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Information about Axelar (AXL)
Axelar claims to deliver “secure cross-chain communication for Web3.” The project provides a decentralized network and tools to help builders of decentralized applications (dApps) with seamless cross-chain communication through its protocol suite, tools and APIs.
Axelar features three core components – a decentralized network, a software development kit of protocols and APIs, and a set of gateway smart contracts for cross-chain connectivity. Powered by a decentralized network of validators, anyone can join the network, build on it, or use it. Apps builders can interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake (PoS) consensus mechanism.
AXL is a native coin of the Axelar ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
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Canary Capital has submitted an S-1 registration for an ETF linked to Axelar (AXL), paving the way for institutional interest in AXL. This is the first ETF of its kind, showcasing a significant shift in the cryptocurrency market.
Following the ETF filing, AXL’s price increased by 14.3%, hitting 0.44 USD, while trading volume surged by 132%, indicating rising demand among investors.
This move coincides with an increase in crypto ETF applications in the US, reflecting expanding interest in cryptocurrency or Web3 investment solutions.
According to a recent filing, Canary Capital submitted an S-1 registration with the SEC to introduce the “Canary AXL ETF,” making it the first financial institution to propose an ETF tracking the Axelar token.
The ETF filing drew attention from investors, reflecting growing interest in blockchain interoperability solutions.
After this announcement, the price of AXL surged 15% to reach $0.4443. At the same time, the market capitalization of this token also recorded an impressive increase of 15.1%, reaching $411.11 million.
With groundbreaking steps, Axelar is rapidly establishing its position in the blockchain industry, trusted and integrated by major tech names such as J.P. Morgan’s Kinexys, Microsoft’s Azure Marketplace, Uniswap, and MetaMask.
Data from Coingecko revealed that Axelar (AXL) has overtaken Wormhole to become the leader in the cross-chain market cap rankings.
Axelar (AXL) has a market cap of $503.7 million and a fully diluted valuation (FDV) of $811 million. Wormhole (W) follows closely with a market cap of $503.4 million and an FDV of $2.797 billion. LayerZero (ZRO) holds the third position with a market cap of $415 million and an FDV of $3.764 billion.
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