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Home»ALTCOIN NEWS»Altcoin secretly soars after surprise listing on cryptocurrency exchange Binance
ALTCOIN NEWS

Altcoin secretly soars after surprise listing on cryptocurrency exchange Binance

By Crypto FlexsMarch 3, 20242 Mins Read
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Altcoin secretly soars after surprise listing on cryptocurrency exchange Binance
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The little-known interoperability-focused altcoin hit a new all-time high after Binance announced it would list the asset.

Axelar (AXL) is a programmable Web3 interoperability platform that aims to provide cross-chain communication between numerous blockchains.

Describe the project’s website,

“Unlike other cross-chain connectors, Axelar is a proof-of-stake blockchain. It can do everything blockchain can do. Transparent smart contracts built on Axelar automate the user’s path, reducing it to a single click. Permissionless tools reduce developer overhead.”

The project’s underlying asset, AXL, is trading at $1.94 at the time of this writing, up almost 27% from its price 24 hours ago. The 90th-largest cryptocurrency asset by market capitalization also surged to $2.64 early Friday morning, hours after its listing was announced, setting a new all-time high.

Binance has attached a seed tag to AXL. Exchanges apply seed tags to less liquid tokens with higher volatility, and users who own tagged assets must pass a quiz every 90 days to be aware of the inherent risks.

Axelar also launched a new virtual machine on Wednesday. Describe the project developer,

“Axelar Virtual Machine, powered by Cosmwasm, transforms interoperability into a programmable layer. This allows developers to write smart contracts on Axelar while scaling cross-chain deployments and “programming” a cross-chain networking layer.

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