Komodo’s AtomicDEX bridge will now connect Cosmos to hundreds of blockchains
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 hundreds of blockchains, including Bitcoin, Ethereum, Polygon, Avalanche and Optimism.
Komodo’s AtomicDEX uses P2P cross-chain atomic exchanges, 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 capable of scaling up if needed. The AtomicDEX P2P network enables users to hold both the original ATOM token and its wrapped versions to trade across chains.
Kadan Stadelman, 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 users with viable bridging solutions.
“While trying to trade BTC for ATOM, the only options were to use centralized exchanges, so it was a natural fit and personal need to extend the interoperability between multiple chains and Cosmos. AtomicDEX is compatible with 99% of existing cryptocurrencies and offers the broadest support for trading across chains and protocols in the industry.
As of July 2022, Cosmos had 0.82% of the total value locked (TVL) in DeFi. The network hosts over 200 custom-built Cosmos-native dApps and is continuously growing. Although there are some bridge solutions built on Cosmos, they only support Ethereum and Cosmos-based blockchains.
Stadelman believes there is plenty of room to grow, with innovation key to Cosmos’ growth.
“We see Cosmos becoming a top three crypto project, so we will continue to observe key metrics such as number of dApps, active users/addresses, and active developers,” Kadelman said. “The ability to launch sovereign and interconnected blockchains with Cosmos is critical to the growth of the entire crypto ecosystem.”
