Komodo (KMD) coin prices have jumped 5% amid the global crypto bloodbath and despite today’s pullback is poised for a major take-off going by its recent price movements.
Today, the KMD coin started by shooting up by more than 25% to clinch a daily high of $0.657233, before pulling back to a price of $0.478111 at the time of writing.
Let’s take a deep dive into the factors fuelling Komodo’s price surge.
What is Komodo and why is its price rising?
In a nutshell, Komodo is an open decentralized multi-chain platform. Its native token is KMD.
Both the Komodo platform and the KMD coin have been gaining traction across the crypto space because of Komodo’s alternative approach to achieving cross-chain interoperability.
Below are the main reasons contributing to the current KMD price hike.
1. Multiple blockchain networks integration
One of the best and major developments that the Komodo protocol has made this year is the recent support for 13 separate 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 offers support to Ethereum Virtual Machine-compatible networks and networks that share a source code with Bitcoin (BTC) like Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH).
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 exchanges that are working towards interoperability. @KomodoPlatform is a good example.
— LT (Will never ask for or give away crypto) (@LTLovesdigi) February 20, 2022
Also, according to comments from different parties, there is a possibility of some more coins like Cosmos, Polkadot, and Digibyte getting integrated on AtomicDEX in the future.
2. Launching NFTs on Komodo Network
The other reason for the KMD price surge is the launching of Non-Fungible Tokens (NFTs) on its ecosystem. The most recent NFT collection to be launched is the upcoming launch of Cyber Komodos, a collection of 777 unique Komodos with varying rarity that is scheduled for launch on 15th, March this year on the Tokel NFT platform.
1. Hello world! We're announcing the #CyberKomodo NFT Collection launching on @TokelPlatform. A collection to commemorate @KomodoPlatform and the great projects and teams that form part of the ecosystem. pic.twitter.com/XMtPda5oIw
— Cyber Komodos 🦎 (@CyberKomodos) January 25, 2022
Currently, NFTs are trending the most within the crypto space and they are attracting both new users as well as engaging their communities.
3. Cross-chain interoperability
Achieving secure cross-chain interoperability has not gone unnoticed. Most of the cross-chain projects have been faced with security challenges with some being exploited by hackers. The most recent high-profile exploit of cross-chain bridges is the Wormhole bridge hack on the Solana network.