What is AXL Coin? Axelar Price Assumptions

The cryptocurrency ecosystem is a dynamic structure consisting of hundreds of different blockchains, each with their own advantages and technologies. This has caused different blockchains to become more attractive according to reasonable requirements. However, this has also led to a fragmentation that makes the exchange of information and assets between different networks difficult or impossible. Axelar aims to increase cross-blockchain interaction by offering an innovative solution to these challenges. As Kriptokoin.com, in this article we will examine what AXL Coin is, Axelar technology and price comments.

What is AXL Coin?

AXL Coin is the native cryptocurrency of the Axelar network and is an infrastructure platform that enables different blockchains, assets and applications to interact with each other. The Axelar network uses the Proof-of-Stake (PoS) consensus mechanism and offers developers the opportunity to create not only smart contracts but also decentralized applications (dApps). Using these dApps, users can send and receive tokens within the Axelar network.

Axelar’s difference is that it integrates its smart contracts with Axelar Virtual Machine (AVM). AVM is a cross-chain gateway protocol that connects the Axelar network with over 50 other blockchains. In this way, users can interact with other blockchains without any problems. These interactions include cross-chain token transfers, running smart contracts on another blockchain, or sending and receiving public messages to other blockchains.

Axelar’s Technology

Axelar Virtual Machine runs on Cosmwasm technology, providing a programmable layer that facilitates full-stack interoperability. This layer provides services and tools that automate the deployment and administration of smart contracts across various blockchain ecosystems.

Axelar introduces two more products, such as Interchain Amplifier, as the basis of this system. This service allows new blockchains and crypto protocols to connect to the Axelar network and join the network in this form. This strengthens the state of the network by facilitating integration with more blockchains and protocols.

Axelar Ecosystem

Axelar has a wide range of projects and subsidiaries to address interoperability challenges. The ecosystem has spread into various sections, such as the rapidly growing DeFi segment. Among these sections, there are leading protocols such as SushiSwap and StakeDAO. Additionally, other sections such as infrastructure, gaming, non-fungible tokens (NFTs) and payment protocols are also included in the aim to ensure seamless interoperability.

On March 1, Binance, one of the leading cryptocurrency exchanges, announced the listing of the Axelar token. This announcement led to a significant increase in the price of the token. The price increased by over 80% in a matter of hours, resulting in a trading volume of over $80 million on Binance. This listing is a valuable step for Axelar, as Binance is the exchange with the highest number of users and trading volume. This opens up potentially positive prospects by making it easier for the AXL token to become accessible to a wider audience.

AXL Coin Price Prediction

The price of AXL Coin is currently at $0.6021. Axelar’s recent price action continued with a strong upside move, breaking away from a falling trend line. After this breakout, the price rose rapidly, but now it seems to be facing certain resistance. The current price level marks an area where sellers have entered the market, causing the price to reach a top.

Considering that Axelar is up a strong 200% from its last base price, a healthy correction can be expected. Analysts suggest that AXL Coin may fluctuate in the coming period under current market conditions and that investors should be careful. Such rapid price increases can often result in short-term corrections, and investors should monitor market dynamics carefully.