JP-27: Open axlUSDC<>USDC to Liquidity Book Pool on Avalanche

High Level:

Axelar wants to add axlUSDC<>USDC to Liquidity Book on Avalanche. This pool will provide liquidity for cross-chain applications built on top of Axelar’s decentralized cross-chain infrastructure. We intend for this to be the canonical liquidity venue for axlUSDC as we grow our exposure in the Avalanche ecosystem. Axelar will seed 500k of initial liquidity for the axlUSDC<>USDC pools on TraderJoe and would like to grow the volume and TVL of these pools. We envisage this to be an attractive offering given the fact that axlUSDC pools are already earning at the time of writing between 10-20% APR on Curve. axlUSDC pools on Avalanche, BNB, and Polygon are consistently one of the pools with the highest volumes in the last 6 months.

Asset Confirmation:

Is this Asset on Avalanche or Arbitrum: Avalanche Confirm Token name, tag and contract id: axlUSDC, 0xfaB550568C688d5D8A52C7d794cb93Edc26eC0eC Link to Coingecko or CMC page: https://www.coingecko.com/en/coins/axelar-usdc Link to Token Contract on relevant Explorer: https://snowtrace.io/token/0xfaB550568C688d5D8A52C7d794cb93Edc26eC0eC

Tokenomics:

Detail Tokenomics of the suggested base asset: N/A, axlUSDC is 1:1 with USDC

Detail emissions schedule (where feasible): N/A, no emissions of axlUSDC.

Summary:

Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click.

axlUSDC is Axelar’s bridged version of Ethereum USDC; for every axlUSDC there is one USDC locked on Ethereum. axlUSDC functions as Axelar’s routing asset across the 40+ chains supported by the Axelar Network. This axlUSDC<>USDC pool will power hundreds of cross-chain applications built on top of Axelar’s decentralized cross-chain infrastructure, including native-to-native cross-chain swaps.