Axelar delivers secure cross-chain communication for Web3. Axelar infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.
What is Axelar?
Axelar is a universal decentralized network with an ambitious goal to connect all blockchains, assets and applications through a universal set of protocols and APIs. The team aims to make all of the cross-chain interactions simple and seamless in the same way that our local networks are connected globally. You can send a message from one continent to another without having to think about transferring, and you don’t need to look for bridges or side programs/interfaces to do so. You can send an email from an @gmail.com address to an @yahoo.com or any other domain without thinking much about it. In the same way, Axelar’s team wants to connect the blockchains of all protocols and web3 projects.
What is a $AXL Token?
AXL is a native token of the Axelar Network. It is used for rewards in the network, fees, and can be used for staking and exercising governance over proposals.
What is a $WAXL Token
WAXL is a wrapped, ERC-20 version of the Axelar (AXL) token, that is represented on the Ethereum chain. This token can be used for trading on exchanges.
Some exchanges will not list the native version of the token (AXL), as supporting a new blockchain involves some degree of complexity on the part of an exchange. Instead, they will therefore support its ERC-20 version (WAXL) which is one such cross-chain representation of the AXL token.
How to get $AXL tokens?
Currently Axelar is listed on Coinmarketcap where you can find all exchanges for trading these tokens.
What is AXL staking?
The AXL token is the key to secure cross-chain communication, incentivizing the delegated proof-of-stake consensus that secures the Axelar network. Axelar network validators produce new blocks, participate in multiparty signing and vote on external chain states. Tokenholders stake the AXL token, delegating tokens to a validator’s staking pool and receiving rewards, minus the validator’s commission.
You can only stake in the native AXL token.
What is the frequency of rewards?
Axelar staking rewards are distributed at the end of a block every six seconds.
Staked AXL + rewards will remain locked in your wallet until you unstake them. After the lock period of seven days expires, you may withdraw both staked AXL + rewards.
Where can I explore the network?
If you want to track your transactions on the Axelar network, you can do it here.
What is the unstaking period?
Unstaking process will take 7 days to complete, and will affect your rewards. In addition, undelegating AXL will incur a gas fee. 5 AXL should be enough to cover this fee, but this number may change under certain market conditions.
Are AXL rewards compounding?
Compounding requires a new delegation. You need to withdraw staking rewards and re-stake them with the frequency if you want to make use of compounding returns. The steps required to re-stake AXL tokens vary from wallet to wallet. For CoinList users, AXL staking rewards are automatically re-staked to earn additional rewards until they choose to unstake and/or withdraw them.
What are the risks of delegating on Axelar?
You can get slashed (loss funds) in case the validator you are delegated to commits an offense. Make sure to do due diligence to minimize this risk. Double Signing comes with a 2% penalty and Downtime with 0.01%. Validators are also required to sign 50% of the blocks in every 35000 block window.
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