Cross-chain interoperability network Axelar (AXL) is expected to announce significant progress on its project on October 3, 2024. Community members speculate that the announcement may be related to the Axelar Interchain Amplifier, a technology that can seamlessly connect a wide range of blockchain consensus engines and traditional off-chain systems, significantly reducing developer costs. and automate connecting any type of blockchain. New cross-chain connections are exposed through smart contracts rather than through the protocol layer.
The recent developments of Axelar (AXL) include cooperation with Bitcoin, Hedera and Polkadot ecology, and the price of its token AXL has increased by 27.69% in the past 7 days. As of September 28, the price of AXL is tentatively reported at $0.7024 . In addition, Axelar Network’s data for the fourth quarter of 2023 shows that the number of networks it supports increased from 30 to 55, and inter-chain transactions and active addresses increased by 478% and 430% year-on-year respectively. The introduction of the Axelar virtual machine and inter-chain token service expands the Axelar network from messaging to a fully programmable cross-chain layer.
The Axelar network is growing rapidly, with its 30-day transaction volume twice that of Wormhole and almost eight times that of Chainlink CCIP, demonstrating its significant advantages in the cross-chain space. Axelar's cross-chain technology has seen explosive growth in applications in 2023, and its market value has also significantly improved its ranking among all cryptocurrencies.