Key Points:
Cross-chain interoperability network Axelar has integrated with Layer1 blockchain Kava.
Satellite users can now transfer assets from any connected chain to Kava, and developers can tap into the vast ecosystem of dApps building on top of Kava’s architecture.
Axelar is trying to integrate decentralized finance (DeFi) platforms to make it possible for users to scale cross-chain transactions through these platforms.
Axelar, a network for cross-chain communication, has connected with Layer 1 blockchain Kava. Satellite users can now send assets from any linked chain to Kava, and developers can access the enormous ecosystem of dApps Kava’s design has spawned.
Axelar delivers secure cross-chain communication for Web3. Secure means the network is built on proof-of-stake, the battle-tested approach used by Ethereum, Cosmos, Avalanche, and more.
Kava is now live on Axelar! https://t.co/m3m8V7icpj users can now transfer assets from any connected chain to @kava_platform and developers can tap into the vast ecosystem of dApps building on top of Kava’s unique architecture.More to come on liquidity, so stay tuned pic.twitter.com/yFeqPdCpXB
— Axelar Network (@axelarcore) December 22, 2022
As Coincu reported, Axelar has launched a $60 million startup financing program to speed the development of decentralized applications and protocols that may eventually replace traditional exchanges. More than 15 investors have backed the program, which intends to connect financiers and the creators of interchain dApps.
It seems that the Proof-of-Stake blockchain is trying to integrate decentralized finance (DeFi) platforms to make it possible for users to scale cross-chain transactions through these platforms.
Kava is a software protocol that enables users to lend and borrow assets without the requirement for a conventional financial intermediary by utilizing a number of cryptocurrencies. It is regarded as one of the new DeFi efforts in this approach. The network, however, is built on Cosmos rather than Ethereum, which, according to its creators, gives more functionality. Most DeFi applications run on Ethereum.
Users of its platform can borrow loans in USDX, a cryptocurrency pegged to the value of the U.S. dollar, by locking cryptocurrency into smart contracts on Cosmos.
Not only Kava, but before that, Axelar also integrated with other layer-2 blockchains such as Arbitrum, Polygon, or Circle, the company that issued USDC stablecoin.
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