Komodo Price Rallies 54% After Push To Expand Interoperability

Time Stamp: February 22, 2022 12:59 PM
Source Node: 1183069

The Komodo price rallies 54% after the push to expand its interoperability with atomicDEX as we can see more in our latest cryptocurrency news today.

The KMD price surged after the project provided support for 13 blockchain networks and announced more plans to launch an NFT collection. The interoperability between the blockchains became a major theme in the crypto market over the past year but a few other exploits like the $321 million Wormhole exploit outlined the difficulties in achieving the cross-chain transfers in a secure manner.

One protocol that was gaining traction due to its alternative approach to achieving cross-chain interoperability is Komodo which is an open and composable multichain platform that is home to the AtomicDEX wallet and decentralized exchange. The data from Tradingview shows that after reaching a low of $0.446 on Feb 20, the price of the platform’s KMD token surged 54% to a high of $0.678.

The main reasons for the spike in KMD price and trading volume include the addition of support for 13 blockchain networks with AtomicDEX, NFT launches, and the secure nature of Atomic swaps on AtomicDEX. The Komodo price surges due to the significant developments for the protocol that are expected to happen this year that can also boost the price even further after the addition of 13 different blockchain networks. AtomicDEX is one of the few decentralzied exchanges to offer a range of support for Ethereum Virtual Machine networks but also networks that share a source code with BTC, LTC, Bitcoin Cash, Doge, and more. Some of the other chains which have the potential to be integrated include Cosmos, Polkadot, and DigiByte.

Another reason for the increasing inactivity for komodo has been the introduction of NFTs to the ecosystem with the launch of Cyber Komodos. NFTs also is the hottest trend right now in the crypto space and they are one of the best ways for a  network to attract more users and to generate engagement with the communities. Cyber Komodos is a collection of 777 unique Komodos with a rarity that will launch on the token NFT platform in March.

kmdusdt
KMDUSDT 4-hour chart. Source TradingView

A third factor that brought attention to Komodo is the cross-chain swapping capability of AtomicDEX which operates in a person-to-person manner and doesn’t require custodial services. After the high profile exploits however like the one on Multichain and Wormhole, the concerns related to smart contracts exploits and hacks led to the user hesitancy when it comes to locking their funds in these protocols. AtomicDX however, reduces risks vectors and doesn’t require complex smart contracts that are prone to errors.

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