset or application across various blockchains in a single click. Imagine it as the Web3 equivalent of Stripe. Developers access a straightforward API that sits on top of a decentralized network, which smartly routes messages and secures the network through a proof-of-stake consensus mechanism.

Functioning as a bridge between diverse blockchains, Axelar ensures secure interconnectivity through its proof-of-stake consensus framework. Network validators are responsible for generating new blocks, partaking in multiparty signings, and validating the states of external chains. By staking AXL tokens, token holders can assign their tokens to a validator’s staking pool, earning rewards, after the deduction of the validator’s fees.

The utility of the AXL token spans governance roles and covering network transaction fees, payable to both validators and token owners. Importantly, it's not mandatory for Axelar network users to possess the token directly. The network facilitates conversions between AXL tokens and those of destination chains behind the scenes, allowing users to incur only a single gas fee, paid in the token of the originating chain.

While the reward structure of the Axelar network is inherently inflationary — leading to an increase in the total supply of AXL tokens — the designed transaction fee mechanism holds the promise of transitioning the supply towards a deflationary model.
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