Axelar Network announces the availability of Interchain Token Service (ITS) on its mainnet. This development is set to redefine cross-chain transactions. On February 6, 2024, Axelar Network made an announcement through their official X (Twitter) account.
The announcement highlighted the powerful capabilities of Inter-Blockchain Communication (IBC) technology in the realm of decentralized finance (DeFi) and blockchain interoperability.
Axelar Network is a blockchain platform that facilitates secure and decentralized cross-chain communication, enabling different blockchains to interoperate seamlessly.
It is designed to overcome the limitations of individual blockchains by serving as a universal bridge, connecting 50+ blockchains with varying consensus methods, including Cosmos and EVM. Axelar’s native utility token, AXL, powers cross-chain communication and provides decentralized security and governance.
The network’s architecture is built on a hub-and-spoke topology, with Axelar acting as a central hub for individual blockchains to connect to, enabling a one-to-many connection. Axelar’s mission is to unify all blockchains and increase worldwide participation in the Web3 ecosystem.
The platform is supported by permissionless validators and is designed to be the backbone of a multi-chain future, providing a secure, efficient, and decentralized transport layer.
Axelar also features a decentralized governance model that covers critical network parameters, such as base inflation rates, rewards for validators and stakers, and network gas fees.
Interchain Token Service (ITS): Connecting Chains, Redefining Possibilities
Axelar Network’s Interchain Token System (ITS) serves as a platform for simplifying the creation and registration of Interchain Tokens. These tokens surpass the constraints of conventional bridges, offering a level of fungibility akin to native tokens and the flexibility of ERC-20 customization.
The standout feature of ITS lies in its capacity to facilitate effortless cross-chain movement at the push of a button.
Axelar Network has witnessed substantial growth, connecting over 15 Ethereum Virtual Machine (EVM) blockchains. Various projects are actively utilizing the ITS infrastructure, with notable names such as AnyinuCoin, DackieSwap, Famous Dyl, Frax Finance, IntoTheBlock, RmrkApp, SquidRouter, and XDEFI Wallet emerging as early adopters.
Axelar Network is extending an invitation to developers to join the Interchain Token Service (ITS), which offers valuable resources and support. The ITS Portal tutorial provides a simplified, no-code solution for implementing Interchain Tokens.
To gain insights and hands-on experience, developers can refer to Axelar’s comprehensive documentation and attend a live coding demo on February 13th.
By utilizing ITS, developers can automate multichain processes in a trustless manner, ensuring a secure and open-source environment for Interchain Tokens.
