Axelar, a blockchain platform, has become a “unicorn.” Its mainnet launch is coming soon

The value of the platform shows that there is a lot of demand for decentralised cross-chain service providers in the blockchain industry.

The Axelar Network has announced that it has raised $35 million in a new round of funding. This raises the company’s value to more than $1 billion. Participants in the round include Dragonfly Capital, Polychain Capital, and North Island Ventures, as well as a lot of other people.

There was a previously unknown round led by Bobby Bao in late November 2021, a $25 million Series A round led by Polychain Capital that was also joined by Mike Novogratz’s Galaxy Digital in mid-July 2021. There were also two seed rounds that took place over the course of the year in 2020.

Axelar is an infrastructure protocol that makes it easier for blockchain platforms, decentralised applications (DApps), and other things to work together. It was made by people who worked at Algorand and who went to MIT.

Having secured mainnet integrations with Ethereum, Avalanche, Polygon, and Polkadot, as well as the upcoming release of the Axelar SDK, developers will be able to build applications that can be used on all networks in the Axelar system.

In theory, this cross-chain technology would open up a whole new world of possibilities for both developers and users. It would allow them to get more money and users while making it easy to move between networks.

The CEO and co-founder of Axelar, for an inside look at how the company plans to spend its money in preparation for its mainnet launch.

He said that the “primary goal” is to make sure that everyone can work together with “minimal risk,” and that “the funds will be used to keep building the core network functionality and scaling integrations with more blockchains and applications.”

“Axelar developers are also working to make the network easy to use so that developers on any blockchain can reach the deepest liquidity and broadest user base. With this in mind, we are dedicating resources to improving our APIs, SDKs and associated documentation.”

Then, in December 2021, Gorbunov wrote an opinion piece for Cointelegraph. In the piece, he talked about how the DeFi industry is becoming too reliant on centralised interoperability bridges, which is a culturally relevant topic that raises legitimate questions about real decentralisation in the space.

Later, Gorbunov talked about how he thinks a cross-chain or multi-chain ecosystem model could work, and how it could be good for both users and developers if it was widely used.

“Multichain isn’t the future, it is here: Witness the growth of multiple Layer 1 blockchains. The demand for cross-chain services is also evident, in the proliferation of pairwise solutions and the growing value committed to those solutions.”

Developers want to be able to build on the chain that best fits their needs, but not to keep money from moving around. People want the same thing. At Axelar, our goal is to keep cross-chain activity as safe as possible, and to maximise the benefits for both developers and users.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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