Axelar, the decentralized interoperability network that connects blockchain ecosystems, applications and users, has today announced a new integration with Pangolin Exchange, a decentralized exchange (DEX) for Avalanche and Ethereum assets.
The partnership will enable Pangolin to access assets from major layer-1 blockchains such as the Cosmos Hub, Terra, Bitcoin, and More.
Sergey Gorbunov, Co-founder and CEO of Axelar, commented: “We are looking forward to partnering with Pangolin to broaden and enhance the variety of assets and trading options available on the platform. As a democratic platform that has showcased remarkably fast settlements, Pangolin is a fantastic place for Axelar to expand its interoperability mission with decentralized exchanges. Avalanche offers both a strong network and community and we are excited for Pangolin to join the Axelar ecosystem.”
Axelar’s interoperability protocol will enable Pangolin to support deep liquidity pools for new trading pairs like Cosmos’ native cryptocurrency ATOM and TerraUSD (UST), a stablecoin built on the Terra blockchain. With this integration, Pangolin will be bootstrapping the use of these assets in Avalanche’s fast-growing decentralized finance (DeFi) ecosystem. Additionally, Pangolin users will no longer have to rely on an external bridge – a move that significantly bolsters both security and efficiency on the platform. Axelar will allow for new assets to be available on Pangolin much faster, without having to build heavy third-party solutions, leading to an improved UX and higher tolerance against downtime and attacks.
The announcement comes just weeks after Axelar raised $25m in a Series A funding round led by Polychain Capital. The funding raised will be utilized to scale the network’s key integrations and to expand Axelar’s developer team as the company grows. In recent months, Axelar has announced a number of integrations with networks including Polygon and Polkadot, and wallets such as Keplr.
Justin Trollip, Project Manager at Pangolin Exchange, said: “Axelar’s decentralized, highly secure, and universally adoptable protocol has been designed to frictionlessly connect all blockchain ecosystems that speak different languages. In addition to the remarkable technology stack, in all our interactions we’ve been impressed with the scope of their vision and the great level of professionalism shown throughout our engagement. Working with world-class partners allows us to achieve our vision of a cross-chain world at Pangolin.”