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Squid was conceptualized and developed as a project within the Axelar ecosystem, originating from an Axelar-hosted hackathon in April 2022.

Squid announced a $4 million seed funding round led by Polychain Capital, with participation from Nomad Capital, North Island Ventures, and others.

Squid launched a major architectural upgrade, Squid 2.0, which transitioned the protocol to a multi-bridge aggregator model, improving composability and integrating protocols beyond Axelar.

In collaboration with Ripple and Axelar, Squid enabled the first cross-chain swaps between the XRP Ledger (XRPL) and EVM chains using Axelar's General Message Passing.

Squid introduced an intent-based execution model to improve the speed, cost-efficiency, and reliability of cross-chain swaps.