Cosmos Stablecoin Summit Highlight Series: Axelar - Bridging the Gap in Cross-Chain Communications
Explore Axelar, a key player in the Cosmos Stablecoin Summit, and its role in bridging the gap in cross-chain communications for Web3.
Dec 1, 2022
Greetings Agoric & Shade community,
In this highlight series, Shade Protocol will cover our partner projects for the upcoming Cosmos stablecoin summit in December - giving viewers the opportunity to learn about these protocols in advance.
Protocols and Speakers at the Cosmos Stablecoin Summit
The Cosmos Stablecoin Summit features the following protocols and speakers: Eventbrite Registration - Set Event Reminder
Axelar - Bridging the Gap in Cross-Chain Communications
Axelar is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. Axelar is composed of the following: [credit]
Decentralized network of validators
Secure Gateway Contracts
Suite of software development kits (SDKs)
Application programming interfaces (APIs) to enable composability
Axelar’s ultimate goal is to build the underlying infrastructure for onboarding the next billion people onto Web3. In order to achieve this goal, Axelar will:
Make it easy for blockchain developers to plug in and communicate with other chains.
Provide decentralized application (dApp) developers with cross-chain composability.
Allow users to interact seamlessly with applications across multiple ecosystems.
Due to the importance of EVM liquidity and stablecoins in the future of Cosmos, Axelar will play a key role within the composability of apps within the Cosmos leveraging the various cross-chain stablecoin possibilities (such as SILK).
Axelar Bridges - Into The Interchain w/Shade Protocol
In this episode of Into The Interchain with Shade Protocol, learn about Axelar's architecture and vision for Web3.
Axelar Tech Stack
Axelar is designed to specifically handle cross-chain requests with high safety, robustness, liveness, and governance. The key protocols that make Axelar possible are the following:
Cross-Chain Gateway Protocol (CGP) is responsible for cross-chain routing and delivery across autonomous blockchains that may run based on different consensus protocols and finality rules, heterogeneous tech stacks, and even blockchains without smart contracts.
Cross-chain Transfer Protocol (CTP) is an application level protocol that serves as the gateway, allowing applications to perform simple queries via a unified API (think FTP, HTTP/HTTPS) to facilitate cross-chain operations. Dapps can send CTP queries to special gateways hosted on various blockchains, and CGP is responsible for their cross-chain delivery to the correct destination blockchains, and returning the results to the sending applications. To learn more, read the Axelar Whitepaper.
Shade Protocol is an ambitious array of application-layer products focused on a simple end user experience that involves the incorporation of privacy by default. These interconnected privacy-preserving DeFi products built on Secret Network will change DeFi as we know it — empowering the next generation of value creation and exchange. Shade Protocol is launching Silk: a privacy-preserving collateralized, reflexive stablecoin built on Secret Network.
Without privacy, DeFi is incomplete. Traditional financial markets offer a degree of privacy for users, and as a result offer up greater protections in some capacity than existing DeFi markets. Shade Protocol will be the world’s first truly cohesive decentralized and privacy-preserving financial applications — ushering in a golden era for Web3. Shade Protocol will always push for privacy by default, privacy as an expectation, and privacy as thekey to unlocking the full value of a decentralized future.
But we can’t do this without community. We need you to join our community and help make Silk and Shade Protocol a reality.