Interoperability between separate blockchain networks has become a major theme in the cryptocurrency market over the past year, but several major exploits — such as the $321 million Wormhole exploit — have highlighted the difficulties in achieving cross-chain transfers in a secure manner.
One protocol that has been gaining traction in February thanks to its alternative approach to achieving cross-chain interoperability is Komodo, an open, composable multichain platform that is home to the AtomicDEX wallet and non-custodial decentralized exchange.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.446 on Feb. 20, the price of the platform’s KMD token surged 54% to a daily high of $0.687 on Feb. 22.
KMD/USDT 4-hour chart. Source: TradingView
Three reasons for the spike in KMD’s price and trading volume include: the recent addition of support for 13 separate blockchain networks with AtomicDEX, fresh nonfungible token (NFT) launches and the secure nature of atomic swaps on AtomicDEX.
Komodo integrates multiple blockchain networks
The most significant development for the Komodo protocol in 2022 to help boost its token price has been the addition of support for 13 different blockchain networks on AtomicDEX.
@AtomicDEX adds @0xPolygon , @avalancheavax , @harmonyprotocol & 10 more protocols#AtomicDEX now offers a new bridging solution that helps support blockchain scalability efforts for both the @ethereum and @Bitcoin cash ecosystems. pic.twitter.com/9EhTnhmb9C
— Komodo (@KomodoPlatform) January 11, 2022
AtomicDEX is one of the few decentralized exchanges to currently offer a wide range of support for not just Ethereum Virtual Machine-compatible networks but also networks that share a source code with Bitcoin (BTC), such as Bitcoin Cash (BCH), Litecoin (LTC) and Dogecoin (DOGE).
Because #DigiByte shares the source code of #Bitcoin it can be integrated into the same systems that utilize BTC. That is significant infrastructure being built. Keep your eye on decentralized…