Axelar is a proof-of-stake blockchain that allows developers to build apps on top of native cross-chain infrastructure, allowing projects to focus on developing the application layer. Early applications integrating Axelar include XDEFI, Kado, and Trust Wallet, and there are various native cross-chain DEXes such as Satellite and Squid. Circle also recently announced a partnership, focusing on composable cross-chain liquidity for USDC. Axelar have raised $100m to date from leading VCs such as Dragonfly and Polychain, and in December launched a $60m ecosystem funding program.

The key technology is Axelar’s General Message Passing (GMP), which allows a dapp to...