Axelar leads Binance Research's interop data: tx count, chains and valuation gap
Thread372 words
Bullish call$AXL−94%since this piece, moved against the callHow it played out ↓Uses Binance Research data to argue Axelar leads interop on fundamentals: 30D tx count 2x Wormhole and 8x Chainlink CCIP, 54 of 60 chains and many partners. Notes its FDV is far below Wormhole and LayerZero valuations.
Key claims
Axelar 30D tx volume is 2x Wormhole and 8x Chainlink CCIP
Supports 54 of 60 counted chains
Axelar FDV USD 0.8B vs Wormhole 2.5B and LayerZero 3B
Recently, @BinanceResearch published a data-driven report on the Web3 interoperability landscape. 🌐
The protocol that emerged as the leader driven by fundamental growth is NOT LayerZero and you might be fading. 👀
Alpha-🧵 on the current state of the Interoperability Wars ⚔️
1/ 📊 Data
The Interop Wars are fierce. The data proves this.
Some protocols have seen quickly fading, temporary surges driven by airdrop farmers.
A protocol that has showcased fast & steady growth is @axelarnetwork.
Axelar’s 30D tx volume = 2x Wormhole’s = 8x @Chainlink CCIP
2/ @axelarnetwork is a decentralized PoS blockchain built on the Cosmos SDK & with native IBC support.
This chain acts as a full-stack interoperability hub for Axelar's highly generalizable x-chain message passing protocol, connecting any chain that can host a Gateway contract.
3/ @Binance counted 60 chains in total, supported by cross-chain networks.
@axelarnetwork supports 54 of those chains, putting it in the leading spot.
4/ Axelar collaborates with leading projects in many industries.
Notable @axelarnetwork partners mentioned by @Binance:
🤝 @OndoFinance, a prominent issuer of on-chain U.S. T-Bills.
🗣 "Ondo Finance utilizes GMP for Ondo bridge, facilitating unified on-chain USDY liquidity."
5/
🤝 Microsoft, supporting @axelarnetwork's entry into the Azure Marketplace.
🗣 "Given the widespread use of Azure globally, this partnership has the potential to significantly drive Axelar's growth and expansion."
6/ 🤝 Major wallet providers such as @MetaMask, @TrustWallet, and @blockchain have integrated @squidrouter.
🗣 "uniquely positioning Axelar as the exclusive messaging protocol adopted by these platforms."
🤝 Onyx by J.P. Morgan, Mastercard, dYdX, & more.
7/ 🔍 Conclusion
▶️ @axelarnetwork works with more top-ranked projects than any network reviewed by Binance.
▶️ Axelar’s 30D transaction count is now double Wormhole’s and nearly 8x Chainlink CCIP, according to Binance.
▶️ Axelar connects more chains than any network reviewed.
8/ 🚨 Alpha Alert
What's interesting amid all of this, is that @axelarnetwork FDV (USD 0.8B) is much lower than Wormhole’s (2.5B) and LayerZero’s (3B) paper valuations.
Also looking at the circulating mcap of USD 0.3B Axelar could potentially be significantly undervalued.
NFA
I hope you've enjoyed this thread! 🫡
Make sure to follow me @zerokn0wledge_ and @axelarnetwork to stay up to date! 👀
Like/Repost of the below post is also highly appreciated! 🙏👇
4 images on X
How the call played out · since 13 Dec 2023
Prices as of 23 Oct 2026This piece takes a view on $AXL, so that move is read against the call.
Bullish on AXL, arguing it leads interop on transactions and chains while its FDV trails Wormhole and LayerZero.
−94%
Moved against the call · over 2.9 years
- At publication
- $0.8
- Now
- $0.0476
- vs BTC
- −97%
- After 1 month
- +34%
- After 3 months
- +174%
- After 1 year
- +15%
- High since
- +196% 04 Mar 2024
- Low since
- −96% 19 Aug 2026
Since then
Zero has written 6 more pieces on Axelar and $AXL since this one.
- Axelar on-chain data: 64 chains, GMP dominance and cross-chain volumeOn Axelar
- Axelar interchain dApps that could airdrop, and AXL staking up 26MCovers $AXL
- Interoperability guide v2: messaging, transport, bridges and proof layersOn Axelar
- The Ultimate Interoperability Guide: landscape of cross-chain protocolsOn Axelar
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.