Web3 cross-chain protocol Axelar has announced more than 60 chains, including Stacks, Moonriver, Hedera Network and Iron Fish have joined a devnet phase pilot of Interchain Amplifier.
In an announcement, Axelar said the Interchain amplifier is a smart contract-based developer toolkit that creates a new chain permissionless integrations by automating routing and translation Axelar’s blockchains. Axelar is a decentralized interoperability network that connects all blockchain ecosystems and applications. Axelar is supported by Binance, Coinbase, Dragonfly, Galaxy and Polychain.
The network claims that Interchain Amplifier is the first service of its kind to make this possible permissionless connectivity between major blockchain networks, including Bitcoin, Ethereum, EVM chains, IBC, Hedera and 64 more chains.
“The excitement around Bitcoin L2s and other new blockchain approaches has now increased an outlet,” said Georgios Vlachos, co-founder of the Axelar Foundation, in a press release Edition. “I’m thrilled to see such a diverse group of consensus mechanisms leading the movement forward interoperability that is fast, open and permissionless,” Vlachos said.
Axelar Founded in 2020
Axelar was co-founded and launched in 2020 by Georgios Vlachos, one of the founders of the Algorand blockchainAnd Sergey Gorbunov, PhD from the Massachusetts Institute of Technology (MIT). Gorbunov has worked on designing advanced cryptographic protocols and systems.
Axelar delivers secure cross-chain communications for Web3, allowing decentralized application (dApp) users to communicate with any asset or application, on any chain, with one click.
Axelar raises $35 million at a $1 billion valuation
In 2022, Axelar, managed to raise $35 million in a funding round, bringing its valuation to $1 billion. The funding came from Dragonfly Capital, Polychain Capital, North Island Ventures, Rockaway Blockchain Fund, Cygni Capital, Lemniscap, Olive Tree Capital, Blockchange Ventures, Node Capital, angel investors including Waikit Lau and Gokul Rajaram, and others.
The funding was used to support Axelar’s expansion as it continued to roll out its mainnet, and followed the company’s expansion. previous Series A raise of $25 million mid 2021.
In 2023, the tokenized secure banknote issuer Ondo Finance and Axelair unveiled the Ondo Bridge, a cross-chain mechanism designed to facilitate easy transfer of Ondo tokens across blockchains. The Ondo Bridge supports the issuance of these yield-bearing tokens, promoting liquidity while ensuring price stability.