What is Axelar (AXL)?

What is Axelar (AXL)

In this comprehensive guide to Axelar (AXL), we will delve deeper into the intricate workings of the project, and also offer practical advice on how to buy and securely store your Axelar (AXL) tokens. Understanding the context of Axelar’s creation, its underlying technology, and its mission are essential to appreciate the value it brings to the ecosystem, giving you the knowledge and confidence to join the Axelar (AXL) community. 

Where to buy Axelar (AXL)?

First things first. Buying Axelar (AXL) involves a three-step process. First, set up an account on a reputable cryptocurrency exchange that supports Axelar (AXL). Next, deposit funds into your account, taking into consideration the different fee structures associated with various payment methods such as credit and debit cards, e-wallets, and direct bank transfers. Lastly, purchase Axelar (AXL) on the exchange by inputting the amount you wish to spend, with the platform calculating the equivalent amount of Axelar (AXL) based on the current market rate. We recommend buying Axelar (AXL) on any of the following cryptocurrency exchanges:



Create Bybit Account

Fees (Maker/Taker)                   0.1%*-0.1%*

Available for Trade                              400

Sign-up bonus
 $30,000 sign-up bonus*

Available in
Europe, Asia, Oceania, Africa



Create MEXC Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Available for Trade                             1500

Sign-up bonus
 10% reduced trading fees & up to $170 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa



Create Gate.io Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Available for Trade                           

Sign-up bonus
 Up to $100 in USDT vouchers*

Available in
Europe, Asia, Oceania, Africa

Understanding Axelar (AXL):
An In-depth Guide to Its Features and Use Cases

Axelar (AXL) is a groundbreaking network platform designed to deliver secure cross-chain communication for Web3, thereby facilitating the development of interchain decentralized applications (dApps) with an outreach beyond a single blockchain. This platform utilizes a proof-of-stake consensus mechanism, a strategy trusted and employed by blockchain giants such as Ethereum, Polygon, and Cosmos, to ensure the security of its operations.

Cross-chain communication is a core characteristic of Axelar. It allows dApps on the network to interact seamlessly with any asset or application on any blockchain. This is enabled by the utilization of gateway smart contracts, which facilitate message transmission across all blockchains connected to the Axelar network. Gateway contracts are deployed to each EVM chain linked to the Axelar network, and these contracts transmit messages from the Axelar network to the linked chain.

Axelar’s operation relies heavily on validators who play a vital role in the consensus process and ensure the accuracy of cross-chain activities. These validators run nodes for Axelar-supported chains and monitor those chains for activity. For instance, during an asset transfer process from one chain to another, the validators confirm the deposit and sign the transaction transferring the tokens, which completes the asset transfer.

Further, Axelar provides a set of optional services known as “relayer services” that facilitate cross-chain communication. They initiate important tasks that do not require an element of trust and can be implemented by anyone, including app developers within the Axelar community. An example of these services is initiating deposit confirmation votes during a cross-chain asset transfer.

The Axelar network also includes a unique feature known as the “gas receiver.” It’s an example of Axelar’s relayer services and plays a critical role during General Message Passing (GMP). In GMP, a cross-chain smart contract call approved by Axelar network validators needs to be executed. This incurs a gas fee that needs to be paid, and the gas receiver helps cover these costs.

How does Axelar (AXL) work?

Axelar works by enabling secure cross-chain communication for dApps using a proof-of-stake model for ensuring network security. This feature empowers dApps to extend their functions and services beyond the limitations of a single blockchain. This cross-chain communication allows users to interact with any asset, application, or contract across multiple chains effortlessly.

The communication across chains is made possible through Axelar’s gateway smart contracts. These contracts are deployed to every EVM chain connected to the Axelar network and facilitate message passing from the Axelar network to the linked chain. Each gateway contract is controlled by a key, and this key is distributed in the form of shares to the Axelar validators. Validators with a higher number of staked AXL tokens hold more key shares. The number of validators required to authorize an action is determined by a preset threshold.

Validators play a crucial role in Axelar’s operations. They take part in network consensus, producing blocks and validating transactions as with other proof-of-stake chains. Apart from this, they monitor external chains for activity and vote to confirm transactions. During an asset transfer, the validators confirm the deposit and sign the transaction transferring the tokens, completing the asset transfer. Once enough key shares have agreed, the transaction can proceed.

Axelar’s relayer services start deposit confirmation votes during cross-chain asset transfers. They submit a request on the Axelar network for validators to monitor a specific deposit address for a transaction. These services do not require an element of trust and can be implemented by anyone.

Lastly, the gas receiver is a notable service within the Axelar network. It accepts tokens as payment to cover the costs of contract execution for general message passing transactions. Application developers have the option of using the Axelar Gas Receiver on the source chain to cover gas fees or building their own relayer services on the destination chain. These capabilities combine to make Axelar a powerful platform for cross-chain dApp development.

AXL Tokenomics

What is the Axelar (AXL) Token?

The Axelar (AXL) token is the native utility token that powers the Axelar network. It is chain-agnostic and can exist on all connected chains, including Ethereum, through its ERC-20 representation referred to as wAXL. One AXL token is equal to one wAXL, and they can be swapped between each other via Axelar’s permissionless layer through bridge front-ends such as satellite.money.

Key Points:

  • The AXL token release happened on September 27, 2022.
  • The circulating supply on Day 1 was around 30M tokens, about 3% of the total supply.
  • AXL tokens can be staked to earn rewards. You can only stake in the native AXL token. The staking lock period on the Axelar network is seven days.
  • The annual rewards for staking AXL tokens is approximately 8% plus the number of chains supported by a validator. For CoinList staking users, that is equivalent to about 11%.
  • AXL staking rewards are paid out in the native version of the AXL token and are automatically restaked to earn additional rewards until you choose to unstake them.
  • If you bought AXL tokens through CoinList, they were distributed to your CoinList wallet, and you have the option to receive either AXL or wAXL. However, CoinList only supports the trading of the wAXL token.
  • Unreleased AXL is automatically staked by CoinList and rewards go to the tokenholder at the same rate as the reward for released AXL.

Axelar Key Features

Axelar Network is a decentralized platform designed to provide improved cross-chain routing and enhanced user experience. Here are some of the platform’s critical features:

Satellite: Satellite is a web application developed by the Axelar team to simplify and secure the transfer of crypto assets across different blockchains. It is built on the Axelar network and boasts a user-friendly interface, providing users with an efficient way to make cross-chain transfers.

General Message Passing (GMP): The GMP is a pivotal feature of Axelar that facilitates the transfer of wrapped assets between different blockchains. However, its capabilities extend beyond just transfers. It provides developers with full composability for web3, allowing them to build their applications on the chain best suited to their project and let users access it from any chain with a click of a button. This functionality creates a lot of opportunities in the fields of NFTs, gaming, and other decentralized applications (DApps).

Axelar Virtual Machine: The Axelar Virtual Machine (AVM) enhances the interoperability of the platform by making it programmable. This feature means developers can set up their DApps directly on Axelar via smart contracts, eliminating the need to build and manage them on multiple chains. The AVM supports two new products:

  1. Interchain Amplifier: It assists with easy and seamless connections between Axelar and its supported blockchains.
  2. Interchain Maestro: It provides a platform for developers to launch and manage their DApps across all interconnected chains, simplifying the deployment and management process.

These features put together, make Axelar an advanced platform for cross-chain communication and interoperability, simplifying asset transfers and DApp development across multiple chains.

How to safely store your Axelar (AXL) Tokens

Ledger Hardware Wallet
Trezor Hardware Wallet

Best cryptocurrency wallet for Axelar (AXL)

Navigating the world of cryptocurrency wallets can be quite an adventure, as there are numerous options available to suit different needs. To find the perfect wallet for you, consider your trading habits and the level of security you require. Generally, there are two main categories of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical).

Each type of wallet comes with its own set of advantages and drawbacks, so there isn’t necessarily a one-size-fits-all solution. As you embark on your journey to find the best crypto wallet for your Axelar (AXL) tokens, remember to keep an open mind and explore the features that align with your personal preferences and requirements.

When choosing the right wallet for your Axelar (AXL) tokens, consider the following factors:

  • Trading frequency: Hot wallets are generally more suitable for active traders due to their quick login capabilities, allowing for seamless buying and selling of crypto. Cold wallets, on the other hand, are better suited for those who make less frequent trades.
  • Supported cryptocurrencies: Although not all wallets cater to every cryptocurrency, some of the best ones can trade a vast array of currencies, offering a versatile experience. Make sure the wallet you choose supports Axelar (AXL).
  • Security concerns: If you’re worried about potential hacking incidents, a physical cold wallet stored in a safe deposit box or a secure location at home provides the highest level of protection. However, if you’re confident in safeguarding your hot wallet, you might prefer its convenience.
  • Associated costs: Investigate the costs of each wallet option. While many hot wallets are free to set up, cold wallets, being hardware devices, will require an upfront investment.
  • Wallet features: While the basic functions of cryptocurrency wallets remain the same, additional features can distinguish one wallet from another. Hot wallets often come with advanced reporting tools, crypto market insights, and currency conversion capabilities. Security features can also be an essential factor when making your decision.

By considering all of these aspects, you’ll be better equipped to select the perfect cryptocurrency wallet for your Axelar (AXL) tokens.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re planning to handle larger amounts of crypto, investing in cold storage can be a wise decision. Two of the most popular cold storage options are the Ledger Nano and the Trezor.

Ledger creates cold storage wallets designed for users who prioritize security. Their wallets are physical devices that connect to your computer, and you can only send cryptocurrency from them when they’re connected. Ledger offers a range of products, including the Ledger Nano S and the Ledger Nano X, which features Bluetooth connectivity.

Trezor, a trailblazer in the hardware wallet industry, combines top-notch security with an intuitive interface and compatibility with various desktop wallets. This blend makes it suitable for both beginners and experienced users. Trezor has earned a great deal of respect within the Bitcoin community over time. They offer two primary models – the Trezor One and the Trezor Model T, which comes with a built-in touchscreen.

Axelar (AXL) Price & Charts

Find the latest Axelar (AXL) price charts, trade volume, market cap, historical price performance and other vital information to help you with your cryptocurrency trading and investing on CoinMarketCap.
Here you can see the following:
  • Market Capitalization And Daily Trading Volume
  • Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
  • Circulating And Total Supply
  • Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

Frequently Asked Questions (FAQ)

Where is the best place to buy Axelar (AXL)?

We recommend either Bybit, MEXC or Gate.io as these platforms excel in functionality, reputation, security, customer support, and competitive fees.

How to buy Axelar (AXL) in Europe?

In Europe, acquiring Axelar (AXL) tokens is a seamless process, with numerous reputable cryptocurrency exchange platforms available to cater to your needs. Among the top choices, we recommend Bybit, MEXC, or Gate.io due to their outstanding performance in key areas such as functionality, reputation, security, customer support, and competitive fees.

These platforms have established a strong presence not only in Europe but also globally, offering an extensive range of cryptocurrencies, including Axelar (AXL).

How to buy Axelar (AXL) in the US?

For the United States, buying Axelar (AXL) tokens is also an effortless process, we particularly recommend MEXC, a top-tier exchange that excels in functionality, reputation, security, customer support, and competitive fees.

MEXC has established a strong presence in the US and across the globe, offering a wide range of cryptocurrencies, including Axelar (AXL). Catering to US-based customers, MEXC provides a user-friendly interface, responsive customer support, and multiple payment options, making it easy for users throughout the country to invest in digital currencies.

How much does Axelar (AXL) cost to buy?

Unlike traditional trading options, cryptocurrency allows for fractional purchases, so you don’t need to buy whole coins. This flexibility means you can begin investing in Axelar (AXL) and other digital currencies with an investment as low as $1!

Is it safe to buy Axelar (AXL)?

Safeguarding your investments is a joint effort, and adhering to recommended security practices is crucial. The first step to safely buying Axelar (AXL) is selecting a reputable exchange known for its reliability and strong security measures. Make sure to choose an exchange with a proven track record and positive reputation in the industry to minimize potential risks.

Is it Possible to Convert Axelar (AXL) to Cash?

Absolutely! After choosing your preferred cryptocurrency exchange platform, you can effortlessly convert your Axelar (AXL) tokens into cash at the current market rate using the exchange’s user-friendly trading interface.

What is the Axelar (AXL) Crypto Price Forecast?

Accurately predicting the Axelar (AXL) price for any time frame is challenging, but various fundamental factors offer insight into the token’s potential price fluctuations and volatility. Essential aspects to consider include:

  • Adoption Rate –  Increased on-chain activity, driven by the growing number of developers and users on the Axelar (AXL) platform, may lead to higher demand and value for $CGPT crypto. This expansion could also boost investor confidence, prompting more people to buy and hold CGPT tokens.
  • Innovative Developments –  The introduction of innovative features that improve Axelar (AXL)‘s capabilities can make the project more attractive for usage or investment, potentially driving up the CGPT token price. Furthermore, the Axelar (AXL) cryptocurrency value may experience a surge following announcements of new partnerships and investments in the project.
  • Market Sentiment –  The overall market outlook significantly impacts Axelar (AXL) crypto price trends. A risk-on attitude among global investors encourages buying activity in the crypto market, supporting Axelar (AXL)‘s price. On the other hand, bearish or risk-averse sentiment can trigger sell-offs that may negatively affect the CGPT price in the market.
Last updated Jun 9, 2023

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