One major protocol that has been gaining major traction in the current month due to its alternative approach to interoperability is Komodo. This is a composable, open, multichain platform that has been the home to the AtomicDEX wallet and major non-custodial decentralized exchange.
Interoperability between major blockchain networks have always been quite a major theme in the market of a cryptocurrency over the last year- but there have been several major exploits- such as the Wormhole exploit worth $321 million- which has highlighted the difficulties that lie in achieving cross-chain transfers in a totally secure manner.
Komodo DEX Has Been Climbing The Ranks Pretty Fast
According to reports from TradingView and Cointelegraph Market Pro, it has been understood that after hitting a complete low of $0.446 on the 20th of February, the price of the Komodo token increased by 54% to a daily high of around $0.687 on the 22nd of February.
There have been a few signs of the spike in the price of KMD along with its trading volume which includes the recent addition of support for 13 separate networks of blockchain. Another reason for such an increase can be accredited to the launches of NFTs, and the secure nature of atomic swaps on AtomicDEX.
One of the biggest development for the Komodo DEX in the current year- as noted above- has been the addition of 13 different networks of blockchain on AtomicDEX. As it stands, AtomicDEX is one of the few decentralized exchanges in the country that currently offers multi-range support for not just compatible networks for the Ethereum Virtual Machine, but also networks that have a source code with BTC, BCH, LTC, and DOGE.
Another reason for this increase in activity in KomodoDEX has been the application of various NFTs in the ecosystem with the launch of Cyber KMDS.