Axelar “The Universal Overlay Network”

• Axelar is a decentralized network run by a permissionless set of validators that power cross-chain interoperablity requests, as explained in their introduction video their goal is to be an Universal Overlay Network, connecting all blockchain ecosystems, applications, assets and users.
• This means that users or developers can:
  • Users: Have the convenience and ability to transact from a single universal wallet instead of needing one for every network or type of assets, they can swap assets through a decentralized exchange (DEX) directly from their wallet, and the NFTs purchased on one chain become portable, traveling with owners on other blockchains.
  • Developers: Built on the best blockchain (Such as Polygon, Ethereum, etc) for their particular use, and allow their users to interact with another assets/users or Dapps on any other blockchain.

In a nutshell, Axelar will help users and developers to interact in the web3 (All Blockchains supported by Axelar), using their decentralized network in one click.

Which Networks are connected to Axelar?

• As explained in their whitepaper (Page 4 at: 3 Axelar Network), there are stand-alone blockchains such as:
  • Bitcoin, Stellar, Terra, Algorand.
• And interoperability hubs such as solutions like:
  • Cosmos, Avalanche, Ethereum and Polkadot.
• These are some of the Blockchains connected but Axelar is bringing more Blockchains to their Universal Network.

AXL Token

• AXL is the native utility token from Axelar and is the key to make decentralization possible, from this article AXL will help Axelar Network to achieve 4 outcomes as a universal connector of blockchains.
  • Security: Providing incentives to encourage validator to participate.
  • Decentralization: Wide distribution among token holders, delegating to validators and participating in network governance decisions.
  • Longevity: incentives that encourage maintenance of the network.
  • Ecosystem growth: incentives for developers to use Axelar SDKs and APIs to build cross-chain capabilities into their applications.

How to start on Axelar?

• The first step is to get an Axelar Wallet.
• In August 12, 2021 Axelar Network announces their partnership with Keplr.

What is Keplr?

• Keplr is the largest Cosmos interchain wallet, using the Inter-blockchain Protocol (IBC) there are more than 25 blockchains in 1 wallet.
• Keplr allows users to manage their assets, access dApps and stake tokens in one place.
• We’ll use the Osmosis and Axelar Network, so thanks to Keplr i’ll have wallets for both blockchains.

I have a Keplr wallet, now what?

• To transfer funds to your new Keplr wallet i’ll use Satellite, the Axelar’s native bridge, which allows you to transfer tokens across many different ecosystems.

Using Satellite to transfer USDC

• In Satellite you’ll connect both wallets (Keplr and Ethereum wallet such as Metamask).
• Satellite have an autofill button to copy your Keplr address (in this case Osmosis) and put in their website.
• You’ll have to transfer more than 10.5 USDC to use Satellite.
• When you put the USDC amount you’ll bridge, select generate deposit address, and then you’ll need to make a deposit in your Ethereum wallet (such as Metamask) to the destination address or you can simply click the button and automatically you’ll be redirected to metamask for the transfer.

Buying AXL

• Now that you have USDC on your Osmosis wallet, we’ll use that USDC to swap for AXL and OSMO, using Osmosis-Native Dex.
• Now we’ll have OSMO and AXL, but we need the AXL on the Axelar Network and not the Osmosis.

Transfer AXL to Axelar

• In the Osmosis Assets Page, i’ll withdraw my AXL balance and then deposit in the Axelar Network.
• After that you’ll have your AXL in your Axelar wallet from Keplr.

My Transaction History.

• Ethereum Address: 0xDeE1941840ea7Cfa9813306f90359c52AC821aDe

• Osmosis Address: osmo1emj2a0qn2w5vztm27pmy5lzefxuefmqjrlvanu

• Axelar Address: axelar1emj2a0qn2w5vztm27pmy5lzefxuefmqj02f9w0

  To use Satellite Bridge you need to use 10.5 USDC as fee (Ethereum), i swapped 11 USDC so i only got 0.5 USDC, Having lost 10.5 USDC only in gas fees i decided to use the transaction from other User because i don’t think wasting more USDC is worth.

I forgot about using Ethereum network, to be honest because i didn’t have too much clarity on the step by step on the hunt i was thinking that swapping on Ethereum was the only way to proceed, because i was having OSMO on my osmosis before that but i was thinking about the need to have a bridge transaction on Satellite and to be honest i didn’t imagine to use Polygon to swap the 11 USDC…

Here are the Transactions from Omideghbali

CONCLUSION

• I was thinking of submitting a good dashboard for the grand prize in this Hunt, but in the end because of my mistake using Ethereum Network to swap (and lost 10.5 from the 11 USDC i swapped in gas fee) i need to use the queries from another user, thanks Omideghbali.
• Also i didn’t include images because of the Uploaded failed error in velocity app:
  • Invalid ‘db.fileUploadcreate()…’
• Hope my submission is still valid, i was confused by the step and step and because of the bridge i didn’t think of using my osmo already have to do the swaps… but mistakes are made and i submit this dashboard, hoping to win some AXL and get something from my mistake.