Axelar is a Web3 interoperability platform designed to connect various blockchains. Its technology facilitates multichain applications that span different networks, aiming to address scalability challenges that can hinder development and integration. AXL, a proof-of-stake token, makes it possible for this infrastructure to operate at the highest, most decentralized standard of security. Fireblocks’ advanced security solutions provide assurances to Axelar’s institutional stakeholders that their use of AXL is not only more secure but also streamlined.
We see financial institutions coming to a consensus that interoperability is critical infrastructure for on-chain finance. Some are active at the security protocol layer, staking AXL to help secure the Axelar network. By leveraging Fireblocks’ robust security features, these institutions are participating in a multichain vision for Web3 at multiple levels, facilitating safer and more seamless cross-chain transactions for a diverse range of blockchain applications.
About Axelar
Axelar is an open network that supports programmable, permissionless smart contracts at the cross-chain layer; it is a blockchain that connects other blockchains. This feature allows for a high degree of customization and enables tools that minimize overhead for developers. The network also emphasizes security, operating with a broad and decentralized set of validators to maintain integrity and transparency.
In terms of scalability, Axelar connects more blockchains than any other interoperability network currently available. This extensive connectivity is achieved through a hub-and-spoke network topology, which can quickly amplify the network’s reach and effectiveness with each new connection while supporting multi-layered risk management across the network.
How Fireblocks Supports Axelar
Fireblocks users can do the following with Axelar:
- Custody AXL in their Fireblocks Vault.
- Securely transfer AXL on the Fireblocks Network.
- Stake AXL through our staking partners Figment and Kiln.
Axelar: At a glance
- Axelar connects 65 blockchains at this writing, each innovating as Web3 platforms and contributing to the broader, interconnected ecosystem (source: Axelarscan)
- Axelar has transferred over $9 billion in cross-chain volume in its first two years of mainnet operation (source: Axelarscan)
- Currently, the network is secured by 75 validators, emphasizing its robust proof-of-stake system which aligns with the security protocols of the blockchains it connects (source: Axelarscan)
