Solana Ecosystem Expands With Axelar Cross-Chain Integration and Phoenix Mobile Trading Launch

The Solana ecosystem is expanding with two key developments. Axelar has integrated its mainnet with Solana, connecting it to over 70 blockchains for cross-chain messaging and asset transfers. Separately, the on-chain perpetuals exchange Phoenix has launched mobile trading, offering its full orderbook experience via mobile browsers and hitting a $4.3 million daily volume high in May 2026.

Axelar-Solana mainnet integration

• ▪The Axelar integration connects Solana to over 70 blockchains, including Ethereum, XRP Ledger, Sui, Stellar, and Hedera.
• ▪Axelar activated its mainnet integration with the Solana blockchain on June 3, 2026.
• ▪Solana is the latest major non-EVM (Ethereum Virtual Machine) chain to be added to Axelar’s interoperability network.

Cross-chain messaging protocols

• ▪The Axelar-Solana integration enables cross-chain messaging through Axelar’s General Message Passing (GMP) protocol.
• ▪Using the GMP protocol, Solana applications can interact with smart contracts on other Axelar-supported chains.

Token transfer infrastructure

• ▪Solana users can transfer assets to and from other networks using Axelar’s Interchain Token Service (ITS).
• ▪Users are able to move assets directly to and from Solana via Axelar’s own interface.

Ecosystem partner expansion

• ▪Phoenix Trade, an on-chain perpetuals exchange on Solana, launched mobile access for its trading platform.
• ▪Phoenix users can now trade via a mobile browser or wallet-embedded browser without a dedicated app.
• ▪Squid Router, a cross-chain liquidity layer built on Axelar, now supports asset transfers to and from the Solana network.
• ▪Decentralized exchange SaucerSwap on Hedera can now route assets from Solana into its liquidity pools.
• ▪On May 13, 2026, Phoenix recorded an all-time high daily trading volume of $4.3 million.
• ▪Payments platform Stronghold is extending its $SHx utility token from the Stellar network to Solana.
• ▪Phoenix runs a fully on-chain orderbook, using the Solana blockchain as both the matching engine and settlement layer.

Backpack Securities tokenized stocks

• ▪Backpack announced the launch of Backpack Securities, a platform for trading U.S. stocks and ETFs on Solana.
• ▪The tokenized stocks will enable 24/7 on-chain transfers and integration with DeFi applications on Solana.
• ▪The Backpack Securities platform allows users to tokenize their holdings of U.S. stocks and ETFs on the Solana blockchain.
• ▪Tokenized securities on Backpack are backed by New York law under UCC Article 8, representing real ownership rights.

Interoperability adoption outlook

• ▪The success of the Axelar-Solana integration depends on factors like adoption, transaction volumes, and security performance.
• ▪A potential risk for Phoenix's on-chain orderbook is that its $4.3 million daily volume high may be too low for institutional traders.

2 sources