StellaSwap Partners with Axelar Network for Next-Generation Cross-Chain Infrastructure
StellaSwap Partners With with Axelar network to bring cross-chain applications to Moonbeam Network! This is a vital milestone for StellaSwap in paving the way for the next generation of dApps via cross-chain connected contracts, aligning with the wider vision of Moonbeam Network.
Axelar delivers secure cross-chain communication for Web3. With its decentralized network, API and developer tools, dApp developers build one-click experiences that connect any asset or application, on any chain..
Cross-Chain Interoperability is the Future
Interoperability has always been a key limitation for blockchain technology, resulting in liquidity and value fragmentation across siloed blockchain networks. For the end user, this has caused a less-than-ideal user experience. Until now.
Axelar has been at the forefront of pioneering work on cross-chain communication with its general message passing (GMP) capability. In simple words, GMP allows for applications to call any function on any chain, composing functionality acrossseparate blockchain networks. Through Axelar’s new GMP function launched in May 2022, any-to-any communication is enabled across all connected chains, allowing users to interact with composable DeFi functions, move tokens and NFTs, and perform multichain calls of any kind between dApps on various ecosystems.
Cross-chain is Coming to Moonbeam
The long-standing partnership has allowed us to tap into the cross-chain infrastructure that Axelar has built, allowing users on Moonbeam to finally interact with other blockchain networks in a seamless way.
Imagine using your $STELLA or $GLMR on Moonbeam Network to purchase $ETH, which will be credited to your Ethereum wallet on Ethereum network! No bridging, no waiting times, no unnecessary steps. 1-click swaps to different chains. That is the future.
The partnership with Axelar entails 3 core components;
#1 Cross-Chain Infrastructure
StellaSwap will leverage Axelar’s cross-chain infrastructure to enable interoperability and composability for applications across 16 other blockchains networks. Axelar is able to integrate new EVM and IBC networks in under 10 minutes, and has plans to support all major networks by the end of 2022. Axelar’s General Message Passing allows multi-step smart contract calls across any chains in its network. This opens up a whole new world of opportunities for developers to build native cross-chain applications. To maximize the utility of Axelar’s cross-chain infrastructure, StellaSwap will enable cross-chain swaps through Squid, another Axelar partner providing liquidity routing cross-chain over Axelar’s communication infrastructure.
#2 axlUSD Metapool Launch on StellaSwap
In order to activate Axelar’s cross-chain functionality on Moonbeam, there needs to be an axlUSD pool set up on StellaSwap. axlUSD refers to Axelar’s wrapped USD stablecoin. The axlUSD metapool will be housed within our stable AMM. A metapool refers to the liquidity pool of an asset — in this case axlUSD — that is pegged to the basepool, which houses the biggest stablecoins like USDC, USDT, DAI and FRAX. The axlUSD liquidity will allow for effective liquidity routing for cross-chain swaps. An important piece of technology that StellaSwap is working on to make this all happen is our very own hybrid router, which will allow for unified liquidity routing across both our standard and stable AMM.
The metapool will be incentivized by multiple stakeholders, so stay tuned for more updates!
#3 Axelar Bridge Integration
In a bid to further optimize our cross-chain functionality, it is important for StellaSwap to integrate with Axelar’s bridge across many blockchain networks. Leveraging Axelar’s bridge across networks such as Polygon, Avalanche, Aurora and a plethora of others will deepen liquidity for axlAssets. This will then boost liquidity routing for our cross-chain swaps. With new bridge integration, current StellaSwap farms will transition into axlAsset farms.
Axelar delivers secure cross-chain communication. At its core is a permissionless overlay network that delivers Turing-complete message passing and composability of programs. A simple API enables developers to build cross-chain dApps that connect users to any application, any asset, on any chain via 1-click experiences. Axelar is for Web3 what Stripe is for mobile and internet applications. Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance.
StellaSwap the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects & engage in NFT trading from a single unified platform. StellaSwap’s products are structure in a way that facilitates decentralized governance of STELLA holders.