Cryptocurrency News

Orbs Integrates With Axelar Satellite to Enable Cross-Chain Token Swaps Across 5 Blockchains

By August 14, 2023 No Comments
Orbs Axelar network

Key takeaways

  • Orbs has formed a strategic partnership with Axelar Network, allowing users to securely bridge their ORBS tokens across prominent blockchains.
  • Axelar Network follows Orbs’ transition to a reliable alternative for secure token bridging after the collapse of Multichain.
  • Axelar Satellite emerges as a robust solution for cross-chain communication, ensuring seamless token swaps for Orbs users across various top blockchains.

Top Layer-3 infrastructure network, Orbs, has announced a new partnership with Axelar Network. This strategic partnership will enable Orbs users to bridge ORBS tokens across leading blockchains, including Ethereum, Avalanche, and BNB Chain.

A prominent L3 infrastructure network for decentralized applications, Orbs works perfectly with a wide range of dApps. By integrating Axelar Network, Orbs has provided users a secure and reliable way to bridge its token across top blockchains.

Moving on from Multichain

In the past, Orbs relied on Multichain cross-chain protocol for bridging of its tokens to alternative networks. A big gap was created when Multichain announced the cessation of operations in June due to an ‘unusual activity’ that lead to withdrawal of assets worth over $126 million from its wallets. The exact nature of the unusual circumstances remains unclear but Orbs has moved on.

In the past weeks, Orbs focus was finding a reliable alternative – a new bridge provider that will offer the highest level of security. Orbs also wanted a stable network that will guarantee support for ORBS token across all chains that were previously supported by Multichain. In the end, Axelar network was picked as the right alternative.

What Axelar network offers

Axelar Satellite ticks all the boxes when it comes to cross-chain communication for web3 projects. It’s a particularly excellent choice for projects creating decentralized applications that work across a single blockchain ecosystem. It utilizes proof-of-stake consensus mechanism, just like the majority of leading blockchain networks.

A top-level interchain infrastructure, Axelar Satellite will enable users to safely bridge ORBS tokens across popular blockchains, such as Ethereum, BNB Chain, Avalanche, Arbitrum, Fantom, and Axelar from today. It is known for its simple UI, which makes it very easy to use. Users can bridge their assets in just a few clicks.

Axelar has a really good reputation, especially when it comes to transferring digital assets across supported chains. So far, it has facilitated over 700,000 cross-chains swaps. The total value of transaction is now in excess of $1.8 billion.

In terms of what Orbs network needs, Axelar Satellite is the perfect partner. It meets the high standards Orbs needs. The ongoing security audit of its smart contracts and infrastructure is another big plus. The fact that its codebase is completely open and can be viewed by the community through its Github page adds another level of trust.

Wrapping up

Orbs’ recent integration with Axelar Satellite provides a secure and reliable way for users to swap ORBS tokens across a number of leading blockchains. It appears to be better than the erstwhile collaboration between Orbs and Multichain cross-chain protocol. Starting today, Orbs users can be sure that they can securely swap tokens across the top five blockchains