Binance Research Institute report: Axelar (AXL) has achieved initial success in partnering with institutions to advance blockchain development

Binance Research Institute released a report on "The Road to a Billion Users on the Chain": The adoption rate of blockchain networks is significantly slower than that of social media networks, and decentralized systems are inherently more complex than centralized systems. Many blockchain projects are dedicated to creating decentralized alternatives to existing centralized products and services.
The report examines three categories of future users, namely institutions, retail investors, and cryptocurrency skeptics. For institutions, deep liquidity is required to execute transactions effectively and capital efficiently. The current multi-chain world results in liquidity being scattered across multiple independent distributed ledgers and Layer2. The lack of blockchain interoperability has also forced institutions to decide to adopt a specific blockchain ecosystem. At the same time, chain abstraction has become an important development in bringing institutions to the chain.
The report introduces the case of Axelar (AXL), a cross-chain interoperability protocol, noting that Axelar (AXL) has had some initial success in partnering with institutions to advance blockchain development: In November 2023, the Axelar (AXL) team also conducted a successful proof-of-concept collaboration with JP Morgan's blockchain platform Onyx, which leveraged Axelar's cross-chain technology to achieve interoperability with private and permissioned blockchains.