Axelar ushers in the crypto super app 📱

All of crypto finally at our fingertips: thought I’d do something other than galaxy imagery for once

Super apps now

WeChat: all users’ data in one place — incredible, but as free as the market for supreme leaders

Layer 1s are hyped as if they’re going to be super apps

Stickiness, a sign of a closed market

  1. The need to bridge assets (Wormhoooole)
  2. No application modularity across chains (Yearn on Polygon cannot automate Curve on Ethereum)
  3. Different private key types and signature generation algorithms are used on different chains (7 seed phrases and 5 wallet browser extensions needed)
(coyote=retail, road runner=vcs lel)

Axelar unifies crypto

One private key

Axelar → accessing all apps on all chains with one key, is like iPhone → walkman, map, bank card, camera, TV, telephone, word processor, Gameboy and heroin all in one pocket sized device.

Get ready for the libertarian super app

ok I mentioned relativity, couldn’t resist a space picture

Post Script

  • Another really interesting project to follow is Entropy, which is a decentralised signing machine with similar implications for crypto. It solves a slightly different problem (decentralised custody), and I can see both Entropy and Axelar existing in harmony. Def check Entropy out too.
  • You may be wondering about LayerZero. LayerZero offers a very similar dream, but its technology is more the application layer, than the infrastructure/protocol layer. I’ll do a piece on LayerZero very soon.
  • Axelar’s technology will become a centralised attack surface for our ecosystem, so it’s worth tracking this. A bug in Axelar’s tech or a game theoretical asymmetry with the proof of stake network could be catastrophic.
  • Two barriers for a user to use an app on another blockchain remain: community, and trust. Lunatics might remain, as they’ve been made rich by the buying LUNA early, but I don’t believe this will be a long term factor. Once blockchain technology matures and we have application devs forking this open source technology for themselves, the L1 may not matter as much, as long as it works and comes from a lineage of good consensus tech and inherits security from a deep, decentralised staking pool. Also, if users don’t need to know which chain an app is running on, the community factor might fade.
  • Axelar only supports 5 chains currently, but its technology is generalisable to most consensus methods. Axelar hasn’t released their SDK for developers to build cross chain apps just yet, but will be doing so very soon. You can try out Axelar’s cross chain asset transfer bridge here.
  • Axelar requires a couple more block confirmations for a signature to be forwarded, so truly snappy UX may require the user having a private key on certain chains. Traders and gamers, for example, will want faster execution.

--

--

--

Cross chain desperado loose in the wireld

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Crypto Movies Will Replace Superhero Movies: Gordon Gekko Is Coming

🔭 The Ethereum Scaling Roadmap

How to create a decentralized structured product that outperforms ETH or other coins by ~13%

The Crux Tide: Everything new must reminisce

Coercion is not glory #miami #womensmarch #rally #notmypresident #womensmarchmiami

A Brief Overview of Compound Treasury

Is BTC becoming more valuable than gold 2021

Bitcoin and DeFi are completely different phenomena

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
0xpostman

0xpostman

Cross chain desperado loose in the wireld

More from Medium

Osmosis — The Interchain AMM

Evmos is now LIVE: Staking guide

Nomad: a cross-chain interoperability protocol for generalized message passing

Axelar is not a bridge 🔑