Cointelegraph Markets Pro and TradingView data show that the cost of the KMD token increased 54% from a low of $0.446 in February 20 to a high of $0.687 in February 22.
Over the previous year, interoperability among different blockchain networks has actually been a crucial theme in cryptocurrency markets. However, several major exploits such as the $321million Wormhole make use of have actually highlighted the difficulties in securing cross-chain transfers.
Komodo is a composable and open multichain platform which is house to the AtomicDEX token and non-custodial, decentralized exchange. It has gotten traction in February because of its alternative method to cross-chain interoperability.
KMD/USDT 4-hour chart. Source: TradingView
The three primary factors KMDs trading volume and rate have risen are: support for 13 various blockchain networks with AtomicDEX, brand-new nonfungible token launches, and the safe nature atomic swaps on AtomicDEX.
Komodo incorporates numerous blockchain networks
#DigiByte shares #Bitcoins source code, so it can be integrated in the same systems as those that use BTC. Keep an eye out for decentralized exchanges working towards interoperability.
— LT (Will Never ask for nor distribute crypto) (@LTLovesdigi, February 20, 2022
@AtomicDEX has @ 0xPolygon, @avalancheavax, @harmonyprotocol and 10 other protocols. #AtomicDEX now provides a brand-new bridging service that supports blockchain scalability efforts in both the @ethereum money and @Bitcoin Cash ecosystems. pic.twitter.com/9EhTnhmb9C
— Komodo (@KomodoPlatform) January 11, 2022
To help increase the token cost of the Komodo procedure, the most important development in 2022 was the addition support for 13 various blockchain networks through AtomicDEX.
Based upon the remarks of different parties, there are some other chains that could be incorporated with AtomicDEX. These include Digibyte and Cosmos.
AtomicDEX is presently one of few decentralized exchanges that offers support for both Ethereum Virtual Machine-compatible networks and networks that share a code with Bitcoin (BTC), like Bitcoin Cash (BCH), Litecoin( LTC), and Dogecoin [DOGE]
Komodo introduces nonfungible tokens
The intro of NFTs into the community, with the upcoming launch Cyber Komodos, is another factor for increased activity at Komodo.
1. Excellent morning, world! The #CyberKomodoNFT Collection will be available on @TokelPlatform. This collection is devoted to @KomodoPlatform, the fantastic tasks and teams that comprise the environment. pic.twitter.com/XMtPda5oIw
— Cyber Komodos (@CyberKomodos) January 25, 2022
NFTs are still a hot topic in the cryptocurrency ecosystem. They are likewise one the best ways for networks to draw in new users and engage with their communities.
Cyber Komodos, a collection consisting of 777 special Komodos that differ in rarity, will be available on the Tokel NFT platform beginning March 15.
Related: Industry gamers respond Vitalik Buterins ideas on cross-chain ecologies
Cross-chain swaps are safe
After numerous high-profile cross-chain bridge exploits such as Wormhole or Multichain, there have been issues about smart contract hacks and exploits that have actually triggered users to be hesitant about locking funds in these protocols.
#AtomicDEX now provides a brand-new bridging service that supports blockchain scalability efforts in both the @ethereum money and @Bitcoin Cash environments. #DigiByte shares #Bitcoins source code, so it can be integrated in the same systems as those that use BTC. Keep an eye out for decentralized exchanges working towards interoperability. AtomicDEX trades with atomic swaps. With the large number of supported networks provided by AtomicDEX, Komodo has been a crucial focus for crypto traders.
VORTECS( tm), Score (green) vs. the KMD price. Source: Cointelegraph Markets Pro
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VORTECS( tm), information from Cointelegraph Markets Pro, began to find a bullish outlook on KMD on February 15, before the current cost rise.
The chart reveals that the VORTECS( tm), Score for KMD increased into the green zone on February 15th and reached a peak of 85 approximately 98 hours later on. This was prior to the rate rose 54% the following day.
Cointelegraphs exclusive VORTECS( tm), Score is an algorithmic comparison between current and historic market conditions. It is based on a mix information points, including trading volume, market belief and current rate motions, and tweet activity.
AtomicDEX trades with atomic swaps. These assist to decrease danger vectors and do not require custodians. With the a great deal of supported networks used by AtomicDEX, Komodo has actually been a key focus for crypto traders.
The cross-chain switching abilities of AtomicDEX are another aspect that has drawn in attention to Komodo. They run in person-to-person mode and do not need custodial care.