Week in DeFi: Tornado Cash Back to Life, ZkEVMs Heat Up and a Polygon Identity

## What Is Axelar (AXL)?

Axelar claims to deliver “secure cross-chain communication for Web3.” The project provides a [decentralized](https://coinmarketcap.com/alexandria/glossary/decentralized) network and tools to help builders of [decentralized applications](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) (dApps) with seamless [cross-chain communication](https://coinmarketcap.com/alexandria/glossary/cross-chain-communication) through its protocol suite, tools and APIs.

Axelar features three core components – a decentralized network, a software development kit of protocols and APIs, and a set of gateway [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract) for [cross-chain](https://coinmarketcap.com/alexandria/glossary/cross-chain) connectivity.

Powered by a decentralized network of [validators](https://coinmarketcap.com/alexandria/glossary/validator), anyone can join the network, build on it, or use it. Apps builders can interact with a simple API atop a permissionless network that routes messages and ensures network security via [proof-of-stake](https://coinmarketcap.com/alexandria/glossary/proof-of-stake-pos) (PoS) [consensus mechanism](https://coinmarketcap.com/alexandria/glossary/consensus-mechanism).

AXL is the native token of the Axelar network. The protocol also supports the cross-chain transfer of several native tokens via their wrapped [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) versions, including [AVAX](https://coinmarketcap.com/currencies/avalanche/) (Avalanche), [ETH](https://coinmarketcap.com/currencies/ethereum/) (Ethereum), [FTM](https://coinmarketcap.com/currencies/fantom/) (Fantom), [GLMR](https://coinmarketcap.com/currencies/moonbeam/) (Moonbeam), and [MATIC](https://coinmarketcap.com/currencies/polygon/) (Polygon).

Meanwhile, Axelar has raised capital from top-tier investors, including Binance, Coinbase Ventures, Dragonfly Capital, Polychain Capital and others.


## Who Are the Founders of Axelar?

The blockchain platform was launched in 2020 by Georgios Vlachos and Sergey Gorbunov, both part of the founding team at [Algorand](https://coinmarketcap.com/currencies/algorand/). While Georgios designed the Algorand consensus protocol, Sergey led the effort to standardize BLS signatures, a standard that is now adopted as a draft in CFRG and was followed by Ethereum 2.0 implementations and others.

Sergey is an assistant professor at the University of Waterloo in Canada.


## What Makes Axelar Unique?

One thing that sets Axelar apart is its secure cross-chain communication over a dynamic validator. While a handful of projects are using optimistic setups and federated multi-sig, Axelar claims to be the only network building these capabilities on Proof-of-Stake.

Furthermore, the blockchain project has built protocols, APIs, and developer tools that make it easy for application developers to build cross-chain, without the need to learn a new programming language. “Our value proposition to the developer is that they can build on the chain that best suits their use case and background, while letting their users access anything on the decentralized web, with one click,” said co-founder Georgios Vlachos.


## Axelar $60M Startup Ecosystem Program

In December 2022, Axelar launched a $60 million startup funding program. The initiative, which is backed by over 15 blockchain investors, seeks to accelerate the development of decentralized applications and protocols that can replace [centralized exchanges](https://coinmarketcap.com/alexandria/glossary/centralized-exchange-cex) (CEXs).

Dubbed the Axelar Ecosystem Startup Funding Program, the initiative is designed to “nurture a pipeline of developers building Web3 products that are better than anything on the centralized web.”

To qualify for funding, a project must be involved in safeguarding digital sovereignty, security, and privacy, working on the mass adoption of blockchain tech, or solving global problems that the centralized internet cannot address.


#### Related Pages:

Learn more about [decentralized applications](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) with CMC Glossary.

[What is a smart contract?](https://coinmarketcap.com/alexandria/article/what-is-a-smart-contract) Find out with this basic guide.

Find out more about [cross-chain bridges](https://coinmarketcap.com/alexandria/article/what-are-cross-chain-bridges).

Learn about [cross-chains contract calls](https://coinmarketcap.com/alexandria/glossary/cross-chain-contract-calls) and [interoperability](https://coinmarketcap.com/alexandria/glossary/interoperability).

Keep up-to-date with crypto news and level up your crypto knowledge on the [CoinMarketCap Alexandria](https://coinmarketcap.com/alexandria).


## What Is the Circulating Supply of AXL Tokens?

Axelar has a total token supply of 1,042,619,974 AXL tokens at the time of writing, and a circulating supply of 175,645,286 AXL.


## Where Can You Buy Axelar?

Axelar (AXL) tokens can be purchased on numerous exchanges, including: [Coinbase](https://coinmarketcap.com/exchanges/coinbase-exchange/), [Kraken](https://coinmarketcap.com/exchanges/kraken/), [Uniswap v3](https://coinmarketcap.com/exchanges/uniswap-v3/), [Huobi](https://coinmarketcap.com/currencies/axelar/markets/), [KuCoin](https://coinmarketcap.com/exchanges/kucoin/) and more.

New to crypto? Learn [how to buy Bitcoin](https://coinmarketcap.com/how-to-buy-bitcoin/) and other crypto with our guide. 

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