Little Known Altcoin Rises After Coinbase Abruptly Adds Support on Top Crypto Exchange
Top US crypto exchange Coinbase has suddenly added support for proof-of-stake blockchain Axelar, sparking a rally for its native token, AXL.
Axelar is a project built using the Cosmos SDK (software development kit), and aims to deliver cross-chain communication between a number of other blockchains.
Features include making token transfers across chains, calling smart contracts or sending arbitrary messages from one chain to another.
Developers can use Axelar to build decentralized applications (dApps) that allow users to interact with assets or applications on multiple chains within one platform.
says Axelar’s whitepaper,
“Axelar enables dApp builders to add cross-chain functionality to their applications through a suite of APIs. These APIs allow a dApp user to send a message containing arbitrary cross-chain data from the source chain to the destination chain. Thus, a dApp can call a smart contract on the destination chain, and attach general data information to be used as input for the smart contract call.”
Axelar currently connects to Ethereum (ETH), Cosmos (ATOM), Avalanche (AVAX), Polygon (MATIC) BNB Chain (BNB), Osmosis (OSMO), Fantom (FTM), Moonbeam (GLMR), Juno (JUNO) , Injective (INJ), Secret Network (SCRT) and Kujira (KUJI).
Coin base announced it would be to add support for Axelar early on Monday, and went ahead with entry Tuesday morning.
After Coinbase’s initial announcement, AXL jumped from $0.59 to $0.80, a 35% gain in a matter of hours.
At the time of writing, AXL has cooled but has held on to most of its gains and is currently trading at $0.72 with a market capitalization of $111 million.
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Featured image: Shutterstock/Marko Aliaksandr/Andy Chipus
