An under-the-radar altcoin focused on interoperability has hit a new all-time high after Binance announced the listing of the asset.
Axelar (AXL) is a Web3 interoperable platform that aims to provide cross-chain communication between multiple blockchains.
Explanation of the project site,
“Unlike other cross-chain connectors, Axelar is a proof-of-stake blockchain: it can do anything a blockchain can do. Transparent smart contracts built on Axelar automate paths for users, reducing them to a single click. Permissionless tools reduce Developer overhead.”
The project's original asset, AXL, is trading at $1.94 at the time of writing, roughly 27% higher than its price 24 hours ago. The crypto asset, which ranks 90th by market cap, also hit a new all-time high, rising to $2.64 early Friday morning, just hours after the listing was announced.
Binance has attached a seed token to AXL. The exchange applies raw marks to tokens with lower liquidity and greater potential for volatility, and users who own marked assets are required to pass tests every 90 days to ensure they are aware of their inherent risks.
Axelar also introduced its new virtual machine on Wednesday. Explanation of the project developers,
“Powered by Cosmwasm, the Axelar virtual machine turns interoperability into a programmable layer. It enables developers to write smart contracts on Axelar, scaling their cross-chain deployments and ‘programming’ the cross-chain networking layer.”
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