Security & Audits
Squid's smart contracts do not hold liquidity, they only orchestrate and package logic into an easy to use format, and deal with edge cases around cross-chain mechanics. This avoids security risks usually associated with token bridges.

Audits

Squid's contracts have been audited by Ackee Blockchain.
2022-06 Ackee blockchain.pdf
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Consensys Diligence will be conducting a further audit late September '22.

Axelar's Security

Axelar has secured close to $1 Billion in transaction volume, and been running a cross-chain network in testnet since early 2021.
Axelar's underlying security is a permissionless proof of stake validator set, with sophisticated low level routing and translation logic built in, along with a host of security features.
We believe Axelar's security is best in class. For a detailed look into Axelar's security model, please see this post, from Squid contributor 0xpostman.
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Audits
Axelar's Security