Under-the-Radar Altcoin Surges After Surprise Listing on Crypto Exchange Binance

An under-the-radar, interoperability-focused altcoin set a new all-time high after Binance announced it was listing the asset.

Axelar (AXL) is a programmable Web3 interoperability platform that aims to provide cross-chain communication between numerous blockchains.

Explains the project’s website,

“Unlike other cross-chain connectors, Axelar is a proof-of-stake blockchain: it can do anything a blockchain can do. Transparent smart contracts built on Axelar automate paths for users, reducing them to a single click. Permissionless tools reduce developer overhead.”

The project’s native asset, AXL, is trading at $1.94 at time of writing, a nearly 27% increase from what it was priced at 24 hours ago. The 90th-ranked crypto asset by market cap also set a new all-time high, surging to $2.64 early Friday morning, a few hours after the listing was announced.

Binance attached a seed tag to AXL. The exchange applies seed tags to lower-liquidity tokens that have more volatility potential, and users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of their inherent risks.

Axelar also introduced its new virtual machine on Wednesday. Explain the project’s developers,

“Powered by Cosmwasm, the Axelar Virtual Machine turns interoperability into a programmable layer. It enables developers to write smart contracts on Axelar, while scaling their interchain deployments and “programming” the cross-chain networking layer.”

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