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.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney