Under-the-Radar Altcoin Skyrockets After Being Listed on Binance
An under-the-radar altcoin called Axelar (AXL) experienced a significant surge in value after it was announced that Binance, a popular cryptocurrency exchange, would be listing the asset. Axelar is a unique programmable Web3 interoperability platform that aims to facilitate cross-chain communication between various blockchains.
The Axelar Project: Enabling Cross-Chain Communication
Axelar is designed to provide seamless interoperability between different blockchains. Unlike other cross-chain connectors, Axelar functions as a proof-of-stake blockchain, which means it can perform all the functions of a regular blockchain. The platform utilizes transparent smart contracts built on Axelar to automate user paths, simplifying complex processes into a single click. Additionally, Axelar offers permissionless tools that reduce developer overhead.
New All-Time High for AXL
Following the announcement of its listing on Binance, the native asset of the Axelar project, AXL, experienced a surge in value. At the time of writing, AXL is trading at $1.94, reflecting a nearly 27% increase compared to its price just 24 hours ago. Moreover, AXL reached an all-time high of $2.64 early Friday morning.
Binance’s Seed Tag for AXL
Binance attached a seed tag to AXL upon listing the altcoin. Seed tags are used by the exchange for lower-liquidity tokens that have higher potential for volatility. Users who own assets with seed tags are required to pass quizzes every 90 days to ensure they understand and acknowledge the associated risks.
Introducing Axelar’s Virtual Machine
Axelar also introduced its new virtual machine, powered by Cosmwasm, on Wednesday. This virtual machine transforms interoperability into a programmable layer, enabling developers to write smart contracts on Axelar while scaling their interchain deployments. The virtual machine effectively serves as the programming layer for the cross-chain networking capability of Axelar.
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In Conclusion: An Altcoin’s Meteoric Rise
The surprise listing of Axelar (AXL) on Binance caused the altcoin to skyrocket in value. With its innovative approach to cross-chain communication and interoperability, Axelar has captured the attention of investors and traders. As the project continues to develop and gain traction, it will be interesting to see how it performs in the ever-evolving cryptocurrency market.
Remember to stay informed and keep up with the latest news and updates in the crypto space to make informed investment decisions.
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