• Squid, a cross-chain routing protocol powered by Axelar, has raised $3.5 million to build native-to-native cross-chain token swaps.
• The protocol will enable developers on 25 blockchains to swap tokens across chains natively and securely.
• Squid’s DEX will allow any user across 25 chains to swap native tokens with one click and leverage Axelar to purchase NFTs with assets from any blockchain.
Cross-Chain Token Swaps Enabled by Squid
Axelar powered protocol, Squid, has closed a $3.5 million seed round to bring native cross-chain swaps to EVM and Cosmos ecosystems. The technology enables developers on 25 blockchains to swap tokens across chains natively and secure them in an interoperable manner.
One Click Native Token Swaps
Squid’s DEX will allow any user across 25 chains to swap native tokens with one click. Its developer tools are provided as an „API and SDK alongside an easily implementable and customizable widget.“ This feature allows users to transact without the need for wrapped assets or confusing bridge UX which can be time consuming and expensive.
Secure Cross-Chain Swapping
Outside of centralized exchanges, options for cross-chain swaps are limited; however, some protocols do offer this service such as THORChain which processes a daily swap volume of around $20 million through its RUNE token paired liquidity pools. With Squid’s launch of mainnet support for 25 blockchains including EVM and Cosmos ecosystems, users can now move their tokens securely in an interoperable manner between multiple networks with just one click.
Purchasing NFTs Across Blockchains
In addition, the platform leverages Axelar technology so that users can purchase NFTs with assets from any blockchain supported by Squid as well as convert integrated wallets into „chain agnostic“ wallets – allowing access across multiple networks all at once.
By leveraging the power of both Squid’s DEX technology as well as Axelar messaging network, users are able to move their tokens securely between multiple networks while also being able to purchase NFTs using assets from any supported blockchain – all within just one click!