Axelar(AXL)

BlockDAG Leads Crypto Innovation with $13.3M Presale and High-Speed Transactions, Amid Bitcoin Cash Halving and AXL’s Market Growth As the cryptocurrency community anticipates the halving of Bitcoin Cash, speculation abounds regarding its potential impact on the market and its position among leading cryptocurrencies. Amid these discussions, BlockDAG emerges as a […]

[PRESS RELEASE – New York, USA, February 6th, 2024] Frax Finance is among the 1st to adopt no-code Interchain Tokens Axelar network’s Interchain Token Service (ITS) is now live on mainnet and permissionlessly available, allowing any ERC-20 token issuer to create Interchain Tokens with the click of a button. Interchain Tokens move freely to EVM-compatible […]

LayerZero launched a Lido stETH bridge last October without asking for Lido DAO's permission. The community responded this week by endorsing a pair of its biggest competitors.

Immutable Chooses Axelar for Canonical Bridge to Ethereum, Enhancing Web3 Gaming Interoperability

[PRESS RELEASE – New York, USA, December 12th, 2023] The top derivatives DEXs and spot DEXs are now all using Axelar network for cross-chain connections Vertex Protocol, one of the most innovative and fast-growing DEXs in Web3, is now using Axelar network and Squid to power cross-chain collateral deposits. The integration was announced today on […]

Axelar Powers Vertex's Move Towards Cross-Chain Interoperability

In the past few weeks, the Terra ecosystem has demonstrated impressive performance, outshining broader market trends with significant gains. During November, Terraform Labs, overseeing Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) altcoins, distributed over $17 million across various liquidity pools. This strategic move, including allocations like $1.5M for LUNA/axlUSDC, $1M […]

The aim of the project was to allow wealth managers to tokenize funds and to be able to purchase and rebalance positions in tokenized assets across multiple interconnected chains.

According to customer emails, the changes will go into effect starting Nov. 30.

Curve Finance founder Michael Egorov still has debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse and Cream.

[PRESS RELEASE – New York, USA, September 20th, 2023] As dYdX is adopting a standalone app-chain model, a pioneering interoperability solution enables 1-click onboarding from any blockchain environment Decentralized financial derivatives marketplace dYdX has implemented a solution built on cross-chain infrastructure provided by Axelar, the leading Web3 interoperability platform, to support single-click onboarding and offboarding […]

dYdX v4 Enables 1-Click Onboarding With Squid & Axelar

[PRESS RELEASE – New York, USA, September 14th, 2023] The collaboration aims to enhance cross-chain interoperability and support the expansion of wstETH and other assets in the Cosmos ecosystem Neutron, the most secure cross-chain smart-contracting platform for DeFi, and Axelar, the full-stack interoperability layer for Web3, have been selected by Lido, the leading liquid staking […]

Georgetown, Cayman Islands, August 30th, 2023, Chainwire Multiple core contributors of Quickswap, celebrated for their success on Polygon, have launched their next venture: Kinetix Finance on Kava Chain. Kava Chain is a Layer-1 Cosmos-Ethereum interoperability blockchain. The Kinetix Finance perpetual exchange is tailored for users eager to leverage trade without the limitations of traditional centralized exchanges. Kinetix's innovative Perpetual Market allows users to leverage trade on the Kava Chain. The Perpetual Market meets the rising demand for decentralized trading solutions, offering users leveraged exposure to crypto assets like KAVA, axlETH, axlWBTC, ATOM, and USDt all while ensuring utmost transparency and security. "The Perpetual Market is not just another trading platform — it is a reflection of Kinetix's dedication to providing decentralized solutions that empower our users. With this platform, we're offering a unique, secure, and efficient way to leverage trade on the Kava Chain," said Kinetix team lead Alexi Atlas. At the heart of Kinetix's Perpetual Market is the distinctive liquidity pool system, KLP. LPs can offer any of the initial five supported assets: KAVA, axlETH (ETH), axlBTC (BTC), ATOM, and USDT. In return for contributing these tokens, participants receive KLP, a special liquidity token representing the entire basket. This decentralized structure, combined with the protocol's AMM, facilitates leverage trading, allowing users to borrow based on the value of their collateral. “Kinetix's Perpetual Market boasts a suite of features tailored to cater to sophisticated DeFi users. Its decentralized nature guarantees that positions of any size can be taken with clarity and safety,” said Scott Stuart, Kava Chain Co-founder. “And the KLP token is a nod to traditional liquidity pool systems, ensuring familiarity and ease of use for traders.” For more updates, follow Kava Chain and Kinetix Finance on X (fka Twitter). About Kava Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava Chain is a trusted choice for developers and users worldwide. About Kinetix Kinetix Finance is building a DeFi Hub featuring perpetual futures trading and the most sophisticated trading instruments on Kava, connecting the major building blocks of decentralized finance. Your best trade, every trade. Contact Media ManagerGuillermo [email protected]

[Press Release – Zug, Switzerland, August 4th, 2023] D8X’s pre-seed round features Polygon Ventures, Axelar Network, Swissborg Ventures, and others D8X, an institutional-grade decentralized exchange (DEX) for derivatives on Polygon zkEVM, announced a $1.5 million pre-seed round with support from Polygon Ventures and other notable investors. The capital will help D8X launch a decentralized derivatives […]

Zug, Switzerland, August 4th, 2023, ChainwireD8X's pre-seed round features Polygon Ventures, Axelar Network, Swissborg Ventures and othersD8X, an institutional-grade decentralized exchange (DEX) for derivatives on Polygon zkEVM, announced a $1.5 million pre-seed round with support from Polygon Ventures and other notable investors. The capital will help D8X launch a decentralized derivatives trading platform in the second half of 2023 that provides a white-labeling solution to trading partners seeking access to powerful derivatives products.The pre-seed round for D8X includes additional participation from Axelar Network, Swissborg Ventures, Cogitent Ventures, Veris Ventures, G1 Ventures, Pragma Ventures, CryptoDiscover and others.“DeFi is reshaping the future of finance. Projects like D8X are building the infrastructure that will help legacy finance to leap into web3,” said Polygon Co-Founder Sandeep Nailwal.Bridging CeFi to DeFiD8X's founders bet on centralized players wanting to offer decentralized crypto derivatives to their clients without having to hire experts to develop in-house market-making and trading engines. D8X provides a white-label solution to partners who act as brokers and earn fees by running their own front ends powered by the D8X trade engine and shared liquidity.Financial Engineering On ChainD8X’s sophisticated on-chain solutions curb costs and offer products that are competitive with centralized exchanges, such as cost-efficient hedging, a prerequisite for building a highly functional derivative trading space. Contract trading allows other DeFi protocols to efficiently hedge on-chain. Their perpetuals can be calibrated for a wide range of assets and support—as a first in DeFi—linear, inverse and quanto perpetuals. At launch, a liquidity pool in Lido's staked ETH (stETH) will enable liquidity providers to earn the Lido yield while simultaneously participating in the DEX’s earnings.D8X is the first business-to-business (B2B) DEX built on Polygon’s zkEVM, harnessing the power of zero-knowledge proofs to cut transaction fees, increase security and scale operations across the Polygon and Ethereum networks.“D8X is part of a driving force of innovation and community in Polygon’s 2.0 zero-knowledge space,” said Polygon Director of Growth Hamzah Khan.D8X is a fully decentralized DEX following regulatory guidance from Switzerland’s financial market regulator FINMA.“We thank all our investors for believing in D8X's vision to bring truly decentralized derivatives as white-labeling solutions to institutions. With best-in-class financial engineering and risk management, D8X is changing the way decentralized derivatives are traded,” said D8X co-founder Caspar Sauter.The production codebase of D8X was audited by PeckShield and an earlier version was audited by Hacken.About D8XD8X is a Polygon Ventures-supported institutional-grade perpetual futures DEX with a financial engineering approach that elevates the way perpetual futures can be traded on-chain. Think of a powerful and decentralized trading platform on Polygon zkEVM that offers white-labeling to institutions. D8X’s pricing mechanism adapts to changing market conditions protecting liquidity providers and profitable traders in volatile periods, resulting in superior DeFi trading conditions.D8X | Twitter | GitHub | DocsContactPR DirectorPatrick [email protected]

Zug, Switzerland, August 4th, 2023, ChainwireD8X's pre-seed round features Polygon Ventures, Axelar Network, Swissborg Ventures and othersD8X, an institutional-grade decentralized exchange (DEX) for derivatives on Polygon zkEVM, announced a $1.5 million pre-seed round with support from Polygon Ventures and other notable investors. The capital will help D8X launch a decentralized derivatives trading platform in the second half of 2023 that provides a white-labeling solution to trading partners seeking access to powerful derivatives products.The pre-seed round for D8X includes additional participation from Axelar Network, Swissborg Ventures, Cogitent Ventures, Veris Ventures, G1 Ventures, Pragma Ventures, CryptoDiscover and others.“DeFi is reshaping the future of finance. Projects like D8X are building the infrastructure that will help legacy finance to leap into web3,” said Polygon Co-Founder Sandeep Nailwal.Bridging CeFi to DeFiD8X's founders bet on centralized players wanting to offer decentralized crypto derivatives to their clients without having to hire experts to develop in-house market-making and trading engines. D8X provides a white-label solution to partners who act as brokers and earn fees by running their own front ends powered by the D8X trade engine and shared liquidity.Financial Engineering On ChainD8X’s sophisticated on-chain solutions curb costs and offer products that are competitive with centralized exchanges, such as cost-efficient hedging, a prerequisite for building a highly functional derivative trading space. Contract trading allows other DeFi protocols to efficiently hedge on-chain. Their perpetuals can be calibrated for a wide range of assets and support—as a first in DeFi—linear, inverse and quanto perpetuals. At launch, a liquidity pool in Lido's staked ETH (stETH) will enable liquidity providers to earn the Lido yield while simultaneously participating in the DEX’s earnings.D8X is the first business-to-business (B2B) DEX built on Polygon’s zkEVM, harnessing the power of zero-knowledge proofs to cut transaction fees, increase security and scale operations across the Polygon and Ethereum networks.“D8X is part of a driving force of innovation and community in Polygon’s 2.0 zero-knowledge space,” said Polygon Director of Growth Hamzah Khan.D8X is a fully decentralized DEX following regulatory guidance from Switzerland’s financial market regulator FINMA.“We thank all our investors for believing in D8X's vision to bring truly decentralized derivatives as white-labeling solutions to institutions. With best-in-class financial engineering and risk management, D8X is changing the way decentralized derivatives are traded,” said D8X co-founder Caspar Sauter.The production codebase of D8X was audited by PeckShield and an earlier version was audited by Hacken.About D8XD8X is a Polygon Ventures-supported institutional-grade perpetual futures DEX with a financial engineering approach that elevates the way perpetual futures can be traded on-chain. Think of a powerful and decentralized trading platform on Polygon zkEVM that offers white-labeling to institutions. D8X’s pricing mechanism adapts to changing market conditions protecting liquidity providers and profitable traders in volatile periods, resulting in superior DeFi trading conditions.D8X | Twitter | GitHub | DocsContactPR DirectorPatrick [email protected]

Egorov has deployed a new Curve pool for FraxLend's CRV/FRAX market with massive rewards to alleviate his debt.

Egorov has created a new liquidity pool on Curve for FraxLend's CRV/FRAX market, called crvUSD/fFRAX. Analysts said it is an attempt to incentivise liquidity to FraxLend's pool from where Erogov has taken loan of 15.8 million FRAX.

Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral. Curve Chaos Could Have Major Implications The exploit at Curve Finance resulted in the price of the protocol’s CRV token experiencing a sharp decline. This decline has put a $168 million lending position held by Curve founder Michael Egorov at risk of liquidation. If the position gets liquidated, it could have disastrous implications across the decentralized finance (DeFi) ecosystem. The Curve founder has around $168 million worth of CRV, which he has used to secure loans from several DeFi protocols, according to data from the blockchain analytics site DeBank. This amount equals nearly 34% of CRV’s total market capitalization. The exploit has led to a decline of over 20% in the CRV price, putting Egorov’s position in danger of liquidation. A Major Blow A forced liquidation would be a devastating blow to Curve after its weekend exploit. As a result of the exploit, the total value of assets locked on the DeFi protocol dropped from $3.7 billion to $2.1 billion, with investors pulling their funds as a precaution. Thanks to DeFi’s interconnected nature, the liquidation of Egorov’s position could put significant pressure on CRV’s price and other decentralized lending protocols. The CRV token is extremely popular on Uniswap and Sushiswap and is used as collateral on platforms such as Aave. Aave’s Exposure Michael Egorov has a $70 million loan in USDT on Aave v2, for which he has used CRV as collateral. Based on risk parameters set by Aave, if the CRV token’s price drops below $65%, it would be at risk of liquidation. When liquidations occur, the collateral the borrower deposits is sold in exchange for the borrowed asset. In the case of Aave, the CRV would be sold for Aave, leading to considerable bad debt. The concerns around bad debt were already flagged by Gauntlet, who recommended freezing CRV and setting its loan-to-value to zero on Aave v2. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” However, this proposal failed to pass. Aave’s GHO stablecoin also lost its peg for a few hours on the 31st of July. The stablecoin subsequently regained its peg, with analysts working to determine why the de-pegging occurred. According to most, the de-pegging was a result of the reentrancy attack on Curve Finance. The GHO stablecoin had dropped to $0.96 on the 31st, losing its $1 peg for a few hours. However, it regained its peg and is currently trading at $0.98. Other Protocols At Risk Aave is not the only protocol that the Curve Finance fiasco could impact. Egorov has also borrowed $17 million worth of the FRAX stablecoin, putting $32 million worth of CRV as collateral. Since the exploit, Egorov has made several transactions to repay part of the amount he borrowed on Fraxlend. According to DeBank data, Egorov also has an $18 million loan on DeFi protocol Abracadabra. Egorov has moved to shore up his capital by selling LDO, the governance token for liquid staking protocol Lido, in exchange for the USDC stablecoin. These transactions have been done in several batches valued at between $10,000 and $50,000, according to data from EtherScan. The developments have raised several questions for decentralized lending protocols, and whether they should implement measures to prevent large positions, such as the ones taken by Egorov, that could potentially introduce systemic risk. Egorov came under fierce criticism in 2020 after he took control of over two-thirds of a Curve voting token, veCRV. He later apologized and called the move an overreaction to what he thought was a takeover attempt by Yearn.Finance. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Multichain bridge, one of the oldest and more established token bridges used in DeFi, has suffered a $126 million loss in July, making it one of the larger bridge hacks in history. But this one is different from previous hacks like the Nomad bridge. No code was really compromised, as reportedly the assets were taken by the CEO’s sister. Multichain’s CEO, known only as Zhaojun, was apparently apprehended by Chinese authorities a few weeks prior. The CEO’s disappearance wreaked havoc on the team’s operations, according to their own report. Zhaojun held several important keys that were important for the operation and maintenance of the protocol. According to the explanation published by the Multichain team, they had asked his sister for access to these keys via cloud backups. Allegedly, she then took the money “for safekeeping” only to be arrested herself shortly after. The incident highlighted what some industry experts and insiders knew all along: Multichain was an extremely centralized bridge, which literally ceased to function as soon as its CEO became unavailable. For a crypto project, this is a damning story — even traditional corporations are more decentralized than that. Why this wasn’t spotted Given these revelations, it seems surprising that people trusted Multichain enough to have hundreds of millions of dollars deposited on the platform. Venket Naga, CEO at blockchain privacy-preserving platform, Serenity Shield, gave a few ideas how this might have happened. “First, the code's complexity may have made it challenging for non-experts to identify potential loopholes. Second, there might have been limited transparency and auditing, allowing crucial issues to go unnoticed,” he explained. Because of their cross-chain nature, bridges are often a black box. Even though Multichain’s core architecture is open-source, the complexity of these systems means that it’s difficult to have a good understanding of how it’s all implemented. “Trust in the code's integrity might have been assumed, neglecting the need for robust security assessments,” added Naga. “Moving forward, conducting comprehensive audits, fostering transparency, and engaging the community are crucial to prevent similar situations.” Bridge Choice 101 Bridge vulnerabilities are a common theme in Web3, and many teams deemed competent and reputable suffered enormous losses. So how can an average user try to avoid these incidents and spot unsafe bridges from further away? There is no perfect standard, but ideally it should be a mix of robust decentralization, simple architecture and good history of operation. For example, for bridges running on some form of trusted validators (which applies to most of them), you would expect that these entities should be well-known, and at least somewhat separate from the bridge’s creators. Architecture-wise, most bridges today are quite simple contracts based on multi-signature cryptography. More decentralized options have emerged from time to time, most notably Nomad. Unfortunately, these solutions are more complex, so this bridge got hacked because of one poorly implemented line of code. A good indicator is time. Poor bridges fail and only the sturdy options remain after some time — though Multichain is a significant exception to this rule. Many existing bridges have already gone through hacks, notably Wormhole. At the time, the project got “bailed out” by Jump Crypto, which allowed it to resume operations and re-establish some level of trust. But this apparent “insurance” shouldn’t be taken for granted. According to Brandon Brown, CEO and Co-Founder of personal wallet theft protection FairSide, “bridges present complex challenges for cover providers due to centralization and the risks associated with smart contracts. Bridges are a crucial aspect of blockchain usage, but their implementation leaves much to be desired. “To rebuild trust in blockchain bridges, a comprehensive approach is crucial,” according to Naga. “Implementing enhanced security measures, transparent bridge design and operations, rigorous audits, and involving the community in governance are essential. For Broen, “innovative solutions are emerging, such as Axelar's Interchain, which offer promising potential in mitigating the inherent risks of interoperability.” Hopefully, these solutions come sooner rather than later. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The UK’s HM Treasury has officially rejected the House of Commons Treasury Committee’s recent recommendation to regulate crypto trading not as financial assets but as gambling instruments. Let’s find out more. Bitcoin Elon Musk’s Tesla has continued to hodl its BTC reserves for the fourth consecutive quarter after being forced to divest 75% of its reserves in 2022 Q2. After hitting the range bottom, BTC looks to be heading higher once more, with the bulls looking to test the $31,000 to $32,000 major resistance again. Ethereum In the midst of a rebounding crypto market, Vitalik Buterin has hinted at a forthcoming upgrade to the Ethereum network, which could potentially reduce costs by a factor of 100. DeFi DeFi protocol Conic Finance revealed that it had suffered an exploit, with the attacker draining over 1700 ETH worth $3.6 million from one of its Omnipools. Uniswap founder Hayden Adam’s Twitter account suffered a breach, with hackers sending out several tweets leading users to scam websites and phishing links. Leading DEX platform Spectrum Finance has revealed its strategic collaboration with Cardano, the innovative smart contract platform. Axelar has launched the Interchain Token Service, a solution designed to enhance the interoperability of ERC-20 tokens across all EVM-compatible chains. Altcoins Solana Labs has announced the rollout of the Solang compiler that will help EVM developers transition to the Solana ecosystem. The crypto world eagerly awaits upcoming Litecoin's third halving event, which is expected to happen on August 2, 2023, once the 2,520,000th block is mined. Technology Crypto experts have raised questions on central bank digital currencies like where are all the mainstream media articles or televised debates on the advantages or disadvantages of implementing CBDCs nationwide. Worldcoin has completed its migration to the Optimism ecosystem, with critical components such as the World ID and World App technology stack already migrated to the OP mainnet. Starknet has disclosed the initiation of "appchains," a framework designed to enable developers to construct several application-specific blockchains within the Starknet ecosystem. Business The recently uncovered personal diaries of Alameda Research CEO Caroline Ellison could be used as key evidence in the upcoming trial of FTX founder Sam Bankman-Fried. Venture capital firms Coinfund and Polychain Capital have successfully raised a total of $350 million in their latest fundraising rounds, showcasing returning confidence in the crypto space. American investor Cathie Wood’s ARK Invest sold another $50.5 million worth of Coinbase shares to cash in on the recent crypto market rally. Binance has abruptly ended its five-year partnership with the Argentine Football Association (AFA) after only one year. Regulation A bipartisan group of United States Senators has introduced the CANSEE Act to regulate DeFi platforms in order to curb money laundering and other financial transgressions. The UK government rejected a recent House of Commons Treasury Committee proposal, which suggested that retail crypto trading be regulated like gambling instruments. In the face of legal turbulence surrounding its co-founder, Do Kwon, blockchain firm Terraform Labs has appointed a new CEO. Myanmar’s National Unity Government (NUG), a shadow government opposing the current military rule, is set to launch a crypto neobank operating on the Polygon blockchain network. Enforcement authorities in China’s northern province of Shanxi have uncovered an alleged USDT money laundering scheme amounting to over $55 million. Third largest French bank, Societe Generale, has become the first bank to procure a licence to provide trading and custody of cryptocurrency assets. The International Monetary Fund (IMF) underscored its views that crypto requires “comprehensive policies to safeguard economies and investors.” The founder and former CEO of the now-defunct Thodex crypto exchange, Faruk Fateh Ozer, has received a seven-month prison sentence after he failed to submit relevant documents requested during the trial. Representative Ritchie Torres becomes the latest US lawmaker to level criticism against the SEC and its Chairman Gary Gensler’s position on crypto. The clock has started ticking for the SEC to approve or reject BlackRock’s application for a spot Bitcoin exchange traded fund. Coinbase CEO Brian Armstrong, is set to hold a private meeting with House Democrats on Wednesday, according to Democratic aides familiar with the agenda. US Judge Sarah Netburn has ordered the SEC and Ripple to agree to possible settlement dates should both parties believe them to be constructive at this stage. On Monday, the Financial Stability Board published its recommendations for a global regulatory framework for crypto-assets to “promote the comprehensiveness and international consistency of regulatory and supervisory approaches.” NFT Proof Collective is trying to rekindle interest in its Moonbirds NFTs with a brand new 20,000-piece Mythics collection, released almost a year after its initial mention in August 2022. Staking protocol EtherFi has called out the OpenSea marketplace for its decision to suspend the trading of the former’s EtherFan NFT collection last week. Web3 Andreessen Horowitz partner Sriram Krishnan expressed confidence that Web3 has the potential to remedy the issues plaguing current Web2-based social media platforms. The developers behind Polygon Labs have proposed changes to their governance system that are integral to their forthcoming Polygon 2.0 roadmap. The potential of AR games has yet to be fully realized, but developers have already created lots of highly original apps to enhance our experiences in the physical world. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Axelar has launched the Interchain Token Service (ITS), a solution designed to enhance the interoperability of ERC-20 tokens across all Ethereum Virtual Machine (EVM)-compatible chains. Among the early adopters of this service is Sushi, a decentralized exchange (DEX), aiming to use the ITS to foster seamless interactions of its native SUSHI token across multiple blockchain networks. Driving Cross-Chain Integration with ITS Axelar’s ITS primarily focuses on the interoperability of ERC-20 tokens across all EVM-compatible ecosystems. These tokens are generated on a 1:1 ratio and are managed through Axelar’s native computing environment, the Axelar Virtual Machine. The newly revealed service is set to provide a muchj-needed boost to the ease of token interaction across Ethereum-compatible chains. Decentralized exchange Sushi is set to be one of the first adopters of the “interchain tokens” provided through this service. Sushi's team plans to use the ITS to facilitate seamless interaction of its native SUSHI token across multiple chains. Initial deployment will ensure interoperability of SUSHI across Arbitrum, Ethereum, Optimism, and Polygon. This move will enable SushiSwap, Sushi's decentralized exchange, to manage its multichain deployments more efficiently via the Axelar network. Jared Grey, Sushi’s head chef, emphasized the utility of this service, stating: "Axelar’s Interchain Token Service unlocks a more seamless, interchain experience for Sushi users." Tackling Security and Compatibility Challenges The traditional approach to facilitating cross-chain transfers for Web3 applications generally relied on bridged token versions. These bridged versions could be exposed to inherent security risks and compatibility issues. Axelar’s interoperability solution, according to co-founder Sergey Gorbunov, addresses these challenges. Gorbunov noted that Axelar's innovative approach utilizes specialized smarlt contracts and a software development kit, which enables developers to manage interchain tokens more efficiently. Notably, Gorbunov says that the bridged versions of tokens, similar to SUSHI, currently lack fungibility and carry a bridge risk. In contrast, Interchain Tokens represent a "true" cross-chain interoperability merged with security and simplicity. The news comes after Axelar's announcement following its partnership with Chainlink's cross-chain interoperability protocol. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[PRESS RELEASE – Paris, France, July 18th, 2023] Sushi to deploy Interchain Tokens, powered by new Axelar product suite delivering cross-chain fungibility and customization.  Axelar, the blockchain interoperability leader, is announcing the launch of Interchain Token Service (ITS), a product suite that extends tokens cross-chain, preserving their native functionality and allowing teams to easily manage […]