Komodo is integrating Cosmos into 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.
With this integration, the Cosmos Ecosystem provides a permissionless and secure solution for trading with hundreds of blockchains including Bitcoin, Ethereum, Polygon, Avalanche, Optimism and more.
of Komodo AtomicDEX uses P2P cross-chain atomic swaps to remove the security threats associated with centralized liquidity pools, AMMs, and complex smart contracts. The current iteration supports 10,000 swaps per minute and can be scaled up as needed. The AtomicDEX P2P network allows users to hold both the native ATOM token and its wrapped version to trade cross-chain natively.
Komodo CTO Kadan Stadelman said 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 has failed to provide its users with a viable bridging solution.
“When we were looking to exchange BTC for ATOM, the only option was to use a centralized exchange. So expanding interoperability between more chains and Cosmos was a natural fit and It was a personal need.AtomicDEX is compatible with 99% of cryptocurrencies in existence and offers the broadest cross-chain, cross-protocol trading support in the industry.”
As of July 2022, Cosmos held 0.82% of Total Locked Value (TVL) in DeFi. The network hosts over 200 dedicated Cosmos native dApps and continues to grow. There are some bridge solutions built on Cosmos, but they only support Ethereum and Cosmos-based blockchains.
Stadelman believes innovation is key to Cosmos’ growth, and that it has a lot of room to grow.
“We will continue to monitor key metrics such as the number of dApps, active users/addresses and active developers as we see Cosmos as one of the top three cryptocurrency projects,” said Kadelman. “The ability to launch interconnected blockchains on Cosmos and Sovereign is essential to the growth of the entire crypto ecosystem.”