AXL token exchange rate rose by 76% after the listing was announced on Binance

The asset will be available for trading in pairs with BTC, USDT, FDUSD, and Turkish lira

01.03.2024 - 10:30

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What’s new? Crypto exchange Binance will list the native token of Axelar’s (AXL) programmable interoperable Web 3.0 application scaling platform. Trades with the asset in pairs with bitcoin, USDT, and FDUSD stablecoins, as well as the Turkish lira, will open on March 1, at 11:30 UTC, withdrawal of the coin will be available a day later. Against the backdrop of the announcement, the asset’s exchange rate jumped 76% at the moment and reached $2,64, but then partially corrected to $2,54, according to data from the CoinGecko aggregator.

The exchange’s announcement

What else is known? AXL will be added to the platform with a Seeg Tag, which is assigned to new projects that may show increased volatility.

Against the background of the upcoming listing, users also began to pump another asset with a similar name, AXL INU. Its value jumped by 190% to $0,00016.

Currently, the Axelar cross-chain protocol supports more than 50 blockchains, and the amount of transactions conducted with its help exceeds $7 billion. In 2022, the project’s valuation exceeded $1 billion following a $35 million Series B funding round with participation from Dragonfly Capital, Polychain Capital, and North Island Ventures.

In July 2023, Microsoft became a partner of Axelar. At the same time, the Axelar team introduced the Interchain Token Service (ITS) product to enhance the interoperability of ERC-20 tokens across all networks compatible with the Ethereum blockchain.

In September, one of the leading decentralized exchanges (DEXs), dYdX, used Axelar’s solutions to seamlessly migrate from the Ethereum network to its own blockchain in the Cosmos ecosystem

In February of this year, Ripple Labs began using Axelar tools to expand the interoperability of its XRPL blockchain when working with tokenized assets.

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