Powerful cross-chain and cross-chain messaging. New Axelar integrations.
About Axelar
Axelar is an overlay network that securely connects many blockchain ecosystems, applications, assets, and users to provide Web3 interoperability.
Axelar consists of:
1. A decentralized network of validators;
2. Secure gateway contracts;
3. Unified translation;
4. Routing architectures;
5. A set of software development kits (SDKs) and application programming interfaces (APIs).
Introduction
The news about Axelar’s recent integrations with projects such as Mythaverse, Prime Protocol, Spin on NEAR Protocol, OneRare, Sei Network, Flipside, MintDAO, Morningstar Ventures just faded away, as Axelar announced new partnerships again. Let’s take a look at these new partnerships.
I will add that these partnerships are aimed at a powerful cross-chain and the implementation of cross-chain messaging.
Let’s take a quick look at each project that these integrations provide. Let’s go!
Powerful cross-chain and integration with Zircon
Zircon is being deployed to Moonriver. Zircon is a decentralized exchange on Moonriver & Moonbeam.
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Zircon’s innovative system called Pylon allows you to earn
trading fees by staking just one token. Zircon increases liquidity and reduces swap fees.
Zircon is a DeFi ecosystem that aims to generate revenue. Zircon’s product is Zircon Pylon, a protocol based on the Uniswap V2 architecture that provides one-way liquidity management.
Axelar provides a secure connection on Cosmos, Ethereum and Moonbeam. Based on this, the importance of this partnership for Zircon can be traced.
For deployment on Moonbeam, Zircon wants to create an Axelar-based binding interface.
Axelar’s generalized messaging architecture will help Zircon implement its cross-chain strategy, namely: deployment in key DeFi hubs, direct support of its own projects. While for networks, opening Axelar-based channels for direct interaction with DEX Zircon on Moonbeam.
Users will be able to exchange token A for token B on the same chain A or both, providing liquidity between chains with one click.
Cross-chain messaging and persistence
Persistence is Layer 1 on Tendermint supporting the ecosystem DeFi dApps focused on revealing the liquidity of assets that are staked on. PoS token stakers can stake their assets while maintaining their liquidity.
Persistence is committed to working with the best projects to improve cross-chain processes and capabilities.
Persistence, Axelar, and cross-chain messaging between Persistence and EVM-based chains
Axelar allows dApps on EVM chains to use Persistence smart contracts while calling functions on Persistence. These features not only create cross-chain interoperability and expand DeFi use cases, but also help connect EVM chains to other interconnected IBC networks.
Persistence wants to bring the ability to implement a cross-chain bridge for liquid assets with staking to the Persistence Core-1 chain through Axelar. This should give a higher value to stkASSET.
Conclusion
The transition to cross-chain is extremely important for Zircon, just as cross-chain messages are important for Persistence.
In my opinion, these are bilaterally beneficial and useful integrations.
Posted by Olga7#3035
