In the latest episode of Block Stars, Ripple’s CTO David Schwartz sat down with Georgios Vlachos, co-founder of Axelar protocol. Their discussion centered on interoperability, a hot topic in the blockchain realm. Georgios shared valuable insights on how Axelar’s innovative technology is transforming cross-chain communication.
Georgios opened up about his journey in blockchain. As a founding member of Algorand, he quickly recognized the isolation many blockchains faced. “Many chains are like islands,” he said.
This revelation led to his development of Axelar, which was aimed at addressing the interoperability problem not only in Algorand but throughout the whole blockchain framework. He associated the status of the blockchain with the traditional banking system.
The lack of interoperability dictates that the blockchains are separate hence are not fully functional. He reasoned that interoperability brings usability to the table, thus allowing the expansion of the use cases currently available. “It’s about making the existing use cases easy to use,” Georgios concluded.
Axelar network’s decentralized approach
Axelar is changing the game for cross-chain communication. Their decentralized validator network eliminates reliance on a single entity, reducing vulnerability to hacks.
With a dynamic set of 75 validators, Axelar ensures robust security for asset transfers across blockchains. “We built a decentralized network where dozens of validators verify operations,” Georgios explained.
However, the episode highlighted how Axelar is working with Ripple to build the XRPL-EVM sidechain. Axelar plays a role in the process by creating a smooth pathway for the transfer of assets like XRP tokens from XRP Ledger to EVM chains.
Through this collaboration, DeFi and the tokenization of real-world assets would see massive growth. Georgios is looking forward to the expansion of Axelar’s existing validator network and making a deal with a few other blockchains such as Solana and XRP.
“Our goal is to connect all chains,” he said. This vision is designed to establish Axelar as the best choice for cross-chain interoperability. He drew attention to DeFi prospects for XRP, saying that DeFi presents XRP with an opportunity.
He also made a comment on the almost limited capacity XRP has for DeFi. “I’m excited about finally opening up DeFi for XRP,” he concluded. This change could benefit XRP holders by helping them use their assets better.
