Over the last 10 days, an extra 26 million AXL tokens were staked, reaching a total of 759 million, which represents 66% of the entire supply. This surge in staking activity has propelled the price of Axelar's native cryptocurrency, AXL, to soar by 14%.

AXL, the digital currency powering the Axelar network that connects Web3 platforms, has experienced a significant 14% increase in value within the past 24 hours. Currently trading at $1.21, the AXL price surge has pushed its market cap to $781 million. Notably, the daily trading volume for AXL has also spiked by 76% to $38.5 million in the same period.

AXL Price Nearing All-Time Highs

The recent uptrend in AXL's price has brought it closer to the key resistance level of $1.26. If AXL manages to break above this level decisively, it could pave the way for a new rally towards its previous all-time highs and potentially beyond.

Furthermore, technical analysis of Axelar's charts indicates a bullish trend on the horizon for AXL following a confirmed breakout from a bearish pennant pattern observed in the 12-hour timeframe.

Growing Staking Activity and User Base

Since January 2024, the number of AXL stakers has more than doubled, surging from 5,000 to over 10,000 monthly stakers. The total count of unique users staking AXL tokens has now reached 32,100, with an average of 56 new stakers joining daily, totaling 1,800 new users in the past month.

In the recent 10-day period, an additional 26 million AXL tokens were staked, bringing the total staked amount to 759 million, representing 66% of the total token supply.

Axelar's Interoperability Mission

Axelar Network is at the forefront of asset tokenization, with major players like BlackRock exploring this domain. The network aims to bridge all tokenization protocols with any blockchain, be it public or private, through an interoperable framework. Their infrastructure promises seamless connectivity across diverse blockchain networks, emphasizing programmability, scalability, security, and transparency.

Overview of Axelar's Project

Axelar positions itself as a platform providing secure cross-chain communication for Web3 applications. Their focus lies in offering a decentralized network and toolkit tailored for dApp developers, enabling smooth cross-chain communication through a suite of protocols, tools, and APIs.

The core components of Axelar include a decentralized network, a software development kit comprising protocols and APIs, and a set of gateway smart contracts for cross-chain interoperability. Operated by a decentralized network of validators, Axelar invites users to participate, contribute, and utilize its services, offering a user-friendly API layered on a permissionless network that ensures network integrity through a proof-of-stake consensus mechanism.

AXL serves as the native token of the Axelar network, supporting cross-chain transfers of various native tokens through their wrapped ERC-20 equivalents, including AVAX, ETH, FTM, GLMR, and MATIC.