The native $AXL token price dropped significantly (up to ~15–18%) after Circle (the company behind USDC stablecoin) announced it was acquiring Interop Labs, the core developer behind the Axelar Network — but excluding the AXL token and network itself from the deal. �
CoinDesk +1
Investors reacted poorly because the deal takes the development team and IP into Circle while leaving AXL holders with no direct claim on the acquired assets, fueling concerns about AXL’s future value. �
BeInCrypto +1
📊 What This Means for AXL and Axelar
AXL continues independently: Circle’s move doesn’t legally transfer ownership of Axelar’s network or token; both remain community-governed and open-source. �
IndexBox
Market sentiment weakened: Some holders expressed frustration, believing the token’s long-term narrative relies on its original developers — now moving to Circle. �
Altcoin Buzz
🔎 Other Recent Relevant AXL Developments
$30M strategic AXL sale: The Axelar Foundation completed a strategic AXL token sale involving institutional investors to support growth and interoperability use cases. �
ChainCatcher
ETF proposal filed: Canary Capital filed with the U.S. SEC to launch an ETF tracking Axelar (AXL), signaling institutional interest in the token’s market profile. �
rootdata.com
Tokenomics upgrades & burns: Axelar introduced fee-burn mechanics (via the “Cobalt” upgrade), which makes the tokenomics more deflationary as part of supporting cross-chain usage. �
AInvest +1
📉 Price & Market Context
The AXL price saw volatility on news events recently and has shown swings tied to network developments, exchange listings, and broader crypto market moves. �
ChainCatcher
