Axelar Expands Decentralized Interoperability Network With Pangolin Exchange

Axelar has integrated with Pangolin Exchange, a decentralized exchange (DEX) for Avalanche and Ethereum assets.

The decentralized interoperability network will thus enable Pangolin to access assets from major layer-1 blockchains such as the Cosmos Hub, Terra, Bitcoin, and more.

Sergey Gorbunov, Co-founder and CEO of Axelar, commented: “We are looking forward to partnering with Pangolin to broaden and enhance the variety of assets and trading options available on the platform. As a democratic platform that has showcased remarkably fast settlements, Pangolin is a fantastic place for Axelar to expand its interoperability mission with decentralized exchanges. Avalanche offers both a strong network and community and we are excited for Pangolin to join the Axelar ecosystem.”

The partnership with Axelar’s interoperability protocol will allow Pangolin to support deep liquidity pools for new trading pairs like Cosmos’ native cryptocurrency ATOM and TerraUSD (UST), a stablecoin built on the Terra blockchain.

Pangolin will be bootstrapping the use of these assets in Avalanche’s fast-growing decentralized finance (DeFi) ecosystem which means users will no longer have to rely on an external bridge, meaning more security against downtime and attacks.

Axelar has recently raised $25m in a Series A funding round led by Polychain Capital in order to scale the network’s key integrations and to expand its developer team. The firm has already integrated with several networks including Polygon and Polkadot, and wallets such as Keplr.

Justin Trollip, Project Manager at Pangolin Exchange, said: “Axelar’s decentralized, highly secure, and universally adoptable protocol has been designed to frictionlessly connect all blockchain ecosystems that speak different languages.

“In addition to the remarkable technology stack, in all our interactions we’ve been impressed with the scope of their vision and the great level of professionalism shown throughout our engagement. Working with world-class partners allows us to achieve our vision of a cross-chain world at Pangolin.”

Axelar has recently announced its plans to integrate with Polygon, to bring scaled cross-chain interoperability to both users and dApp builders on the platform.

Polygon currently connects Ethereum-compatible blockchain networks, offering everything from NFTs to DeFi platforms and RPG games.

DApp builders and users are able to access the utility of Ethereum with the added benefit of Polygon’s features, like low gas fees and security.

This integration with Axelar will bring assets from outside chains to Polygon, to facilitate asset transfer and increase liquidity. By creating interoperability with chains like Bitcoin, Avalanche and Terra, Axelar will allow Polygon to expand their internet of blockchains beyond Ethereum.