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Axelar

32 pieces · Apr 2023 to Jan 2026 · 5 flagship

Sectors

L1/L226 DeFi16 Tooling8 Market structure7 ZK2 Stablecoins2

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Coverage per year

152023

152024

12025

12026

No calls on Axelar since 2025 · show price and coverage

Price and coverage

Axelar $AXL

Calls: None yet
Since first piece: −87%
vs BTC: −81%
Now: $0.0477

bullish thesis bearish thesis coverage, no call map, list or mentionShow all 2 piecesCalls onlyWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Axelar

Map16 Nov 2023Intent-centric landscape map: infrastructure, solvers, apps and walletsLandscape of intent-centric projects compared across expression, solver candidates, solving process, selection and settlement, from CoW Swap and UniswapX to Essential, SUAVE and Anoma, grouped into infrastructure, supporting facilities, enterprise and consumer apps.Explainer06 Sep 2023Axelar Interchain Token Service: bridge taxonomy and the wrapped token problemClassifies bridges (native, validator or oracle based, generalized message passing, liquidity networks), lists the risk categories, then explains how Axelar's ITS issues natively fungible interchain tokens instead of bridge-specific wrapped versions. Sushi is an early adopter.Map21 Apr 2024The Ultimate Interoperability Guide: landscape of cross-chain protocolsCategorized landscape of interoperability protocols across messaging, cross-chain DEXs and AMMs, lending, liquidity aggregation, bridges, proof aggregation, proving and verification, each with a short descriptor such as Wormhole's 13/19 guardian set.

Timeline · every piece, newest first

2026 1

01 Jan 2026Why token launch format matters less than insider extraction and missing rightsArgues Lighter was not hurt by airdrop vs ICO but by alleged shady behaviour, and that tokens without shareholder rights, traded on unregistered venues and diluted by insiders won't attract rational TradFi investors.Market takeMarket structureRegulation

2025 1

24 Jul 2025Union yapper reward per 0.1% mindshare at $250M to $1B FDVBenchmarks Union against interop peers (FDVs of $250M to $2B) and computes reward per 0.1% mindshare across scenarios. Season 0 pool is 0.45% of supply and Season 1 is 0.20%.DataZKMarket structure

2024 15

19 Sep 2024Union: ZK-powered IBC interop and the Wandering Whale Sharks NFT airdrop caseArgues Union, a ZK-powered interop layer scaling IBC beyond Cosmos, will be a major player and that the official NFT collection likely gets a UNO airdrop. Benchmarks against interop FDVs and notes Berachain and Movement partnerships.ThesisZKL1/L2

13 Jun 2024Entangle: cross-chain messaging, data feeds and liquid vaults, NGL valuationBreaks down Entangle's stack: Photon Messaging, Universal Data Feeds, Liquid Vaults and an Ethermint-based chain. Argues NGL looks undervalued versus interoperability peers Wormhole, Axelar and LayerZero.BreakdownL1/L2DeFi

12 Jun 2024Mento: local currency stablecoins on Celo and the MENTO airdrop bull caseBull case for Mento as a protocol for local currency stablecoins, noting 40% of global GDP is outside USD while USDT and USDC dominate. Explains the collateral design with a volatile reserve layer, the cross-chain access routes and the planned no-code stablecoin toolkit.BreakdownStablecoinsDeFi

19 May 2024Axelar on-chain data: 64 chains, GMP dominance and cross-chain volumeData thread on Axelar, an interoperability L1 with a 75+ validator set using threshold signatures. General message passing dominates activity, with BNB and Sei leading by dollar value on fewer transactions, which suggests whale activity.DataL1/L2DeFi

08 May 2024Lava Network: decentralized RPC as the data access layer for rollupsArgues new rollups lack reliable RPC infrastructure, which Lava solves via incentivized public RPC pools. Covers usage stats, funding and LAVA tokenomics with 1B fixed supply, restaking and deflationary mechanics.ThesisL1/L2Tooling

28 Apr 2024Axelar interchain dApps that could airdrop, and AXL staking up 26MLists tokenless dApps built on Axelar (Squid, Hinkal, Ithaca, Interswap and others) as potential airdrop candidates while the interop narrative heats up. Notes AXL staking rose by 26M AXL in 10 days, with 66% of supply staked.Market takeDeFiL1/L2

22 Apr 2024Interoperability guide v2: messaging, transport, bridges and proof layersUpdated interop landscape separating cross-chain messaging, transport layer, bridge, aggregation and cross-chain DEX protocols, then adding proving, proof aggregation and verification layers and shared sequencers as modular building blocks.MapL1/L2Tooling

21 Apr 2024The Ultimate Interoperability Guide: landscape of cross-chain protocolsCategorized landscape of interoperability protocols across messaging, cross-chain DEXs and AMMs, lending, liquidity aggregation, bridges, proof aggregation, proving and verification, each with a short descriptor such as Wormhole's 13/19 guardian set.MapL1/L2Tooling

17 Apr 2024Interoperability landscape: interop protocols with and without a tokenSplits interop protocols into those with a token (Axelar, Wormhole, Polyhedra, Entangle, CCIP, Picasso, Omni) and tokenless ones (LayerZero, Union, Hyperlane, Polymer, Electron), with one-line security designs.MapL1/L2Tooling

10 Apr 2024Monad ecosystem map after the $225M raiseCategory map of the Monad ecosystem across DeFi, NFT and gaming, tooling, interop, wallets and oracles after its $225M raise. Frames Monad as Solana-style speed with EVM compatibility and notes its fast developer mindshare gain.MapL1/L2DeFi

04 Apr 2024Why Wormhole is more than a bridge: reply to UX criticismRebuts the view that Wormhole has bad UX: Portal is a separate app, and Wormhole is a messaging and developer platform on 30+ chains. Defends the 13/19 guardian design while conceding trust-minimized ZK verification is the endgame.ThesisL1/L2

20 Mar 2024Entangle bull case: oracle chain, liquid vaults and valuation compsSummarizes Entangle as an oracle-centric chain with universal data feeds, Photon messaging and liquid vaults, noting a Consensys strategic investment and comparing a $44M mcap with Wormhole, Axelar, Pyth and Chainlink valuations.ThesisDeFiTooling

18 Mar 2024LayerZero DVN critique: Axelar DVN admin controlled by an EOASummarizes an A1 Research finding that LayerZero's Axelar DVN has an admin controlled by an EOA able to censor traffic or transmit fraudulent transactions, plus scaling and gas costs of the pairwise DVN design. Notes LayerZero raised at over $3B.Market takeL1/L2Tooling

08 Feb 2024Entangle: data feeds and liquid vaults pitched as a multi-narrative playArgues Entangle's oracle chain, Photon messaging and liquid vaults for LP tokens touch interop, restaking, RWA, AI, DePIN and gaming, and compares an IDO below $50M FDV with Chainlink, LayerZero, Wormhole, Axelar and Pyth valuations.ThesisDeFiTooling

06 Feb 2024Axelar Interchain Token Service: native tokens instead of wrapped assetsExplains ITS: newly minted interchain tokens use burn-and-mint with the same address on every chain, removing wrapped-asset bridging risk, while existing tokens registered with ITS stay lock-and-mint when first leaving their native chain.ExplainerDeFiL1/L2

2023 15

13 Dec 2023Axelar leads Binance Research's interop data: tx count, chains and valuation gapUses 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.DataL1/L2Market structure

25 Nov 2023Axelar interoperability traction: chain count, Squid and enterprise integrationsBrief bullish case for Axelar as a leading GMP: over 50 chains supported, Squid integrated in top wallets, blue-chip DeFi integrations and enterprise or RWA issuer builders.Market takeL1/L2DeFi

16 Nov 2023Intent-centric landscape map: infrastructure, solvers, apps and walletsLandscape of intent-centric projects compared across expression, solver candidates, solving process, selection and settlement, from CoW Swap and UniswapX to Essential, SUAVE and Anoma, grouped into infrastructure, supporting facilities, enterprise and consumer apps.MapDeFiToolingMarket structure

16 Oct 2023Cross-rollup composability: proof aggregation, shared sequencing and SUAVEAdds commentary to an interop overview: light-client ZK verification, validity proof aggregation layers, shared validity sequencing for atomicity, SUAVE as demand-side aggregator and shared sequencers needing stateful builders.Market takeL1/L2Market structure

14 Oct 2023Chainlink CCIP vs LayerZero: DON design, ARM network and security modelsCompares CCIP (committing and executing DONs plus an Active Risk Management layer) with LayerZero's oracle plus relayer model. Argues CCIP is less customizable but more decentralized and secure by default, and weighs this against PoS app-chain interop like Axelar.Market takeL1/L2DeFi

06 Oct 2023Axelar tokenomics proposal: stabilized staking rewards and fee burnSummarizes Axelar's proposed AXL token economics to scale to many L2s: more EVM connections, stabilized validator and staker rewards, and burning tx fees instead of distributing them.Market takeL1/L2DeFi

29 Sep 2023Circle CCTP: burn-and-mint native USDC bridging and its centralization trade-offExplains CCTP's burn, attestation and mint flow for native USDC, which avoids lock-and-mint wrapped versions and liquidity fragmentation. Flags that Circle's attestation role creates censorship risk.ExplainerStablecoinsL1/L2

18 Sep 2023Response to Justin Bons: Ethereum scales L1 via blobs and dankshardingRebuts the claim that L2-only scaling is no scaling. Ethereum sells secure block space and shifts from B2C to B2B, rollups keep customizable execution, composability is the real concern, and L2 activity accrues fees to L1.Market takeEthereumL1/L2

06 Sep 2023Axelar Interchain Token Service: bridge taxonomy and the wrapped token problemClassifies bridges (native, validator or oracle based, generalized message passing, liquidity networks), lists the risk categories, then explains how Axelar's ITS issues natively fungible interchain tokens instead of bridge-specific wrapped versions. Sushi is an early adopter.ExplainerL1/L2DeFi

13 Jul 20232023 crypto narratives: LSDfi, zkEVMs, DA, app-specific rollups, privacy, RWALists the narratives he is positioned in: LSDfi, zkEVMs, recursive L3 scaling, hyperscalable DA, app-specific rollups, privacy, interoperability, parallel VMs, WASM/RISC-V VMs, RWA (pending regulatory clarity) and perp DEXes.ThesisL1/L2PrivacyDeFi

06 Jul 2023Axelar vs LayerZero security and trust assumptions comparedCompares how Axelar (PoS validator set with threshold signatures) and LayerZero (oracle plus relayer) verify cross-chain messages. Notes voting power concentration at Axelar and LayerZero's closed codebase and censorship risk.BreakdownL1/L2Market structure

03 Jul 2023Trust-minimized bridging: proof-based vs committee-based and DA layersCompares proof-based and committee-based bridges on trust minimization and generalizability. Argues proof-based bridges still trust connected chain consensus and that shared DA layers with light clients could enable true trust minimization.ExplainerL1/L2Market structure

29 Jun 2023Axelar explained: general message passing and cross-chain composabilityExplains Axelar as a Cosmos SDK PoS chain that enables interoperability through general message passing, gateway contracts, threshold signatures and untrusted relayers. Bullish on AXL as it supports 40+ chains.ExplainerL1/L2DeFi

26 May 2023Bridge landscape: ZK, IBC, messaging and other secure bridge designsCategorized list of bridging technologies seen as alternatives to committee-based multisig bridges, which have been prone to exploits: ZKP state verification, IBC-based, cross-chain messaging and others.MapL1/L2DeFi

24 Apr 2023Cosmos IBC volume: roughly $1bn moved across app-chains in 30 daysReports 30-day IBC volume by chain from Map of Zones as evidence of the internet of blockchains thesis.DataL1/L2

Often covered with

LayerZero35 Wormhole24 Hyperlane24 Union36 Squid6 Succinct38 Celestia145 Entangle5

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