Komodo has built-in Cosmos on AtomicDEX to attach the Cosmos ecosystem to different blockchain networks. Komodo’s AtomicDEX is a cross-chain protocol, DEX, and non-custodial pockets that helps each UTXO and EVM-based networks.
The mixing will present the Cosmos ecosystem with a permissionless and safe resolution for buying and selling with a whole lot of blockchains, together with Bitcoin, Ethereum, Polygon, Avalanche, and Optimism.
Komodo’s AtomicDEX makes use of P2P cross-chain atomic swaps, eradicating the safety threats related to centralized liquidity swimming pools, AMMs, and sophisticated good contracts. Its present iteration helps 10,000 swaps per minute and is ready to scale upwards if needed. The AtomicDEX P2P community allows customers to carry each the native ATOM token and its wrapped variations to commerce natively cross-chain.
Kadan Stadelman, the CTO of Komodo, mentioned that Cosmos has among the most modern DeFi builders and tasks, all of whom share the assumption that the long run is multi-chain. Nevertheless, regardless of its development, Cosmos failed to supply its customers with viable bridging options.
“Whereas I used to be making an attempt to commerce BTC for ATOM, the one choices have been to make use of centralized exchanges, so it was a pure match and private have to develop interoperability between extra chains and Cosmos. AtomicDEX is suitable with 99% of cryptocurrencies in existence and provides the widest cross-chain, cross-protocol buying and selling help within the trade.”
As of July 2022, Cosmos held 0.82% of the whole worth locked (TVL) in DeFi. The community hosts over 200 purpose-built Cosmos native dApps and is rising regularly. Whereas there are some bridging options constructed on Cosmos, they solely help Ethereum and Cosmos-based blockchains.
Stadelman believes there’s a lot room to develop, with innovation being the important thing to Cosmos’ development.
“We see Cosmos changing into a high three crypto venture, so we’ll proceed to watch key metrics such because the variety of dApps, lively customers/addresses, and lively builders,” Kadelman mentioned. “The power to launch sovereign and interconnected blockchains with Cosmos is important to the expansion of the entire crypto ecosystem.”