- Axelar has unveiled a new product called Interchain Amplifier.
- Interchain Amplifier promises to make connecting with Bitcoin and over 65 other chains easier than ever.
- AXL’s price remains muted despite the revolutionary potential of the new product.
Axelar is taking steps to expand its footprint.
Since bursting onto the scene in 2020, cross-chain interoperability solution provider Axelar has made its vision clear: making it easier for developers to build applications that can be accessed across multiple networks.
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In the latest effort to achieve this goal, the platform has unveiled a new product called Interchain Amplifier, which intends to democratize the process of joining Axelar’s ecosystem of supported chains. According to Axelar, multiple networks have already expressed interest in the product.
Axelar Amplifier to Allow Multiple Networks Connect with Bitcoin and More
In a Monday, May 6 statement, Axelar announced that multiple projects, including prominent Bitcoin Layer 2 network Stacks and Hedera, have committed to participating in the devnet pilot of Interchain Amplifier to achieve interoperability with Bitcoin and 65 other blockchains.
The Interchain Amplifier is an open-source smart contract developer kit that allows interested networks to plug into the Axelar ecosystem and connect with supported blockchains. This allows DApp developers to build on one chain and market to users across multiple networks without redeploying the application.
The Interchain Amplifier consists of three main components: an on-chain message router, a protocol that enables data sharing between different blockchain networks, a gateway that translates communications between protocols, and CosWasm methods for receiving and sending messages, all of which work together to allow networks transfer data and assets.
A Touchpoint for the Burgeoning Bitcoin Layer 2 Space?
Emphasizing the importance of the Stacks integration, Axelar asserted that it opened the door to seamless interoperability with the burgeoning Bitcoin Layer 2 ecosystem.
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“The excitement around Bitcoin L2s and other novel blockchain approaches now has an outlet. I’m thrilled to see such a diverse group of consensus mechanisms leading the move to interoperability that’s fast, open, and permissionless,” Axelar co-founder Sergey Gorbunov noted in a press release.
Despite the potential of the Interchain Amplifier to bolster the Axelar ecosystem, AXL has yet to react to the news. It is trading at $1.25, representing a negligible 0.9% decline at the time of writing.
On the Flipside
- The Interchain Amplifier is still in devnet and has yet to be battle-tested.
- Axelar’s Interchain Amplifier faces stiff competition from Chainlink‘s Cross-Chain Interoperability Protocol (CCIP) and Polygon’s AggLayer.
Why This Matters
As more blockchains go live, the need for secure interoperability solutions grows. Axelar is among the prominent players in the interoperability space. The Interchain Amplifier promises to make connecting to the Axelar network easier than ever, potentially serving as a boon to the Axelar ecosystem.
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