The popular cryptocurrency exchange Binance announced Friday plans to list AXL the Axelar network native token. The digital currency will be available for trading across different pairs including USDT, BTC, TRY, and FDUSD.
Following the listing announcement, Binance users can now deposit AXL before trading officially begins. However, the withdrawal functionality for the asset will be effective 24 hours after listing. AXL has been trading on other exchanges, including Bybit, Gate.io, and Coinbase.
Before the Binance listing announcement, Axelar partnered with Ripple to promote interoperability on the XRP Ledger and facilitate the tokenization of real-world assets. Speaking on the alliance, XRPL co-creator and Chief Technical Officer of Ripple David Schwartz said that “real-world asset tokenization will be the driving force of the blockchain economy.”
Effect of Announcement on Axelar Token (AXL)
Shortly after the Binance listing announcement, AXL jumped from $1.54 to $2.64, representing a 55% increase. Additionally, the token’s market capitalization increased to above $1.4 billion making it rank among the top 80 crypto assets by market cap.
Listing on Binance is a big step toward rapid growth and development for Axelar. With Binance as a very popular exchange in the industry, the listing brings more popularity for the project amid the bull run. This will draw the attention of more traders and investors to the AXL token.
Brief Overview of the Axelar Project
According to its website, Axelar is a project built to serve as a bridge between different blockchains. The protocol facilitates swift interaction between various blockchains. It also allows information, assets, and smart contracts to seamlessly move between different blockchains.
Like most new-age blockchain protocols, Axelar also uses validators to help manage transactions and communications. The decentralized validators verify the different transactions and messages on the network.
Axelar claims to remove the barriers between different blockchain ecosystems and make it easier for users and even developers who know only a specific programming language to utilize the full features of decentralization by building with their preferred language.