Key Points:
Axelar delivers secure cross-chain communication for Web3. Secure means the network is built on proof-of-stake, the battle-tested approach used by Ethereum, Cosmos, Avalanche, and more.
As Coincu reported, Axelar has launched a $60 million startup financing program to speed the development of decentralized applications and protocols that may eventually replace traditional exchanges. More than 15 investors have backed the program, which intends to connect financiers and the creators of interchain dApps.
It seems that the Proof-of-Stake blockchain is trying to integrate decentralized finance (DeFi) platforms to make it possible for users to scale cross-chain transactions through these platforms.
Kava is a software protocol that enables users to lend and borrow assets without the requirement for a conventional financial intermediary by utilizing a number of cryptocurrencies. It is regarded as one of the new DeFi efforts in this approach. The network, however, is built on Cosmos rather than Ethereum, which, according to its creators, gives more functionality. Most DeFi applications run on Ethereum.
Users of its platform can borrow loans in USDX, a cryptocurrency pegged to the value of the U.S. dollar, by locking cryptocurrency into smart contracts on Cosmos.
Not only Kava, but before that, Axelar also integrated with other layer-2 blockchains such as Arbitrum, Polygon, or Circle, the company that issued USDC stablecoin.
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Harold
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