Axelar Network — The Blockchain Network Interoperability
Integrated blockchain world is the next gen.
Nowaday, Blockchain is growing blazing fast and going to well-known in many fields. Since the generation of smart contract (ETH1.0) getting started. The world of blockchain is going to be the different. Many corporate looking forward to adopt blockchain infrastructure and make applications on top of it.
Seems like each of network have their own blockchain (likely each world!)
World of Solana,
World of Ethereum,
World of Binance Smart Chain,
World of Polkadot
You cannot make buy ERC-20 on Ethereum in Binance Smart Chain. (only if it’s created one representative in Binance Smart Chain) like ETH in Binance Smart Chain named as bETH
So, What is the issue?
Let’s think about if… You buy bETH in Binance Smart Chain but you need to use ETH in Ethereum Mainnet. What can you do?
Currently technology available nowaday is only “Bridge” There are many service that available such as wormhole bridge, anyswap, xPollinate
Normally, You transfer bETH to Bridge contract (Binance Smart Chain)
Bridge Contract send you ETH (Ethereum Chain)
Sound easy but complicated when you want to do much more transaction. Let’s me show you
In example. You have $1000 ETH staked in dApp (ETH Chain) and You want transfer to Arbitrum for staking in same dApp but in Arbitrum Chain which will give you the reward.
1. You have to unstake from dApp in Ethereum
2. Bridge $1000 ETH to Arbitrum
3. Stake $1000 ETH to dApp in Arbitrum
4. Claim reward in Arbitrum
Voila! in this case, Atleast 3 transactions have to been done.
So Axelar Network come to solve this issue to much more simpler. Why you should unstake and bridged while it’s similar dApp? What if you staked in Ethereum network and claim reward in Arbitrum?
The goal of Axelar is to be the universal connector of Web3. Allow every network and every chain can connect each other and send the data across.
Axelar Network had their own Network which being as the middleman for interoperability by deployed bridged contract in supported network. When transactions occured (such as you transfer token to bridged wallet) The Axelar validators will check and confirmed the transactions. Then doing a transaction on target chain.
Axelar also make gateway for the contract. That’s dApp builder can trigger smart contract after something happen in another chain. In example.
One dApp that normally launched in Ethereum mainnet but dApp just deployed on Solana. dApp builder want to use criteria that only people stake more than 1000 xToken in Ethereum can claim their starter NFT in Solana. In this case, Axelar can be the middle-man that linked data from Smart Contract in Ethereum Mainnet to Solana Smart Contract.
This example shown one of use-case of Axelar Network. To have inter-operability network across all network may help to improve flexibility and enhancing the power of Smart contract. This also help dApp more user-friendly.
The Integrated network will come in one day.
