Axelar Wrapped Ether

What is the project about? axlETH is a wrapped, multi-chain representation of Ethereum. For each unit of axlETH, there is a unit of ETH locked in an Axelar Gateway on Ethereum. axlETH is secured by a dynamic validator set running delegated Proof-of-Stake, which holds key shares in the Axelar Gateways via multi-party cryptography.

Acquire axlETH in three ways: Swap via liquid pairs on any of the DEXs listed here. Swap via Squid, a cross-chain liquidity router built on Axelar. Mint via Satellite, a cross-chain bridge built by Axelar How is axlETH secured? Like all Axelar-wrapped assets, axlETH's security depends on a dynamic validator set (numbering 75 at this writing), running delegated proof-of-stake.

In other words, Axelar secures cross-chain communication using the same approach as many of the chains it connects. Units of axlETH are minted when a user deposits USDC into a Gateway contract on the Ethereum chain. Axelar's decentralized validator set secures these Gateways via key shares in a multiparty cryptography scheme.

Here's a brief explanation of Gateways and how they are secured, from the "Learn More" section of the Axelar documentation: Once a cross-chain message is initiated by a dApp user, its first stop is to interact with an Axelar Gateway. On each chain connected to Axelar network, a Gateway is deployed.