For Web3, what kind of spark will be ignited if a project can simultaneously connect both new and old Web3 players and traditional Wall Street giants?
Axelar has the answer.
As a leading player in cross-chain interoperability, whether it is Lido Finance, which dominates the on-chain DeFi, or Onyx, the digital asset platform under the traditional financial giant JPMorgan Chase, they are both built on Axelar's interoperability stack, presenting a vision of interoperable universe encompassing as many on-chain and off-chain assets as possible in the market.
Overall, Axelar has formed a comprehensive ecological layout that advances both the Web3 new and old players (on-chain, Token) and the Wall Street traditional giants (off-chain, RWA) simultaneously. It plays the role of infrastructure in the entire ecosystem, and is expected to become an essential part of the entire chain + RWA track as the construction continues.
This article aims to take stock of Axelar's latest comprehensive ecological map from the two major categories of Web3 partners and Wall Street circles, providing a glimpse of Axelar's gradually forming interoperable universe.
Web3 partners in full bloom
From a macro perspective, Axelar currently covers a leading number of blockchain networks and integrated GMP full-chain services for DApps, with a staggering 66 chains and 793 GMP contracts, and a historical cross-chain total transaction volume close to $9.5 billion.
This includes mainstream blockchain networks such as Ethereum, Base, Arbitrum, Optimism, BNB Chain, Avalanche, Cosmos ecosystem, as well as emerging non-EVM blockchain networks—such as Sui, which has partnered with Axelar and plans to use Axelar's interoperability network to connect the Sui network and the entire Move ecosystem for fund flow.
Specifically, it covers DeFi, NFT, infrastructure, gaming, RWA and other tracks, mainly through Axelar's Interchain Token Service (ITS) for cross-chain token deployment and General Message Passing (GMP) technology for building and integrating their own cross-chain services:
ITS is a service specifically designed to meet the needs of projects for deploying tokens on multiple chains, and its automated deployment + maintenance service allows teams to easily manage the token deployment process, and can be used for any form of ERC20 tokens;
GMP goes beyond the concept of bridging assets, allowing developers to build native cross-chain applications, abstracting the chain for users to perform cross-chain function calls and state synchronization;
This article has compiled information on over 152 projects (not a complete list), attempting to encompass the expanding ecological map of Axelar as much as possible. It includes brief introductions to common projects such as Uniswap and SushiSwap, as well as special introductions to new project integrations or other heavyweight collaborations.
DeFi (90)
Lido Finance is the leading project in the LSD track, with a TVL of over $26 billion. On August 9th, it approved a joint cross-chain solution with Axelar and Wormhole to introduce wstETH to the BNB Chain. This is not the first collaboration between Lido and Axelar. Previously, Axelar successfully helped Lido introduce wstETH into the Cosmos ecosystem. This collaboration not only deepens the cooperation between the two parties, but also further expands Lido's layout in the cross-chain field.
Squid is a liquidity router that implements cross-chain liquidity routing and exchange through a single JavaScript SDK, allowing developers to securely and seamlessly make smart contract calls on multiple chains using Axelar's GMP functionality, turning complex cross-chain operations into one-click transactions for users.
Prime Protocol is a cross-chain native DeFi application that, by utilizing Axelar's General Message Passing (GMP) functionality, provides the ability to collateralize assets from any connected chain, allowing users to deposit assets from any connected chain and use their total value as collateral on other connected chains.
Frax Finance has partnered with Axelar Network to release frxETH and other Frax ecosystem assets on Osmosis, Mantle, Linea, Kujira, Manta Network, and Scroll.
In addition, DODO, Levana, StakeDAO, QiDao, Overnight Finance, Sommelier, Sonne Finance, Stride, Ethos Reserve, LayerBank, Mendi Finance, Easy Bridge, Mars Protocol, OpenOcean, Beefy, Morphex, Liquid Driver, Kado, Stader, Vela Exchange, Umee, Granary Finance, Onramper, Transak, Neutron, Vooi, Mc2 Finance, Mento, Metavault, Velo, Bedrock, MilkyWay, MintDao, 88x, Interswap, Synthr, Archly Finance, Astrolab, POS25, LogX, Unison, cora, Banana, Peanut Protocol, Cashmere, GovernX, SAbby DeFi, Skip Protocol, Trustware, Futaba, Walley Garden, Eesee, D8X, Ithaca, Superhedge, insert finance, Innovaz, dYdX, Uniswap, Balancer, Ramses Exchange, Sushiswap, Kyberswap, Quickswap, Stellaswap, Spookyswap, Pangolin, Thena, Osmosis, DackieSwap, Kinetix, Vertex, Equalizer, Mummy Finance, Pancakeswap, Zyberswap, HorizenDEX, Kujira, Equilibre, Velocimeter, Syncswap, Lzumi Finance, Velocore, Chainflip, Demex, BaseSwap and other DeFi projects have integrated with Axelar.
Wallets (17)
OKX Web3 Wallet Discovery section has supported Axelar, allowing users to seamlessly access and use Axelar services through the OKX Web3 wallet without manual configuration.
In addition, mainstream crypto wallets such as MetaMask, OKX Web3 Wallet, Trust Wallet, Bitget Wallet, TokenPocket, Ledger, Blockchain.com, Coin98 Wallet, Keplr, Cosmostation, Fluvi Wallet, Frontier Wallet, xDeFi Wallet, Leap Wallet, Haha Wallet, Verso, Terra Station have integrated with Axelar.
NFT (13)
Junkyard is a cross-chain NFT ecosystem that uses Axelar's GMP functionality to create lottery games for NFTs, ensuring seamless communication and state synchronization between Polygon and Ethereum, thus achieving a smooth and reliable user experience.
Participants can transfer their NFTs to the Junkyard smart contract on Ethereum, and Axelar will securely send the NFT data to the contract on Polygon and store it. When participants "fish" at the junkyard, the Polygon contract will call a random number on Chainlink and randomly select a set of NFTs from the junkyard. If a participant chooses to claim one of the "fished" NFTs, the delivery will be completed on the Ethereum blockchain.
Rekt Gang is a multi-chain NFT series that uses Axelar's cross-chain technology to enable interaction or transfer of its NFTs across different chains.
Stargaze is a Cosmos ecosystem NFT application chain that collaborates with Axelar on cross-chain asset transfers to enhance the accessibility and liquidity of its NFTs.
Omnisea is a full-chain NFT launch platform based on Axelar and LayerZero, where creators can issue cross-chain NFTs.
In addition, NFT-related projects integrated with Axelar include Omnite, Decentraland, Nama Finance, AllSpark, Decent.xyz, Nft2me, UnUniFi, Innovaz, RMRK, and others.
Gaming (11)
Immutable has integrated with Axelar, allowing users from over 60 blockchain networks to seamlessly cross-chain to Immutable through Axelar, attracting players from the entire blockchain ecosystem to games on Immutable zkEVM.
In addition, gaming-related projects integrated with Axelar include Saga, Efiled Racers, XPLA, Jr Studio, mvhq, Decentraland, Lync, Seedify, DIGARD, EXILED RACERS, and others.
Infrastructure (12)
Celestia has integrated with Axelar, where Axelar's Interchain Amplifier provides cross-chain support for Celestia's Rollkit, automatically routing tokens between over 60 connected chains to enhance security and connectivity.
Biconomy is a blockchain development tool provider that builds transaction infrastructure for Web3 and provides plug-and-play API services, collaborating with Axelar to achieve interoperability between multiple chains.
Lava is a modular blockchain developer that collaborates with Axelar to launch cooperative public RPC services and plans to add more chains in the near future.
In addition, infrastructure-related projects integrated with Axelar include Mapp of Zones, Subquery, Band Protocol, Pulsar, Kyve, Akash, Alterscope, Decentr, Moralis, and others.
Expanding traditional institutional giant circles
The "institutional circle" and traditional financial tokenization services have always been one of Axelar's prominent labels in the entire chain narrative and even the entire crypto world. If we delve into Axelar's circle, we will find that its tentacles have already spread widely.
Stablecoins/Payments (1)
Circle is the issuer of the stablecoin USDC. As early as 2022, Axelar partnered with Circle to add its General Message Passing (GMP) to Circle's cross-chain transfer protocol, enabling composable USDC and allowing native USDC and function calls to be integrated into any DApp on any chain.
Development Stack (1)
Microsoft has partnered with Axelar to develop blockchain interoperability solutions. Axelar will provide services to Microsoft customers through the Azure Marketplace, exploring solutions including connecting private and public blockchains. Additionally, the Microsoft Azure Marketplace will offer Axelar's General Message Passing cross-chain software stack, making it easier for developers to integrate applications on different blockchains, aiming to make it easier for Web3 and enterprise developers to enter the blockchain.
RWA (7)
Ondo Finance is an RWA protocol that collaborated with Axelar to launch the innovative cross-chain solution Ondo Bridge, aiming to simplify the liquidity of tokens issued by Ondo (such as the interest-bearing stablecoin USDY) across different blockchain networks. It uses a mechanism of destruction and minting to not only overcome the limitations of traditional cross-chain technology but also effectively avoid the risks of wrapping asset bridging.
Centrifuge is a pioneer player in RWA and has integrated Axelar's interoperability layer as underlying infrastructure, allowing protocols and liquidity from any chain to interoperate with RWA released by Centrifuge. The "Centrifuge Everywhere" multi-chain strategy is supported by Axelar, enabling native Centrifuge RWA to be introduced to Arbitrum, Base, Celo, and Ethereum.
Deutsche Bank has established a partnership with Axelar (Interop Lab) to build cross-chain infrastructure and explore open architecture and interoperable blockchain platform capabilities to provide services for tokenization and digital funds.
Additionally, the Axelar Foundation has partnered with Citibank, Deutsche Bank, Mastercard, Northern Trust, and others to explore methods to improve the accessibility and liquidity of tokenized assets.
Apollo is a top global alternative asset management company that has collaborated with Axelar to deliver Project Guardian. Through this collaboration, over 3,000 operational steps for wealth management institutions can be reduced to one automated process, faster programmatic settlement can reduce portfolio costs by approximately 20%, and it can bring about a $400 billion annual revenue opportunity for the AWM industry.
In May 2022, the Monetary Authority of Singapore (MAS) announced the launch of "Project Guardian" as a collaboration plan with the financial industry to explore the economic potential and value-added use cases of asset tokenization, test the feasibility of asset tokenization and DeFi applications, and manage the risks to financial stability and integrity. Axelar has been selected for this project twice.
In summary
Overall, Axelar has built a vast ecosystem that encompasses both Web3 new and old participants (covering on-chain and Token domains) and traditional Wall Street giants (involving off-chain and RWA categories), making significant progress on both fronts.
In particular, the latter allows traditional financial giants to flexibly deploy tokenized funds on different chains with the help of Axelar, which means that Axelar, as the underlying infrastructure, will directly benefit from the hundreds of billions of dollars of untokenized liquidity in the traditional financial system.
From this perspective, Axelar has an obvious first-mover advantage in the layout of RWA and is a unique presence in the entire full-chain interoperability track—both in terms of perception and action, it outperforms other leading full-chain interoperability projects.
With both hands working simultaneously and being equally strong, Axelar is gaining momentum and may be at a turning point of gradual rise.
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