Axelar, Mysten Labs partner on cross-chain communication for super dApps
The Proof-of-Stake (PoS) blockchain Axelar and infrastructure company behind Sui blockchain, Mysten Labs, disclosed a partnership on Tuesday to deliver cross-chain communication for developers through General Message Passing, aiming to advance the prospect of a "super dApp". Integration is expected to be completed before the end of the year.
The collaboration will enable dApps built in Move — Mysten's programming language — to call any function on any external chain. According to the companies, developers will be able to provide users with the ability to “'tap in' with whatever token, wallet, and blockchain they desire, with no need to bridge or swap to access features", stating that use cases range from incorporating liquidity into Web3 games to leveraging digital assets as collateral for multichain lending and borrowing.
Speaking to Cointelegraph, Sergey Gorbunov, Axelar CEO and co-founder, explained:
"The permissionless, open nature of Web3 gives it an advantage that hasn't yet been tapped. In Web2, super apps are based on monopolies or oligopolies. In Web3, developers can compose at will – but until now, this composability has been constrained within the limits of existing ecosystems. General Message Passing, combined with the power of the Move programming language and the Sui blockchain, gives developers a set of tools unequaled even in Web2."
Cross-chain technology facilitates data interchange among distributed ledger technology (DLT) designs or external systems, thus helping in achieving interoperability, which can improve security of designs, boost flexibility and performance. In a nutshell, cross-chain communication eliminates the need for developers to consider which chain has the most users or the most liquidity.
Gorbunov claimed that the partnership will also accelerate the migration of developers from Web2 industry to blockchain, as it allows them to connect features to their applications from other blockchains and assets to the Sui network. Web3 development saw an unprecedented growth in the crypto space last year, with over 34,000 new developers contributing to code Web3 projects.
The Axelar Network achieved unicorn status in February after closing a $35 million Series B funding round. Participants included Dragonfly Capital, Polychain Capital and North Island Ventures. Its blockchain connects web3 ecosystems such as Avalanche and Polkadot.
Recently, Mysten Labs announced a $300 million Series B investment round to speed up the adoption of its Sui blockchain ecosystem, a proof-of-stake (PoS) layer-1 blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions and low transaction fees.
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