Market Dynamics - Circle acquired Axelar's AI agent infrastructure team and IP [1] - LayerZero has captured the independent interop market [1] Token Performance - AXL token is down 49% from its December peak, currently at $0.083 [1] - Axelar demonstrates that tokens are not essential when equity holders can exit independently [1] Company Performance (LayerZero) - LayerZero is launching a fee switch and buybacks this month [1] - LayerZero has 140 chains connected, compared to Axelar's 80 [1] - Founder projects $100 million ARR next year at a $325 million market cap [1]

Investors in Axelar are seething after stablecoin giant Circle announced it had bought the crypto bridge’s developer on Monday. The reason? The deal acquires Interop Labs, Axelar’s leading developer, but excludes the network itself and the $120 million AXL token that powers it. It comes as a major blow to investors, as many had thrown in their lot with Axelar, assuming that Interop Labs would stick around and continue developing the project. Now they feel betrayed, and dozens have taken to social media ...