Hedera becomes interoperable with 60 blockchains thanks to Axelar Network
- Hedera is now connected to the Axelar Network interoperability protocol. It already includes over 60 blockchains, including Arbitrum, Solana and XRPL.
- This gives Hedera access to liquidity pools and DeFi apps on Web3. Customers can move assets directly between blockchains connected to Axelar.
The new Axelar connection by Hedera expands the platform’s crosschain infrastructure. This gives the community more flexibility and expands Hedera’s reach. A Hedera post on X states:
“The biggest advantage is that the Axelar network integrates Hedera directly into over 60 interconnected blockchain systems. Customers can now transfer assets from other supported chains to Hedera via Axelar’s infrastructure….”
Axelar’s DPoS consensus mechanism supports Hedera
Axelar uses a DPos (Delegated Proof-of-Stake) consensus mechanism. It plays a major role in validating crosschain transactions and processes and confirms transfers between Hedera and other blockchains.
In addition, Axelar’s smart contracts enable programmable crosschain communication. This makes it easier for developers to develop crosschain applications. As a result of the Hedera-Axelar partnership, Hedera customers will be able to use a broader multichain system with Axelar smart contracts. The team explains it like this:
“Several Hedera projects are already implementing Axelar on their platforms. One of them is Saucerswap, Hedera’s leading DEX, which integrates Axelar directly into its user interface, thereby making it easier for customers to carry out their crosschain transfers.”
HBAR price in the red – forecast still positive
The HBAR price has been on a rollercoaster ride over the past few months. Although the token was in the green at the beginning of November, it is now trading in the red. Despite the Axelar integration, the Hedera price has fallen by 8.5% within one day and is currently at $0.1342. In October and last week, HBAR experienced an even steeper decline of 17 and 21 percent, respectively.
Nevertheless, there is a positive mood in the community because the expected future of the altcoin allows traders to remain confident and take advantage of the opportunity to buy. The upward trend is already evident in the significantly increased 24-hour sales, which currently stand at $277.8 million and have therefore increased by around 10%.
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