After the Bitcoin correction ended, the crypto market rebounded as a whole, and the cross-chain interoperability project Axelars native token AXL increased significantly. According to Tradingview data, as of the time of writing, the price of AXL briefly exceeded US$2.3, with a 24-hour increase of 22.23%.

Axelar can be regarded as a universal overlay network. It is a PoS network developed using the Cosmos SDK and serves as the communication layer between Ethereum EVM - EVM and EVM - Cosmos. With Axelar, developers can build the best blockchain network for their specific use cases. Interchain Token Service (ITS, Interchain Token Service) is a service launched by Axelar to solve the needs of project parties when deploying tokens on multiple chains. Its automated deployment + maintenance service allows the team to manage the token deployment process.

Under the hype of Bitcoin ETF, this cycle is different from the past. After the meme, various sectors took turns to pull the market. This time it seems that it is the turn of cross-chain interoperability.

The leading players on the track are issuing coins one after another, Binance lists AXL and “ambushes” it in advance

On March 1, Binance listed Axelar (AXL) and opened spot trading pairs of AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY. On the same day, the Binance financial management and flash exchange trading platform launched the new asset Axelar (AXL), and at the same time launched cross margin, isolated margin and AXL/USDT cross margin and isolated margin trading pairs, and then launched the AXL 1-50 times U-standard perpetual contract. .

The listing of AXL on Binance has driven the cross-chain interoperability sector to gradually become popular, and established cross-chain interoperability projects have issued coins one after another.

On March 7, the cross-chain protocol Wormhole has opened airdrop inquiries. Its total supply of tokens W is 10 billion, and the initial circulation is 1.8 billion. It will be distributed on 5 initial chains in the form of ERC 20 and SPL. They are Ethereum, Solana, Arbitrum, Optimism and Base respectively. This airdrop will allocate 6.17% (617, 305, 000) of W tokens, with a total of 397,704 wallet addresses receiving the airdrop.

One week later, the next-generation Web3 full-stack interoperability infrastructure Polyhedra Network based on ZKP and its native token ZK were launched on OKX Jumpstart. On March 19, applications for the Polyhedra Network token airdrop ZK were opened. In order to obtain the ZK airdrop, Pandra King NFT repeatedly smashed and pulled the market within three hours, and its floor price once fell by more than 80% after the final snapshot.

Related Reading:NFT exploded within three hours, Polyhedra airdrop snapshot caused farce》

Which other Alpha projects can ambush cross-chain interoperability?

Cross-chain interoperability refers to the ability to communicate and interact between different blockchain networks, allowing the transmission of data, messages, and tokens between blockchains, as well as the invocation and collaboration of smart contracts.

As more and more protocols and DApps come out, on the one hand, developers often find that they lack unified tools and operating procedures; on the other hand, given that DApps only support specific blockchains, users Usage is often restricted, which often leads to fragmented liquidity and less-than-ideal user interface/user experience. Ultimately, the current state of the multi-chain landscape shows that any single blockchain has limitations in meeting all requirements. Therefore, interoperability is crucial to achieve the necessary scalability to meet the broad needs of the blockchain space.

Related Reading:The future of cross-chain bridges: full-chain interoperability is inevitable, and liquidity bridges will decline》

Although this is an old concept, in this cycle where the modular blockchain concept is becoming more mature, there is a lot of room for development of cross-chain interoperability. Some people may confuse cross-chain interoperability with the concept of cross-chain bridge, but cross-chain bridge only acts as a channel for value transfer between different blockchains, solving the communication gap. However, early cross-chain bridges are also vulnerable to high-value vulnerabilities, and in the past few years, losses due to security breaches have exceeded $2 billion. These first-generation cross-chain bridges often rely on a “lock + mint” model using encapsulated assets, which is inherently riskier and has created a need for more secure cross-chain solutions.

Entangle

Entangle is a DeFi protocol that uses synthetic derivatives to synergize liquidity and assign value to liquidity in the universal Layer 1 and Layer 2 ecosystem. It consists of three core components: Entangle blockchain, Entangle Oracle and Entangle DEX. composition.

Entangle DEX allows users to exchange between USDC and LSD, as well as create, trade and manage their LSD. Entangle DEX also supports cross-chain exchange through Entangle Oracle. Entangle Oracle is a decentralized oracle solution that allows cross-chain communication and data transfer between different blockchains and protocols, powered by a network of trusted validators and oracles. Use NGL as security deposit.

Related Reading:How does Entangle, the cross-chain DeFi protocol that continues to write the LSD track and intends to enter the re-staking field, interact?》

On March 12, Entangle launched an airdrop program, the first of its multiple airdrop activities, which will allocate 1% of the total token supply to reward early supporters. Among them, testnet users will receive a total of 1.25 million NGLs in this event, testnet verification nodes will receive a total of 1.5 million NGLs, and Webverse NFT pledgers will receive a total of 5 million NGLs. The next day, Entangle officially opened the application for NGL tokens.

Previously, Entangle was hotly discussed for realizing cross-chain liquidity with Liquid Vaults, and then attracted attention again in the staking narrative craze, and completed two rounds of investment within two months. January 10, EntangleAnnounceCompleted US$4 million in seed and private placement rounds, with participation from Big Brain Holdings, Launch Code Capital, LBank Labs, Skynet EGLD Capital, Cogitent Ventures, Owl Ventures, Faculty Group, Seier Capital and other institutions. On March 18, Entangle announced that it had received strategic investment from ConsenSys. The specific financing amount was not disclosed.

Connext

Connext is a trust-minimized cross-chain communication protocol that makes blockchains composable. Connext founder @arjunbhuptani once proposed the impossible triangle that has a consensus on cross-chain interoperability, namely security, versatility and scalability.

As an L2 open protocol, Connext enables developers to build applications that can use any token on any chain. Connext is used for fast and completely unmanaged transfers and contract calls between EVM-compatible chains. Anyone can use Connext to send valuable transaction or call data across chains and aggregates.

Unlike most other interoperability systems, Connext achieves these capabilities without introducing any new trust assumptions or external validators. By using cross-chain focused liquidity providers called routers, Connext is able to facilitate cross-chain exchanges and cross-chain relay call data without any issues. But unfortunately, Connext is just a protocol and cannot be valued on a public chain like AXL.

Hyperlane

Hyperlane is a veteran project in the cross-chain interoperability track. In September 2022, it completed US$18.5 million in financing, led by Crypto Investor Variant, with participation from Galaxy Digital, CoinFund, Circle, Figment, Blockdaemon, Kraken Ventures and NFX.

To implement interchain protocols, Hyperlanes developer solution provides an interchain messaging API and appropriate SDKs and tools, with the goal of reducing the time required to create interchain applications, which frees engineers to focus on user experience and Safety.

Hyperlane is closely related to the modular blockchain. Currently, Hyperlane has not issued coins.