What is the Axelar token used for?

Axelar Token (AXL) serves as the cornerstone of Axelar's decentralized interoperability network. By design, AXL is a versatile digital asset that transcends individual blockchain ecosystems, enabling seamless cross-chain interactions.

Central to its utility, AXL facilitates governance within the Axelar ecosystem. Holders can participate in decision-making processes, shaping the future of the network through voting on proposals and upgrades.

Additionally, AXL plays a pivotal role in securing the Axelar network. As a Proof-of-Stake (PoS) network, validators contribute their AXL tokens to the staking process, earning rewards for their efforts in maintaining the network's stability and security.

Beyond governance and security, AXL is also utilized for paying transaction fees within the Axelar ecosystem. This ensures that users can seamlessly interact with various blockchains and decentralized applications (dApps) while minimizing friction and costs.

Moreover, AXL contributes to the liquidity of Axelar-enabled platforms. By providing liquidity, AXL holders enable the efficient exchange of assets across different blockchains, fostering a vibrant and interconnected decentralized economy.