Axelar(AXL)

Overview

Axelar (AXL) is an interchain communication network — a blockchain that connects other blockchains — secured by proof-of-stake consensus. Network validators produce blocks, participate in multiparty signing, and vote on the state of external chains. Developers access the permissionless routing network through a simple API, allowing applications to interact with assets and contracts across multiple chains.

The AXL token is used for governance and to pay network transaction fees, which go to validators and tokenholders. Tokenholders stake AXL by delegating to a validator's staking pool and receive rewards minus the validator's commission. Network rewards are inflationary in that they increase the total AXL supply, though the transaction fee mechanism creates the potential for supply to become deflationary; users need only pay gas once in the source-chain token and do not have to hold AXL themselves.