Komodo (KMD) rallies 54% after major push to expand interoperability with AtomicDEX

Interoperability betwixt abstracted blockchain networks has go a large taxable successful the cryptocurrency marketplace implicit the past year, but respective large exploits — specified arsenic the $321 cardinal Wormhole exploit — person highlighted the difficulties successful achieving cross-chain transfers successful a unafraid manner.

One protocol that has been gaining traction successful February acknowledgment to its alternate attack to achieving cross-chain interoperability is Komodo, an open, composable multichain level that is location to the AtomicDEX wallet and non-custodial decentralized exchange.

Data from Cointelegraph Markets Pro and TradingView shows that aft hitting a debased of $0.446 connected Feb. 20, the terms of the platform’s KMD token surged 54% to a regular precocious of $0.687 connected Feb. 22.

KMD/USDT 4-hour chart. Source: TradingView

Three reasons for the spike successful KMD’s terms and trading measurement include: the caller summation of enactment for 13 abstracted blockchain networks with AtomicDEX, caller nonfungible token (NFT) launches and the unafraid quality of atomic swaps connected AtomicDEX.

Komodo integrates aggregate blockchain networks

The astir important improvement for the Komodo protocol successful 2022 to assistance boost its token terms has been the addition of enactment for 13 different blockchain networks connected AtomicDEX.

@AtomicDEX adds @0xPolygon , @avalancheavax , @harmonyprotocol & 10 much protocols#AtomicDEX present offers a caller bridging solution that helps enactment blockchain scalability efforts for some the @ethereum and @Bitcoin currency ecosystems. pic.twitter.com/9EhTnhmb9C

— Komodo (@KomodoPlatform) January 11, 2022

AtomicDEX is 1 of the fewer decentralized exchanges to presently connection a wide scope of enactment for not conscionable Ethereum Virtual Machine-compatible networks but besides networks that stock a root codification with Bitcoin (BTC), specified arsenic Bitcoin Cash (BCH), Litecoin (LTC) and Dogecoin (DOGE).

Because #DigiByte shares the root codification of #Bitcoin it tin beryllium integrated into the aforesaid systems that utilize BTC. That is important infrastructure being built. Keep your oculus connected decentralized exchanges that are moving towards interoperability. @KomodoPlatform is simply a bully example.

— LT (Will ne'er inquire for oregon springiness distant crypto) (@LTLovesdigi) February 20, 2022

Some of the different chains that person the imaginable to beryllium integrated with AtomicDEX successful the future, based connected comments from assorted parties, see Digibyte, Cosmos and Polkadot.

Nonfungible tokens motorboat connected Komodo

A 2nd crushed for the summation successful enactment for Komodo has been the instauration of NFTs to the ecosystem with the upcoming motorboat of Cyber Komodos.

1. Hello world! We're announcing the #CyberKomodo NFT Collection launching connected @TokelPlatform. A postulation to commemorate @KomodoPlatform and the large projects and teams that signifier portion of the ecosystem. pic.twitter.com/XMtPda5oIw

— Cyber Komodos (@CyberKomodos) January 25, 2022

NFTs proceed to beryllium 1 of the hottest trending topics successful the cryptocurrency ecosystem, and they are besides 1 of the champion ways for a web to pull caller users and make engagement with their communities.

Cyber Komodos is simply a postulation of 777 unsocial Komodos with a varying rarity that volition beryllium launched connected the Tokel NFT level connected March 15.

Related: Industry players respond to Vitalik Buterin's thoughts connected cross-chain ecosystems

Secure cross-chain swaps

A 3rd origin bringing added attraction to Komodo is the cross-chain swapping capableness of AtomicDEX, which operates successful a person-to-person mode and doesn’t necessitate custodial services.

Following respective high-profile exploits of cross-chain bridges similar Wormhole and Multichain, concerns related to astute declaration exploits and hacks person led to idiosyncratic hesitancy erstwhile it comes to locking funds successful these protocols.

AtomicDEX performs trades utilizing atomic swaps, which assistance trim hazard vectors and don’t necessitate custodians oregon analyzable astute contracts that are much prone to errors. This, combined with the wide scope of supported networks by AtomicDEX, has helped bring added attraction to Komodo arsenic information has go a focal constituent for crypto traders.

VORTECS™ information from Cointelegraph Markets Pro began to observe a bullish outlook for KMD connected Feb. 15, anterior to the caller terms rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic examination of humanities and existent marketplace conditions derived from a operation of information points including marketplace sentiment, trading volume, caller terms movements and Twitter activity.

VORTECS™ Score (green) vs. KMD price. Source: Cointelegraph Markets Pro

As seen successful the illustration above, the VORTECS™ Score for KMD climbed into the greenish portion connected Feb. 15 and deed a precocious of 85 astir 98 hours earlier the terms accrued 54% implicit the adjacent day.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.