NEW YORK--(BUSINESS WIRE)--Axelar, the proof-of-stake blockchain that connects Web3 ecosystems like Avalanche, Osmosis and Polkadot, is partnering with leading infrastructure company Mysten Labs, which recently raised a $300 million Series B investment round, to enable decentralized applications built on Mysten’s Sui blockchain to deliver cross-chain user experiences that span Web3 in a single click. The Axelar-Mysten partnership, by enabling secure General Message Passing and offering developers the ability to fully leverage the power of Sui’s Ethereum-compatible, chain agnostic multi-chain applications, significantly advances the prospect of a "super dApp" that will bring the next billion users to Web3. The announcement follows the release of Axelar’s $AXL utility token shared with holders today, which provides essential network security.
Mysten Labs' Move programming language — primed to be the “the JavaScript of Web3” — improves security for Web3 dApp developers and end users, by defining assets in modules that flow across trust boundaries. Axelar’s General Message Passing will enable dApps built in Move on the Sui blockchain to call any function on any external chain. For example, developers can allow users to deposit any digital asset, on any chain, including NFTs, for borrowing in any dApp on any chain. Application users can “tap in” with whatever token, wallet, and blockchain they desire, with no need to bridge or swap to access features.
“In order to reach the next billion end users, Web3 needs to onboard millions of developers. Mysten Labs is paving the way for that with an asset-oriented programming language and a developer-friendly environment," said Sergey Gorbunov, co-founder of Axelar. "Adding General Message Passing means developers building apps on Sui will be able to focus on the features that differentiate their dApps, securely composing functions across all blockchains and assets."
Potential use cases for this partnership range from incorporating liquidity for digital assets into gameplay in Web3 games to leveraging digital assets as collateral for multi-chain borrowing and lending. Axelar and Mysten are creating an environment that moves beyond siloed ecosystems and allows developers to pull from all of the resources that the Web3 ecosystem has to offer. The result is the potential for the creation of a “super dApp” that leverages each individual blockchain’s unique benefits for an all-in-one, user-friendly application.
“Axelar shares our vision for onboarding the next billion users to Web3 by making it as easy as possible for developers to do what they do best – develop," said Evan Cheng, co-founder and Chief Executive Officer of Mysten Labs. "We have been incredibly impressed with the team and momentum at Axelar and are excited by the opportunity to partner with them."
About Axelar
Axelar delivers secure cross-chain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus.
Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
More about Axelar: docs.axelar.dev | axelar.network | GitHub | Discord | Twitter.
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for Web3.
Learn more: https://mystenlabs.com
About Sui
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users in crypto. Developed by Mysten Labs, Sui is horizontally scalable to support a wide range of dApp development with unrivaled speed at low cost. The first-of-its-kind platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Sui is a step-function advancement in blockchain, designed from bottom up to meet the needs of the next billion users in crypto.
Learn more: https://sui.io
