Trading in cryptocurrencies is not as easy and convenient as transacting money with a traditional banking system. Technology has progressed so much so that even a toddler can navigate an application on iPhone effortlessly. Cryptocurrency trading is altogether a different story. One needs to have good technical know-how to even start trading on a blockchain network. Axelar, to make dApp development smooth, has come up with a proof-of-stake transport layer-powered cross-platform network, wherein users and developers can transact across networks with just one click. Analytics Insight has engaged in an exclusive interview with Sergey Gorbunov, CEO, and Co-Founder, of Axelar.
1. Kindly brief us about the company, its specialization, and the services that your company offers
Today’s blockchain UX is nothing like the web. Users with assets on one blockchain find it difficult to use applications on others. Axelar changes this. Using Axelar as the universal cross-chain overlay network, dApp developers create secure, one-click experiences that access any function, any asset, on any chain. Axelar delivers secure cross-chain communication for Web3.
The Axelar network is an infrastructure that enables dApp users to interact with any asset or application, on any chain, with one click. Powered by a permissionless Proof-of-Stake transport layer, Axelar network allows dApps to communicate across chains.
Axelar is widely supported and endorsed by way of key integrations with blockchain networks and successful funding rounds from prominent investors. Just like the internet in its early development, blockchain technology will reach mainstream adoption through the interoperability of different networks. In this way, Axelar can be compared to other overlay networks, like CDNs, that opened the door to whole new categories of internet applications.
2. Brief us about the proactive Founder/CEO of the company and his/her contributions to the company and the industry.
Axelar was co-founded by myself and Georgios Vlachos. We previously were part of the founding team at Algorand. Among other things, Georgios designed the Algorand consensus protocol and I led the effort to standardize BLS signatures. That standard is now adopted as a draft in CFRG and was followed by Ethereum 2.0 implementations and others. We have been building secure blockchain infrastructure together for more than five years. I’m also an assistant professor at the University of Waterloo.
In total and since inception, we’ve led Axelar’s Series A, Series B, and general funding rounds, raising US $63.8M.
3. What is your biggest USP that diﬀerentiates the company from competitors?
Axelar is the only network building these capabilities on Proof-of-Stake. Secure cross-chain communication over a dynamic validator set is hard. Other projects have taken shortcuts involving optimistic setups and federated multi-sig, but we believe proof-of-stake is the best path to decentralization, security, and beneficial network effects.
In addition, Axelar has built protocols, APIs, and developer tools that make it easy for application developers to build cross-chain — without learning new programming languages. Our value proposition to the developer is that they can build on the chain that best suits their use case and background, while letting their users access anything on the decentralized web, with one click.
4. What are some of the challenges faced by the industry today?
Blockchain infrastructure is still highly immature, especially relative to the use cases that are built on top of it. It’s like trying to run Facebook on infrastructure that’s barely ready for Usenet.
Given this immaturity, it’s not surprising to see new experiments in infrastructure: new blockchains like Avalanche, Cosmos, Polkadot, and Solana are attracting developers and users (among many others). Now, this growing ecosystem is also fragmented. Users and developers who enter via one network are stuck there in a silo. To use other blockchains requires risky third-party applications called bridges.
The blockchain industry needs an overlay network with visibility into all these networks, agnostic to different infrastructure and consensus models, providing secure routing and translation, any-to-any. Axelar is this overlay.
5. How do you see the company and the industry in the future ahead?
Today, blockchain developers and users largely consider themselves and their applications as components of a single ecosystem, based around a single blockchain network and a token. In the next cycle, developers will build applications that abstract that attachment for the user, letting them use the application regardless of the ecosystem where they own assets and have an identity and history of transactions.
What new use cases will this new form of application development bring? It’s likely to be a surprise, much as YouTube was a surprise to a generation of cable viewers, and Airbnb was a surprise to the hotel industry.
It’s hard to pay attention to multiyear development cycles when the market is swinging down or up, but that’s what we’re focused on at Axelar.
6. How have you seen the evolution of the industry?
The main thing to note about the evolution of the blockchain industry is the huge shift in reputation. Many touted Bitcoin as nonsense, and blockchain as a dying fad. That narrative has receded. Many experiments tried today won’t be with us for the long run, but a population is growing that sees cryptocurrency and decentralized systems as technology innovations worth building upon and investing in.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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