Binance Research recently published a report on the Web3 interoperability landscape. The report covered a number of key points demonstrating Axelar’s leadership position in the cross-chain category.

As the cross-chain opportunity grows in scope, with new projects adding interoperability on a weekly basis, here are a few highlights from the Binance Research report, covering areas that are highly relevant to this growth story.

Axelar is the fastest-growing cross-chain network

Others have seen temporary surges, driven by airdrop rumors and other activity – only to fade. Axelar has posted fast and steady growth. Axelar’s 30D transaction count is now double Wormhole’s and nearly 8X Chainlink CCIP, according to Binance.

Scale matters: Axelar connects the most chains

Binance counted 60 chains in total, supported by cross-chain networks. Axelar supports 54 of those chains.

Axelar partners with the top projects in key verticals

Notable Axelar partners cited by Binance:

• Ondo Finance, a leading issuer of on-chain U.S. T-Bills. “Ondo Finance leverages GMP for Ondo bridge, fostering a unified on-chain USDY liquidity.”
• Microsoft, supporting Axelar’s entry into the Azure Marketplace. “Given the extensive use of Azure worldwide, this partnership could significantly fuel Axelar’s growth and expansion.”
• Major wallet providers such as MetaMask, Trust Wallet and Blockchain.com have integrated Squid, “uniquely positioning Axelar as the sole messaging protocol to be adopted by these platforms.”
• Onyx by J.P. Morgan, Mastercard, dYdX and more.

Comparison table highlights

• Axelar 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.
• FDV (0.8M) is a better measure than market cap (0.3M) vs Wormhole’s and LayerZero’s paper valuations. By either measure, Axelar is undervalued.
• Axelar connects more chains than any network reviewed by Binance.

Security

Binance: “Axelar … boasts a high level of decentralization with 75 validators, and its improved PoS system, which includes features like quadratic voting and key rotation, adds notable benefits.”

Cross-chain metrics

Binance: “These newer solutions … have led to a shift in performance criteria from total value locked (“TVL”) to more transaction- and message-based metrics.”

Axelar has been leading this shift, developing a set of cross-chain metrics and analytical approaches back in Q2, 2023.

Conclusion

We hope this summary was a useful tldr of the Binance Research report. The full report is well worth a read. For more information about Axelar, visit our website (axelar.network) and our developer documentation (docs.axelar.dev).

About Axelar

Axelar is the leading Web3 interoperability platform, connecting over 50 blockchains via a secure, programmable network – internet infrastructure for the world’s next super app. For partners ranging from Uniswap to Microsoft, Axelar enables scalable cross-chain solutions. Users interact with any asset in one click. Developers span multiple blockchains as though building on one, supported by a simple API and a permissionless ecosystem of tools and service providers. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain. See what full-stack interoperability can do for your dApp.

Learn more at axelar.network.

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