Uniswap announced today that Axelar is approved to support the next phase of its cross-chain development.
Using Axelar as a programmable interoperability layer will give Uniswap better governance over its multichain deployments, pushing updates securely cross-chain.
“Axelar employs a proof-of-stake mechanism with sound cryptoeconomic guarantees to secure the protocol,” Uniswap noted, following a rigorous assessment.
About Uniswap and its cross-chain development
Uniswap is the leading decentralized exchange (DEX) in Web3, with roughly $1.5B in daily volume – nearly half the total 24h volume processed by all dexs, as measured recently by DefiLlama. It originated on Ethereum, and is presently deployed on 10 additional chains.
Uniswap needed the best interoperability platform to facilitate secure protocol updates governing these deployments across these blockchains, and evaluated six providers for their security, extensibility, flexibility and the integration effort required to implement.
What Uniswap found in Axelar
In addition to praising the soundness of Axelar’s Proof-of-Stake security approach, the Uniswap assessment praised Axelar’s “well thought out” design, its use of “best practices” and its “mature and carefully considered codebase.” The Uniswap assessment also referenced Axelar’s innovative quadratic voting mechanism, noting it and other security factors make a “51%” type of attack unlikely to succeed. Learn more about Axelar's security approach, here.
The assessment cited one condition for approval: a change to an offline upgrade function for Axelar Gateway contracts, initially set up to allow early bugfixes. Axelar network is now stable for more than one year and is moving this function on-chain, establishing end-to-end decentralized security via proof-of-stake. You can read and comment on the initial governance proposal, here.
Uniswap’s approval is a validation of Axelar’s approach: Axelar is the only decentralized cross-chain platform, with a dynamic set of 75 validators, robust security practices, and wide coverage & functionality, providing General Message Passing (GMP) to more than 40 chains, including Cosmos and EVM. Read more about Axelar GMP, and how it takes cross-chain beyond bridges and enables a new generation of interchain-native applications.
Axelar is pleased to be aligned with Uniswap’s vision for secure cross-chain governance. Here are two ways you can learn more about that vision:
👉 Read the full Uniswap assessment: https://uniswap.notion.site/Bridge-Assessment-Report-0c8477afadce425abac9c0bd175ca382
👉 More on Axelar security: https://axelar.network/blog/security-at-axelar-core
Together, Uniswap + Axelar will deliver new experiences, securely, to a global community of users.
Interested in taking your application cross-chain or building an interchain-native application? Visit docs.axelar.dev.