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Zircon Partners with Axelar to Power Cross-Chain Presence on Moonbeam & Beyond
Zircon will use Axelar as its cross-chain engine
We’re happy to announce that Zircon will be working with Axelar Network, one of the leading cross-chain infrastructure providers, to make our presence felt on the entire blockchain arena.
In its basic form, Axelar provides secure bridging functionality between most chains on Cosmos, Ethereum and Moonbeam.
The Nomad hack highlighted that relying on a single bridge is dangerous, no matter if the underlying architecture is sound. For our Moonbeam deployment, we aim to create a bridging interface powered by Axelar, which will be one of our primary providers (but not the only one).
But the more exciting aspect is Axelar’s generalized message passing architecture, which allows any contract on a chain to interact with others by relaying arbitrary messages. It’s a bit like Polkadot’s XCM, but generalized over many blockchains.
This helps us achieve our future cross-chain strategy: deploy on key DeFi hubs of activity, supporting its native projects directly. While for chains where it wouldn’t make sense to have a dedicated deployment, we will open Axelar-powered channels to directly interact with our DEX on Moonbeam or other chains.
The users can choose to either swap token A for token B on the same chain A, or even mix it up by receiving token B on another chain B. They would also be able to supply liquidity cross-chain with one click, though the pools would be ultimately located on their respective hubs.
Going cross-chain is extremely important for Zircon. Our single-sided liquidity system and impermanent loss mitigation are unique in the industry, and we want to offer the opportunity to use it for as many projects and tokens as possible.
What does this mean for Zircon Gamma?
Our fair launch Moonriver deployment will be out of scope for this partnership for a number of reasons, including the fact that Axelar is not currently available on Moonriver. We do want to achieve similar levels of functionality down the line, so stay tuned for further updates on that front.
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