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Question

Squid offers asset-to-asset cross-chain swaps with the click of a button. For the user, the process is simple; however, behind the scenes Squid leverages DEX swaps in order to transfer these assets.

On a source and destination basis, what are the most popular DEXs used by Squid?

What is AXELAR?

Axelar is a blockchain that provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it. The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, Coinbase Ventures, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.source

What is a DEX?

A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto’s core possibilities: fostering financial transactions that aren’t officiated by banks, brokers, or any other intermediary. Many popular DEXs, like Uniswap and Sushiwap, run on the Ethereum blockchain.Unlike centralized exchanges like Coinbase, DEXs don’t allow for exchanges between fiat and crypto — instead, they exclusively trade cryptocurrency tokens for other cryptocurrency tokens. Via a centralized exchange (or CEX), you can trade fiat for crypto (and vice versa) or crypto-crypto pairs — say some of your bitcoin for ETH. You can also often make more advanced moves, like margin trades or setting limit orders. But all of these transactions are handled by the exchange itself via an “order book” that establishes the price for a particular cryptocurrency based on current buy and sell orders — the same method used by stock exchanges like Nasdaq. source

What is squid?

Squid is a cross-chain swap and liquidity routing protocol built on the Axelar Network. Squid routes all its transactions through axlUSDC/USDC stable swaps pools, and USDC/native token pools. This leveraging minimizes the number of liquidity pools which need to be capitalized to achieve efficient liquidity across every token. Axelar is a proof-of-stake blockchain network built using the Cosmos SDK. It has its own permissionless set of validators which securely process cross-chain messages through quadratic voting. This offers secure cross-chain communication via Axelar. Cross-chain communication allows builders to create experiences where users can connect their assets to applications without having to think about where their assets live, or where the applications live.BridgeSwap is being built to handle cross-chain swaps on as many assets and chains as possible. Integrating Squid and Axelar opens the doors to new EVM and Cosmos chains where users can easily move assets quickly and securely.We are building towards a chain-agnostic future where users onboard to multiple chains with a few clicks. This is the next step to building that future right here at Pangolin.Squid allows any token to be swapped between blockchains, and unlocks access to apps across chains in a single click. Use Squid to build seamless user experiences that tap into cross-chain liquidity and scale to reach anyone with a crypto wallet, no matter what chain they’re on. Squid is powered and secured by Axelar Network, an interoperability protocol and cross-chain infrastructure layer. source