Komodo (KMD) makes slight gains amidst major network developments

By:
on Feb 22, 2022
  • Komodo is expanding interoperability with additional support for 13 blockchain networks.
  • The project is also launching the Cyber Komodos NFT collection on March 15.
  • Komodo made a bold rally on February 22, but it has since dipped to previous lows.

Komodo (KMD/USD) made a major jump on Monday despite the rest of the market taking major dips. The token had given to this recession at the time of writing, with a double-digit dip in 24 hours.

The KMD rally on Monday was triggered by news that the project would integrate support for 13 blockchains. It has also revealed plans to launch a non-fungible token (NFT) collection.

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Komodo expanding interoperability

Networks have been launching cross-chain bridges to boost communication between blockchains. However, this has presented a vulnerability that can be exploited, such as what happened with the Wormhole bridge linking Ethereum (ETH/USD) and Solana (SOL/USD) blockchains.

Komodo has stepped in with a unique solution. The network has an alternative way of achieving interoperability, and this has seen it attract interest this month. Komodo is an open and composable multichain platform. The network supports the AtomicDEX wallet and a non-custodial DEX.

AtomicDEX has added support for 13 different blockchains. The platform is an innovative development by Komodo, as it is among the few DEXs that can offer support for networks outside those compatible with the Ethereum Virtual Machine (EVM).

AtomicDEX can also support other networks with the same source code as Bitcoin. Such chains include Litecoin, Bitcoin Cash and Dogecoin. It can also integrate other chains such as Cosmos, Digibyte and Polkadot.

AtomicDEX also enables secure cross-chain swaps because it does not require custodial services. Moreover, it does not carry complex smart contracts prone to errors.

Support for NFTs

The Komodo token saw a spike in activity following an announcement that the network would be integrating NFTs with the launch of Cyber Komodos. Cyber Komodos is a collection of 777 NFTs, each with its unique attributes. The NFTs in this collection will have varying levels of rarity. The NFTs will be launched on March 15 on the Tokel NFT platform. Komodo made a bold rally on February 22, with its price rising from around $0.446 on February 20 to $0.687 on February 22. However, at the time of writing, KMD had dipped to around $0.481 due to the bearish sentiment across the broader market.

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