Cryptocurrencies and DeFi: Axelar raises $60 million to replace exchanges

Deep down, decentralization! Interconnect the entire crypto ecosystem, this is the mission that has given itself Axelar, the blockchain unicorn. The company seeks to remove all obstacles. And for her, there is one of size: the centralized exchanges. The news of recent months could only confirm their position.

Centralized exchanges to replace, according to Axelar

Here is an idea which is beautiful… and which comes at the right time given the recent events around the FTX crash. As brutal as an alarm clock that goes off too early in the morning, this cataclysm seems to have given the crypto ecosystem a boost. Like a burst of pride after having received a blow to the heart of their reputation as a builder, builderthe ecosystem reacts.

And the first pistol shot is given by Axelar. Blockchain in Proof of Stake (PoS) has spear on December 19, a financing program of $60 million. This one will be dedicated to a very precise cause: the acceleration of the development of decentralized applications and protocols aimed at eventually replacing centralized exchanges. In addition, the initiative can rely on more than 15 investorsincluding Blockchange, Dragonfly Capital and Morningstar Ventures.

Decentralized applications to replace exchanges?  This is Axelar's ambition.
The Axelar blockchain launches a fund dedicated to the development of decentralized applications

“2021-2022 saw an unprecedented massive influx of new developers into web3. In 2023, it will be a question of favoring quality over quantity. For those with the belief and ability to build truly decentralized systems, the fall of FTX has only strengthened their resolve. »

Sergey Gorbunov, co-founder and CEO of Axelar

This is, so to speak, the raison d’etre of theAxelar Ecosystem Startup Funding Program : allow the development of decentralized applications (dApps) which directly solve insoluble problems via the centralized Internet. Moreover, to subscribe to this aid, the projects must, in their roadmap, respect the sovereigntythe security and the privacy digital of their users. The objective must be clear and precise: to attract the general public directly on decentralized applicationswithout going through the exchanges.

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The crypto ecosystem in the era of decentralization?

“The best web3 developers are no longer satisfied that the arrival of new users within the crypto ecosystem is done via entities [les exchanges centralisés] who claim to implement ‘blockchain’ services, while they are simply running databases. »

Sergey Gorbunov

Indeed, the attention of all players in crypto startups must now turn tomainstream adoptionc decentralized applications. To do this, we must create simple and practical access, and above all highlight the gains in terms of sovereignty over our data and our privacy. Problems that centralized exchanges can never solve. When all of this is in place, then maybe we will have the much-desired mass adoption.

Through theAxelar Grant Programit is therefore a question of boosting the activity of crypto startups by favoring quality rather than quantity. This is so that well-built and easy-to-access applications emerge and allow adoption by the greatest number. The road is still long, but Internet neither, just like Rome, wasn’t built in a day.

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