Axelar

Axelar Network's native cryptocurrency is Axelar (AXL). The Axelar Network is a cross-blockchain communication protocol that allows decentralized applications (dApps) to interact and share data across different blockchains. The Axelar Network effectively creates a "universal" communication layer between blockchains, enabling a higher degree of interoperability in the blockchain ecosystem.

The AXL token plays a crucial role within this network. As a utility token, AXL is used primarily to facilitate transactions, compensate network validators, and participate in the network's governance.

As previously mentioned, the AXL token's primary uses within the Axelar Network are for transaction fees, network security, and network governance.

*Transaction Fees:* In order to facilitate cross-chain communication and transactions, a fee in AXL tokens is levied. These fees serve to maintain the integrity of the network by discouraging spam or malicious activities.

*Network Security:* AXL tokens are used to incentivize network validators. These validators operate nodes, validate transactions, and maintain the overall security and consensus of the Axelar Network. Validators are rewarded with AXL tokens for their efforts.

*Network Governance:* AXL token holders have a say in the future development and changes to the Axelar Network. The governance system allows token holders to propose and vote on various network upgrades or changes, ensuring that the network remains decentralized and community-driven.