Axelar is the programmable Web3 interoperability platform, scaling the next generation of internet applications to billions of users. They built on open-source cosmos technologies
The core protocols are
CGP is at the heart of the system and allows us to easily onboard new chains with no constraints on the consensus rules and transfer information across them. This protocol is used to connect multiple autonomous blockchain ecosystems and is responsible for routing across them.
Cross-Chain Transfer Protocol (CTP)
It is an application-level protocol stack that sits on top of routing protocols (such as CGP and other routing technologies).
Cross-chain messages are secured by a dynamic set of validators running proof-of-stake consensus.
Consensus Mechanism-
Validators collectively run a byzantine consensus protocol and run the protocols facilitating cross-chain requests. Anyone can join the network, participate, and use it. Axelar blockchain follows a Delegated Proof-of-Stake (DPoS) model similar to Cosmos Hub. Users elect validators who must bond their stake to participate in the consensus and maintain high-quality service. The powers in the network have been delegated and no single party will be able to control the entire process. Every member of the network has more power and rights.
Axelar Gateway-
Axelar gateways are collectively managed by the Axelar validators via threshold cryptography. That is, the majority of validators need to agree and collectively approve any transaction to be executed through the gateways. In the Axelar network, threshold cryptography is used to share keys from gateway accounts/contracts across large groups of validators.
Network Security-
Maximum safety- The threshold keys will be distributed across all validators for higher safety.
Max Decentralization- The Network uses threshold signature schemes, and the number of validators can be as large as possible.
The Axelar network is built using the Cosmos SDK, CometBFT, and CosmWasm VM. The Cosmos SDK is a framework for building blockchain applications.CometBFT is software for securely and consistently replicating an application on many machines.
Block time finality- 6 seconds
AXLUSD surged more than 35% in the past week. It hit a high of $1.2318 and is currently trading around $1.2094.
The bullish invalidation can happen if the pair closes below $0.75. On the lower side, the near-term support is $1. Any break below target $0.85/$0.75. Any breach below $0.75 targets $0.60/$0.50.
The immediate resistance stands at around $1.30. Any breach above confirms bullish continuation. A jump to $1.50/$2 is possible. A surge past $2 will take it to $3.
It is good to buy on dips around $1 with SL around $0.75 for TP of $2.
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