- Hedera has integrated Axelar to enhance its interoperability while unlocking deeper liquidity access for the latter.
- The latest development comes hot on the heels of FedEx’s membership in the Hedera Council.
Axelar (AXL), a decentralized blockchain focused on cross-chain communication, announced on Tuesday its integration with Hedera (HBAR), a high-performance chain for decentralized applications (dApps). The move provides a common foundation for their institutional-grade products and unlocks a deeper liquidity pool for each chain.
Axelar’s Integration with Hedera
According to Axelar, Hedera has been making significant advances in tokenization, trading, and yield-generation. Additionally, the EVM (Ethereum Virtual Machine)-compatible platform is aligned with regulated markets, providing financial institutions with a familiar venue built on trust, confidence, and transparency. It opens up opportunities to run their value chain efficiently with considerably less friction than conventional models.
Axelar’s integration paves the way for Hedera builders and developers to plug into more than 60 major blockchains. It means they can transfer assets seamlessly across chains like Ethereum (ETH), XRP, Solana (SOL), Arbitrum (ARB), and others. Likewise, the programmable interoperability feature bridges them to vast liquidity pools and dApps across Web3.
Meanwhile, the connection allows Axelar to leverage Hedera’s high-performance profile and council-governed network.
FedEx Joins the Hedera Council
Axelar and Hedera’s milestone is a huge follow-up to the inclusion of FedEx in the Hedera Council this month. The shipping giant’s membership in the organization is expected to help facilitate the merger of digital infrastructure into the evolving lifecycle of global shipments and enable smarter supply chains.
FedEx and Hedera aim to explore ways to enhance automation, digital visibility, information sharing, and continuous compliance. This is to reduce friction and bottlenecks across global logistics and commerce significantly.
Furthermore, FedEx’s membership in the council lets it operate a node on the Hedera network. It gives the company equal voting rights with other key participants in the chain’s governance.
HBAR Performance
HBAR has an overall valuation of $4.12 billion out of its 43 billion circulating supply, indicating its important market position. However, the token’s pricing is currently not reflective of Hedera’s growing use cases and reach.
Over the last 24 hours, the asset remained constrained between $0.09277 and $0.09631 amid weak investor sentiment, driven by Bitcoin’s (BTC) dip around the $63,000 zone and a volatile macro outlook amid economic and geopolitical tensions shaking markets.
AXL is also affected by the overall bearish trend as it stagnated at $0.05004 and $0.05191.
