Binance Research Report: Axelar (AXL) has achieved initial success in collaborating with institutions to promote blockchain development

BlockBeats news, on June 29, Binance Research Institute released a report on "The Road to One Billion On-Chain Users": The adoption of blockchain networks is significantly slower than that of social media networks, and decentralized systems are inherently more complex than centralized systems. Many blockchain projects are committed to creating decentralized alternatives to existing centralized products and services.

The report studies three types of future users, namely institutions, retail investors, and cryptocurrency skeptics. For institutions, deep liquidity is required to execute transactions effectively and capital efficiently. The current multi-chain world has resulted in liquidity being scattered across multiple independent distributed ledgers and Layer2. The lack of blockchain interoperability has also forced institutions to decide to adopt a specific blockchain ecosystem. At the same time, chain abstraction has become an important development in bringing institutions to the chain.

The report introduces the case of the cross-chain interoperability protocol Axelar (AXL), pointing out that Axelar (AXL) has achieved some initial success in working with institutions to promote the development of blockchain: In November 2023, the Axelar (AXL) team also successfully conducted a proof-of-concept collaboration with JPMorgan Chase's blockchain platform Onyx. Onyx leveraged Axelar's cross-chain technology to achieve interoperability with private and permissioned blockchains.

In May 2024, Deutsche Bank announced a partnership with Interop Labs, the team behind the Axelar (AXL) network project. Interop Labs will support Deutsche Bank in joining Project Guardian, an asset tokenization test project led by the Monetary Authority of Singapore (MAS). Deutsche Bank aims to explore the capabilities of open architecture and interoperable blockchain platforms.