NEW YORK–(BUSINESS WIRE)–Axelar, the proof-of-stake blockchain that connects Web3 ecosystems that Avalanche, Osmosis and Polkadot are partnering with leading infrastructure company Mysten Labs, which recently raised a $300 million Series B investment round, to enable decentralized applications built on Mysten’s Sui blockchain to deliver cross-chain user experiences spanning the Web3 with a single click. The Axelar-Mysten partnership, by enabling secure general messaging and offering developers the opportunity to fully leverage the power of Sui’s Ethereum-compatible, chain-agnostic multi-chain applications, significantly advances the prospect of a “super dApp” that will bring the next billion users to Web3. The announcement follows the release of Axelar’s $AXL utility token shared with holders today, which provides essential network security.
Mysten Labs’ Move programming language – intended to be the “JavaScript of Web3” – improves security for Web3 dApp developers and end users by defining assets in modules that flow across trust boundaries. Axelar’s general message passing will enable the dApp’s built-in Move on the Sui blockchain to call any function on an external chain. For example, developers can allow users to deposit any digital asset, on any chain, including NFTs, to borrow in any dApp on any chain. Application users can “tap in” with any token, wallet and blockchain they want, without the need to bridge or exchange to access features.
“To reach the next billion end users, Web3 must bring in millions of developers. Mysten Labs is paving the way for that with an asset-oriented programming language and a developer-friendly environment,” said Sergey Gorbunov, co-founder of Axelar. “Adding General Message Passing means developers building apps on Sui will be able to focus on the features that differentiate their dApps, and securely compose functions across all blockchains and assets.”
Potential use cases for this partnership range from including in-game digital asset liquidity in Web3 games to leveraging digital assets as collateral for multi-chain borrowing and lending. Axelar and Mysten create an environment that moves beyond siled ecosystems and allows developers to extract all the resources that the Web3 ecosystem has to offer. The result is the potential to create a “super dApp” that leverages each blockchain’s unique advantages for an all-in-one, easy-to-use application.
“Axelar shares our vision to bring the next billion users to the Web3 by making it as easy as possible for developers to do what they do best – develop,” said Evan Cheng, co-founder and CEO of Mysten Labs. “We have been incredibly impressed with the team and momentum at Axelar and are excited about the opportunity to work with them.”
About Axelar
Axelar delivers secure cross-chain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API on top of a permissionless network that routes messages and ensures network security via proof-of-stake consensus.
Axelar has raised capital from top tier investors including Dragonfly Capital, Polychain Capital, Coinbase and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes distributed systems/encryption experts and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
More about Axelar: docs.axelar.dev | axelar.network | GitHub | Discord | Twitter.
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming language and cryptography experts whose founders were senior executives at Metas Novi Research and lead architects of the Diem blockchain and Move programming languages. The mission of Mysten Labs is to create basic infrastructure for Web3.
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About Sui
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in crypto. Developed by Mysten Labs, Sui is horizontally scalable to support a wide range of dApp development with unmatched speed at low cost. The first platform of its kind provides users with a general blockchain with high throughput, instant settlement speeds, rich on-chain assets and user-friendly web3 experiences. Sui is an incremental advancement in blockchain, designed from the ground up to meet the needs of the next billion users in crypto.
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