AXL Price Drops 18% as Circle Excludes Token from Acquisition

Key Points:

• AXL, the cryptocurrency of Axelar Network, has dropped 18% in the last 24 hours due to selling pressure.
• This decline follows Circle Internet Group's acquisition of Interop Labs but excludes the AXL token.
• The Axelar Network and AXL token will continue independently, governed by the community with Common Prefix leading development.
• Circle's acquisition focuses on engineering talent and intellectual property, not native tokens like AXL.
• AXL holders do not benefit directly from the acquisition through buybacks or governance rights.
• Common Prefix will expand its role in maintaining the Axelar ecosystem and focus on institutional adoption and validator incentives.

For more details, refer to the original announcement by Circle.