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Axelar (AXL) coin has seen a remarkable surge, rising over 160% since Nov. 2023. What is happening in its ecosystem, and how far will it go?
Since Nov. 2023, Axelar (AXL) coin has witnessed a remarkable surge in its value, climbing over 160% from trading levels of $0.4 to reaching $1.05 by Feb. 12.
In its Series A funding round in 2021, Axelar secured $25 million, with the round being spearheaded by Polychain Capital.
Following the success of the Series A round, Axelar garnered significant attention in 2022 during its Series B funding event and raised $35 million at a valuation of $1 billion. This attracted backing from prominent firms, including Polychain Capital, Dragonfly Capital, and other notable entities.
Furthermore, Axelar’s collaboration with industry giants such as JPMorgan and Apollo in tokenizing funds underscores its growing influence and integration into mainstream financial services.
Let’s explore how all these factors combined could influence Axelar’s price prediction in 2024 and beyond.
What is Axelar, and why is it gaining traction?
Axelar is a blockchain network designed to facilitate interoperability between various blockchain platforms. It operates as a decentralized network that connects different blockchains, allowing them to communicate with each other and share information or assets securely and efficiently.
Axelar achieves this functionality through a set of protocols and tools that developers can use to build decentralized applications (dapps) that are not confined to a single blockchain ecosystem but can interact across multiple chains.
The surge in Axelar’s popularity can be attributed to its role in addressing a longstanding challenge within the blockchain sphere: the isolated nature of blockchain networks.
Traditionally, blockchains have operated in silos, lacking robust mechanisms for cross-chain interaction. Axelar aims to tackle this issue by furnishing a universal framework and language for blockchains, facilitating the frictionless movement of assets and data across various chains without centralized intermediaries.
Axelar’s ecosystem updates
The Axelar network has been continuously expanding its ecosystem to foster interoperability, scalability, and accessibility. Here are the most important updates:
Bridging gaming worlds with Immutable integration
In Jan. 2024, Axelar network entered the blockchain gaming sector by partnering with Immutable, a leading platform in web3 gaming.
This collaboration combines Axelar’s cross-chain communication capabilities with Immutable’s specialized gaming blockchain, Immutable zkEVM, leveraging Polygon (MATIC) technology.
Immutable zkEVM offers EVM compatibility, low transaction costs, and scalability, maintaining Ethereum (ETH) level security. This compatibility allows developers to seamlessly deploy Ethereum-based applications on Immutable zkEVM without significant code alterations.
The integration between Axelar and Immutable expands users’ access to web3 games across more than 50 connected blockchains, enhancing game availability and diversity for players, regardless of their primary blockchain platform.
Benefits of integration
- User onboarding: The integration aims to simplify onboarding new users by providing games direct access to Ethereum L1 users. Players can easily start playing games on Immutable zkEVM without undergoing complex onboarding procedures.
- Asset bridging: Players can bridge assets to and from Ethereum L1 effortlessly through tools like Immutable Passport and Immutable Checkout, thereby reducing the friction associated with managing in-game assets across different blockchains.
- Cross-blockchain scalability: The ability for games to scale across multiple blockchains allows games deployed on Immutable zkEVM to reach a wider audience and tap into the network effects of multiple blockchains, thereby enhancing their growth potential.
Sergey Gorbunov of Interop Labs (the initial developer of Axelar network) highlighted the integration’s role in breaking down barriers within the web3 gaming industry. He said:
“The integration of Immutable serves as an expansion pack for the Axelar ecosystem, complementing a platform that already supports interoperability for web3 game platform leaders like Decentraland and XPLA. This represents a significant step towards achieving interoperability in game development and metaverse environments, a concept discussed since the advent of web3.”
Collaboration with JP Morgan
In Nov. 2023, Axelar network, in collaboration with financial giants like J.P. Morgan, Oasis Pro, and Provenance Blockchain collaborated to explore tokenization in investment portfolios across blockchains as part of Project Guardian.
At the heart of the project was the aim to demonstrate how blockchain could enhance the management of client portfolios by enabling the tokenization of funds.
Tokenization is the process of converting rights to an asset into a digital token on a blockchain. This concept allows for the seamless execution of trades and automated management of portfolios across various blockchain networks, offering a new level of flexibility in asset management.
By showing how traditional and alternative investments can be managed automatically across multiple systems, the project paves the way for a new era of digital asset management.
Partnership with Microsoft
In Jul. 2023, an important partnership between Axelar and tech giant Microsoft was announced, integrating blockchain with cloud services.
This collaboration aimed to bridge public and private blockchains by making Axelar available on Microsoft’s Azure marketplace, opening up new avenues for developers and companies using Azure’s cloud services.
Microsoft’s Azure is a cloud computing service used by a wide array of businesses for building, testing, deploying, and managing applications and services through Microsoft-managed data centers.
This integration is particularly significant for developers looking to build decentralized applications (dapps) that can operate across multiple blockchain environments without sacrificing security or efficiency.
Axelar price prediction: short-term view
The Axelar price forecast, according to CoinCodex, presents a mixed short-term outlook for the AXL token.
By Feb. 23, the AXL price prediction indicates an uptick to $1.12, reflecting a 7.5% increase from current price levels.
However, the forecast suggests a downward adjustment by Mar. 11, with the price expected to decrease to $1 levels.
You should approach these predictions with caution, understanding that cryptocurrency markets are highly volatile and subject to rapid changes influenced by several factors.
Axelar price prediction: long-term view
Looking towards the future, Axelar price predictions vary among analysts, indicating a range of potential outcomes for the AXL token.
According to DigitalCoinPrice (DCP), the Axelar price prediction for 2024 is projected at $1.99, indicating a bullish outlook for the near term.
Moving forward, the Axelar price prediction for 2025 escalates to $2.49, suggesting continued growth. By 2030, DCP forecasts a substantial increase to $7.71, highlighting long-term confidence in the token’s potential.
Conversely, CoinCodex (CC) presents a more conservative Axelar coin price prediction. For 2025, CC estimates a price range between $0.96 (low) and $1.39 (high), indicating a possibility of both growth and retraction compared to current levels.
The Axelar price prediction 2030 by CC ranges from $2.02 (low) to $3.81 (high), suggesting a significant increase.
Keep in mind that these Axelar crypto price predictions are speculative and subject to change based on market trends, technological advancements, regulatory changes, and broader economic factors.
As such, if you are considering an investment in Axelar or any other cryptocurrency, then approach with caution, conduct thorough research, and consider financial advice.
Diversification and risk management are crucial strategies to mitigate potential losses in the volatile crypto market, and never invest more than you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
FAQs
Is Axelar a good investment?
Whether Axelar is a good investment depends on several factors, including your investment goals, risk tolerance, and the market’s evolving dynamics. Axelar’s approach to blockchain interoperability, its successful funding rounds, and strategic partnerships suggest strong industry support and potential for growth. However, like any cryptocurrency investment, it comes with risks due to market volatility. You should conduct thorough research, consider market trends, and possibly consult with a financial advisor before investing.
Will Axelar go up or down?
Predicting the exact movement of Axelar’s price in the short or long term is challenging due to the inherent volatility of the crypto market. Short-term predictions have shown fluctuations, while long-term forecasts suggest potential growth, but these should be approached with caution.
Should I invest in Axelar?
Deciding to invest in Axelar should be based on a comprehensive analysis of the project’s fundamentals, recent developments, market position, and potential for future growth. It’s crucial to diversify your portfolio to mitigate potential losses and only invest what you can afford to lose.
This article first appeared at crypto.news
