Snapshot of Axelar IBC 2024
This dashboard is intended to track Axelar Network's Inter Blockchain Communication Activity in 2024
How It Works
- Transaction Lifecycle: Axelar operates as a full-stack decentralized transport layer, managing secure cross-chain messages. It uses gateway contracts that developers can integrate with, allowing them to connect any EVM contract on any chain without modifications to their existing chains or user interfaces.
- Developer Kit: Axelar provides a set of tools, including SDKs and APIs, for developers to build cross-chain applications easily. These tools are designed to be "plug-and-play," offering universal composability and any-to-any cross-chain capabilities.
- Axelar as a Translation Layer: The network is consensus agnostic, meaning it can connect with all types of blockchains, including EVM chains, Bitcoin, and Cosmos-based chains. This feature allows Axelar to act as a translation layer, unifying the different languages of various blockchains.
Security Features
Axelar places a strong emphasis on security, employing a design that includes trust assumptions and security measures to ensure the integrity of cross-chain communication.
Community & Resources
The Axelar community is supported by comprehensive documentation and resources, including Axelarscan, which enhances the developer experience. The community is also engaged through events like Twitter Spaces.
Cost Efficiency
For users, Axelar aims to reduce transaction costs. Fees are only paid in the asset being transferred on the source chain, with the network handling other fees in the backend. Additionally, Axelar subsidizes transfer costs during gas price fluctuations on the destination chain.
Network Ecosystem
- Cosmos Connection: Axelar is a Cosmos-based chain itself and uses its blockchain for validation, which is central to its design and influences its strengths and trade-offs.
- Batched Transactions: To further reduce costs, Axelar employs batched transactions and plans to implement more gas optimizations at the code level.
Future Plans
Axelar is continuously evolving, with plans to expand its network and add new features that will enhance its interoperability and user experience. Read More : Axelar | Internet-scale interoperability
Axelar— A Deep Dive. All you need to know about Axelar - Medium
Getting Started with Axelar
Getting started with Axelar as a user involves a few key steps to engage with its cross-chain capabilities. Here's a guide to help you begin:
1. Understand the Basics
- Learn About Axelar: Familiarize yourself with the Axelar network by visiting the Axelar Academy. It offers an introduction to the ecosystem and the underlying protocol suite.
- Explore the Blog: The Axelar Blog provides insights into the components of the network, its vision, mission, and design.
2. Set Up Your Wallet
- Compatible Wallet: Ensure you have a wallet that is compatible with Axelar. This will be used to interact with the network and manage your assets.
- Connect to Axelar: Follow the instructions provided by Axelar to connect your wallet to their network.
3. Participate in the Ecosystem
- Use dApps: Discover decentralized applications (dApps) that are built on or integrated with Axelar. Engage with these applications to experience cross-chain functionality.
- Join the Community: Become part of the Axelar community by joining their social media channels and forums. This will keep you updated on the latest developments and allow you to connect with other users.
4. Test Transactions
- Small Transactions: Start with small transactions to get a feel for how cross-chain transfers work on Axelar.
- Monitor and Learn: Use tools like Axelarscan to monitor your transactions and learn more about the process.
5. Explore Advanced Features
- Cross-Chain Communication: As you become more comfortable, explore Axelar's advanced features like cross-chain communication and asset transfers.
- Developer Resources: If you're interested in development, delve into the SDKs and APIs provided by Axelar to build your own cross-chain solutions.
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