Axelar Powers Vertex’s Move Towards Cross-Chain Interoperability
The post Axelar Powers Vertex’s Move Towards Cross-Chain Interoperability appeared on BitcoinEthereumNews.com.
New York, USA, December 12th, 2023, Chainwire The top derivatives DEXs and spot DEXs are now all using Axelar network for cross-chain connections Vertex Protocol, one of the most innovative and fast-growing DEXs in Web3, is now using Axelar network and Squid to power cross-chain collateral deposits. The integration was announced today on Twitter. Vertex has grown rapidly to become the second-largest (and, on some days the largest) derivatives DEX by volume – by a wide margin. “With this integration, the top two derivatives DEXs by volume and the top two spot DEXs by volume are all using Axelar network for cross-chain connections,” said Georgios Vlachos, Director of Axelar Foundation. “The level of adoption shows the utility of Axelar network for DEXs that are building seamless UX for mass adoption.” In each category, DEXs going cross-chain with Axelar network handle more than half the total 24h market volume on any given day. Spot DEXs: Uniswap and Pancakeswap. Derivatives DEXs: dYdX and Vertex Protocol. Why DEXs are going cross-chain “Cross-chain deposits simplify the multi-step bridging process into one transaction for Vertex Protocol users,” said Vertex Protocol co-founder Alwin Peng. “Axelar’s technology is helping us to improve what we already believe is a best-in-class experience to make it even more versatile and adaptive.” Leaders like dYdX, Pancakeswap, Uniswap and Vertex haven’t grown due to their cross-chain strategy. They perfected product-market fit on a single chain. For dYdX and Uniswap, it was Ethereum; for Pancakeswap, it was BNBChain; for Vertex, it was Arbitrum. Having built their core offering on one chain, the opportunity to expand – and to develop better products for their users – lies in a cross-chain direction. It’s no coincidence that all the leaders in the DEX category are moving in this direction. Axelar’s Features: Top DEXs are going cross-chain,…
Filed under: News - @ December 13, 2023 3:12 pm