The native token of the open, composable multi-chain platform leaped despite almost all-pervasive market gloom, triggered by news that the project would integrate support for more than a dozen blockchains.
It has also announced plans to launch a non-fungible token (NFT) collection.
Ecosystem with unique approach to achieve interoperability
While cross-chain bridges help improve communication between blockchains, they present an exploitable vulnerability. We need only remember the hack of the Wormhole bridge, which linked Ethereum and Solana.
Komodo’s alternative approach to interoperability has attracted growing interest. The network supports the AtomicDEX wallet and a non-custodial DEX and has added support for 13 different blockchains.
A novel multichain-supporting development
The platform is an innovative development. It is one of few DEXs that can offer support for networks outside those that are EVM compatible. The DEX can support any network as long as it shares Bitcoin’s source code.
These include Dogecoin, Litecoin, Bitcoin Cash, Cosmos, Polkadot, and Digibyte.
The new DEX also makes it possible to secure cross-chain swaps by doing away with the need for custodial services. It also doesn’t require smart contracts, which are complex and vulnerable to flaws as such.
The launch of Cyber Komodos NFT collection
After Komodo announced it was launching Cyber Komodos, a collection of 777 NFTs, the token saw a surge in activity. Each NFT will have unique features with varying levels of rarity.
The launch will take place on the Tokel NFT platform on March 15. Today, the price of Komodo reached a peak at $0.69, up from $0.45 on February 20. At the time of writing, it had found middle ground at $0.55.
About Komodo
With blockchain development roots going back to 2014, Komodo is said to be one of the pioneers of multi-chain architecture in the blockchain space. Komodo focuses on providing blockchain solutions that are secure, scalable, and adaptable.
Komodo's current technology suite, the Antara framework, offers tools for end-to-end blockchain development.
This includes a customizable, application-specific Smart Chain complete with a library of built-in modules and an open API for building blockchain-based applications.