Axelar Wrapped EtherPrice

(AXLETH)

Axelar Wrapped Ether (axlETH) is a digital asset designed as a wrapped, multi-chain representation of Ethereum. For every unit of axlETH, an equivalent unit of Ether (ETH) is locked within an Axelar Gateway on the Ethereum blockchain. This mechanism allows Ethereum to be utilized across various blockchain networks that are connected by the Axelar platform. The security of axlETH is maintained by a dynamic set of validators operating under a delegated Proof-of-Stake consensus model. These validators collectively hold key shares in the Axelar Gateways through a multi-party cryptography scheme. Users can obtain axlETH through several methods, including swapping it via liquid pairs on decentralized exchanges, using Squid, which is a cross-chain liquidity router built on Axelar, or by minting it directly through Satellite, a cross-chain bridge developed by Axelar. The underlying Axelar Network is a decentralized interoperability platform established in 2020. Its purpose is to enhance connectivity and scalability across different blockchain ecosystems. Axelar functions as a full-stack decentralized transport layer, facilitating secure cross-chain messages across the Web3 space. It acts as a "translation layer" to unify the distinct languages of various blockchains, thereby enabling seamless asset transfers, information exchange, and application collaboration between them. The Axelar network's cross-chain messages are secured by its dynamic set of validators utilizing proof-of-stake consensus. Learn more

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