Permissionless is the crypto economic value of freedom. Every facet of crypto should be permissionless, including token transfers from their inception (or later) at a 1:1 ratio.
Axelar, in its innovative ways, has built an interchain token service that allows users to create and launch tokens on any chain. 15+ chains are currently supported, and 45+ chains Axelar supports are in the works.
What Is Axelar’s Interchain Token Service
The Axelar Interchain token service is a no-code, quick-deploy, one-click tool that allows ANYBODY to create and tokenize anything on any of the supported chains powered by the Axelar Network.
These interchain tokens are interchangeable with their counterparts on other chains, solving the limitations and tradeoffs with bridging to ensure full fungibility while preserving their functionality.
Regarding liquidity, using Axelar interchain tokens improves liquidity by tapping into resources from multiple markets for market participants.
If you’re building a project with a user base that cuts across multiple chains, Axelar interchain tokens are perfect! They’re also customizable and composable.
The icing is that when deploying interchain tokens, you can make them available on SquidRouter, making them available to users across 60+ and the deep liquidity SquidRouter offers.
Want to try? Let me walk you through the process on Testnet. It’s the same process on the mainnet.
Deploying a new Interchain Token on Multiple Networks with Axelar’s ITS
Creating and deploying interchain tokens on any chain with Axelar’s interchain token is easy and seamless.
Head to the mainnet or testnet page of the Axelar interchain token service website and connect a wallet to sign the transaction.
You can take existing tokens interchain or deploy new interchain tokens for your project. Select the option that suits your project!
Let’s deploy a new interchain token on Testnet via Ethereum Sepolia testnet.
When you select “Deploy a new Interchain Token,” enter the token details and fill in the other options like total supply and Salt.
Now, toggle the additional chains you want to deploy your token on:
Finally, Click on the “Deploy on X chains” button and sign the transaction on your wallet:
Congratulations! You’ve successfully deployed an interchain token on multiple platforms without the hassles of writing smart contracts powered by Axelar! You can check out the interchain token I deployed on the Axelarscan Explorer.
Managing your Interchain Tokens
You can view recent transactions and the status of your interchain tokens with the links at the top left of the page:
You’ll find a list of all the interchain tokens you’ve deployed and their contract addresses.
Select one for in-depth information and more configurations.
On the token management page, you can:
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Add the token to your wallet
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View the token manager and Contract address information
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Claim the token ownership
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Add your token to Squid for trading
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Apply for Coordinated Marketing with Axelar
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Transfer and manage token supply across different networks.
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Register more chains for Interchain expansion.
Axelar is the first project to support native interoperable issuance. Your token should be accessible to developers and users regardless of the chain they’re on.
Conclusion
You’ve learned about the Axelar interchain token service and how to launch tokens on any network with just one click. Many of your favourite projects use this service, and that’s how they can offer tokens on multiple blockchains.
Visit axelar.network to learn how to quickly scale your blockchain-based apps and real-world assets across multiple blockchains.
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