Axelar

Halal Rating :
Comfortable
Last Price $0.98 Last updated:
Rank 116
1D Change -0.49 %
Market Cap $652.25m
Circulating supply 667,510,011
Maximum supply None

Crypto Overview

Categories
  • Interoperability
  • Ethereum Ecosystem
  • Coinbase Ventures Portfolio
  • Polychain Capital Portfolio
  • Binance Labs Portfolio
  • Galaxy Digital Portfolio

Axelar delivers secure interchain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus. Axelar is a blockchain that connects blockchains. To do this securely, Axelar network uses proof-of-stake consensus. 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. The AXL token is used for governance and to pay network transaction fees to validators and tokenholders. However, users of the Axelar network do not need to hold the token. Conversions into AXL tokens and destination-chain tokens are handled on the back end, so that users need only pay gas once, in the source-chain token. Axelar network rewards are “inflationary” — they increase the total supply of AXL — but there is potential for supply to become deflationary based on the transaction fee mechanic described above.

Crypto Impact

To assign a comfort level investing in Axelar from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Axelar.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Justification for our Halal Rating