Price Analysis of Axelar’s Native Crypto

As mentioned earlier, the AXL crypto has three main functions in the Axelar Network: transaction fees, network security, and network governance.

Transaction Fees: To enable cross-chain communication and transactions, a fee in AXL tokens is charged. These fees help to preserve the network’s integrity by preventing spam or malicious activities.

Network Security: AXL tokens are used to reward network validators. These validators run nodes, verify transactions, and ensure the overall security and consensus of the Axelar Network. Validators receive AXL tokens for their work.

Network Governance: AXL Crypto holders have a voice in the future direction and changes of the Axelar Network. The governance system allows token holders to suggest and vote on various network improvements or changes, making sure that the network stays decentralized and community-driven.

What Makes Axelar Different?

Axelar stands out for its secure cross-chain communication over a dynamic validator. Unlike some projects that use optimistic setups and federated multi-sig, Axelar claims to be the only network that develops these capabilities on Proof-of-Stake.

Additionally, the blockchain project has created protocols, APIs, and developer tools that make it simple for application developers to build cross-chain, without the need to learn a new programming language. “Our value proposition to the developer is that they can build on the chain that best fits their use case and background, while letting their users access anything on the decentralized web, with one click,” said co-founder Georgios Vlachos.

History of Axelar

Axelar is a project co-founded by Sergey Gorbunov and Georgios Vlachos, who are former Algorand experts. The white paper, published in 2021, introduced ideas like arbitrary message passing cross-chain. Axelar has received support from Binance, Coinbase, Dragonfly, Galaxy and Polychain. In February 2022, the network went live on mainnet. Since then, Axelar has connected 36+ blockchains, such as Cosmos and EVM. Around 100 projects are using the network from various ecosystems.

Price Overview Of Axelar Crypto

Axelar crypto price was trading at $0.92 at press time with a 24-hour trading volume of $33.8 Million. The price surged by 5.42%  in the last 24 hours and climbed 3.60% in the past 7 days. With a circulating supply of 500 Million AXL, Axelar has a market capitalization of $464.6 Million.

The trading volume of Axelar (AXL) is $33.8 Million in the last 24 hours, showing a 18.60% increase from one day ago and indicating a recent increase in market activity.

The highest price for Axelar (AXL) crypto is $1.15, which was reached on Sep 27, 2022 (about 1 year ago). Compared to the current price, this is -20.20% lower than the all-time high price.

The lowest price for Axelar (AXL) is $0.31, which was achieved on Oct 26, 2023 (about 2 months ago). Compared to the current price, this is 194.50% higher than the all-time low price.

Conclusion

Axelar is a modular blockchain platform that leverages a dual-layer architecture to deliver a secure, scalable, and interoperable resolution for Web3 development and DeFi access. It has its native token, AXL, which recreates a multifaceted role in the ecosystem. Axelar permits developers to construct and use dApps that can work across different blockchains and users to store their assets in a decentralized manner. Axelar is an innovative project that aims to create a universal network for the crypto-economy.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.