Blockchains, by default, are isolated from each other. Performing value and data transfers securely cross-chain requires special implementations, such as the one developed by Axelar, which will soon add MultiversX to its growing list of supported networks.
MultiversX, the first fully sharded blockchain architecture that is capable of 100,000+ transactions per second at negligible fees, continues its aggressive expansion, called Hypergrowth, with a new integration aimed at boosting interoperability.
Once in production, the Axelar interoperability layer will allow assets from over 50 chains to be bridged over to MultiversX, and vice-versa, enabling them to benefit from increased performance and efficiency.
For example, ERC-20 tokens like USDC, USDT, or even ETH, will become extremely convenient to use for payments and DeFi opportunities by inheriting the capabilities of the MultiversX network.
On top of fast and inexpensive transfers, tokens operating on MultiversX gain from several other enhancements like composability by design, non-VM dependance, and superior security as it eliminates the problematic ‘approve’ and ‘transferFrom’ functions that cause most of the wallet drains on EVM chains.
“Tokens should not reside in smart contracts. There are undeniable advantages in having them operate in the same way as the native network token, and Axelar introducing additional interoperability options for letting more users, communities and developers engage with the innovative MultiversX token standard will benefit the entire blockchain ecosystem.” said Lucian Mincu, CIO MultiversX
The Axelar cross-chain gateway protocol is powered by a dynamic validator set to ensure decentralization, robustness and censorship-resistance. The integration with MultiversX will include a set of plug-and-play tools for developers to be able to easily go cross-chain with their decentralized applications. This will make it possible for users to “interact with any asset, any application, on any chain, with one click”.
“Axelar network is continually expanding to connect all of Web3. That expansion continues with MultiversX, a vibrant ecosystem that will add value and utility to all 50+ connected chains." said Georgios Vlachos, Director at Axelar Foundation
The planned integration has just been announced by representatives of the two projects on the xDay stage. The annual conference organized by MultiversX gathered major tech companies such as Google Cloud, AWS, Tencent Cloud, Deutsche Telekom, as well as government officials, builders and specialists from various domains to present new innovations and paths to integrate blockchains into digitization efforts.
About Axelar
Axelar is the full-stack interoperability layer for Web3. The network enables blockchain as a new application development platform, by integrating ecosystems of innovation into a seamless “Internet of blockchains.” Axelar is programmable and decentralized, secured by a proof-of-stake token, AXL. Application users unlock and access digital assets on any blockchain, with one click. Developers work with a simple API and access an open market of tooling to automate complex tasks.
About MultiversX
A highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier.