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Komodo has integrated Cosmos on AtomicDEX to connect the Cosmos ecosystem to other blockchain networks. Komodo’s AtomicDEX is a cross-chain protocol, DEX, and non-custodial wallet that supports both UTXO and EVM-based networks.
The integration will provide the Cosmos ecosystem with a permissionless and secure solution for trading with hundreds of blockchains, including Bitcoin, Ethereum, Polygon, Avalanche, and Optimism.
Komodo’s AtomicDEX uses P2P cross-chain atomic swaps, removing the security threats associated with centralized liquidity pools, AMMs, and complex smart contracts. Its current iteration supports 10,000 swaps per minute and is able to scale upwards if necessary. The AtomicDEX P2P network enables users to hold both the native ATOM token and its wrapped versions to trade natively cross-chain.
Kadan Stadelman, the CTO of Komodo, said that Cosmos has some of the most innovative DeFi developers and projects, all of whom share the belief that the future is multi-chain. However, despite its growth, Cosmos failed to provide its users with viable bridging solutions.
“While I was trying to trade BTC for ATOM, the only options were to use centralized exchanges, so it was a natural fit and personal need to expand interoperability between more chains and Cosmos. AtomicDEX is compatible with 99% of cryptocurrencies in existence and offers the widest cross-chain, cross-protocol trading support in the industry.”
As of July 2022, Cosmos held 0.82% of the total value locked (TVL) in DeFi. The network hosts over 200 purpose-built Cosmos native dApps and is growing continually. While there are some bridging solutions built on Cosmos, they only support Ethereum and Cosmos-based blockchains.
Stadelman believes there is much room to grow, with innovation being the key to Cosmos’ growth.
“We see Cosmos becoming a top three crypto project, so we will continue to observe key metrics such as the number of dApps, active users/addresses, and active developers,” Kadelman said. “The ability to launch sovereign and interconnected blockchains with Cosmos is essential to the growth of the whole crypto ecosystem.”
The post Komodo’s AtomicDEX bridge will now connect Cosmos to hundreds of blockchains appeared first on CryptoSlate.
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