October 19, 2021
Please tell us more about the AtomicDEX v0.5 release? What does it mean and what is the significance?
AtomicDEX v0.5 by Komodo is a major step forward for anyone who is interested in a decentralized future. The biggest difference-maker with AtomicDEX is that it offers the widest cross-chain and cross-protocol support in crypto. We see a lot of projects building bridges lately, but many other projects use wrapped tokens as proxies – and don’t have full native blockchain support. Most DEXs today are actually “unichain”, meaning they are based on a single protocol (like Ethereum or Binance Smart Chain) and do not offer native interop with other chains in the wider crypto ecosystem.
AtomicDEX, however, lets users trade cryptocurrencies from a number of blockchains and natively across chains without using wrapped tokens or minting/burning functionality. With AtomicDEX, you don’t have to trust a smart contract to keep your funds secure. Let’s say a user wants to trade ETH for BNB. AtomicDEX is peer-to-peer, so users are trading with each other and don’t have to interact with smart contracts, liquidity pools, or automated market makers (AMMs).
I was told v0.5 release features a non-custodial bridge so traders can have access to multiple blockchains, cross-chain interoperability and the Simple Trading View tool decreasing the chance of slippage when trading. Could you please explain what does it mean for the general DeFi world?
AtomicDEX has always focused on supporting blockchain interoperability. We have actually had bridge technology many years before the term “bridge” was first used. AtomicDEX v0.5, the latest release, is a gamechanger for Komodo and the entire DeFi world because it means anyone can now trade just as easily cross-chain as they could previously only do on a single blockchain. What this means is that the future of DeFi and DEX tech isn’t dependent on one siloed ecosystem.
Protocols are truly interconnected via a trustless trading platform. Simple trading view, which was implemented in v0.5, makes it simple for any trader on AtomicDEX to find a supported pair with sufficient liquidity on the order books, determine whether the available orders are within a decent spread from the market average, and place a trade in a couple of seconds without having to even understand how order books work.
What are your next plans, and what the future holds?
There are quite a few things on the roadmap for AtomicDEX that the Komodo development team will soon be implementing. We are continuously integrating new blockchain protocols, and we have already been testing several for an upcoming release.
Tokel, a project which recently used AtomicDEX to complete the first-ever peer-to-peer initial DEX Offering (IDO), is developing an integrated NFT marketplace for AtomicDEX. On-chain fees for buying and selling Tokel NFTs will be less than a cent, which is definitely a major upgrade for both artists and collectors.
Probably the most exciting thing from an end-user convenience perspective is the upcoming launch of web browser support. We’re ultimately working towards full IoT integration where you can use AtomicDEX on a smartwatch, smart television, and other devices.
What are some of the most exciting things happening in your field and how you and your competitors are capturing the opportunities in the sector?
There is really so much innovation happening in blockchain from cross-chain interop to NFTs to decentralized governance. Komodo and our ecosystem projects are involved in so many aspects of the blockchain/crypto sector.
Our main priority, however, is to be the unifier of blockchains, and to connect all the blockchains together via a decentralized trading platform so that users have ultimate financial freedom.
Looking at our other projects in the DEX space, many are providing a lot of amazing innovation. Uniswap, as an example, has added market maker incentives that didn’t exist before and led the DeFi wave over the past couple of years. Now they are improving how liquidity is optimized and making trades cheaper by adding Ethereum Layer 2 support.
Again, though, I think AtomicDEX has a clearly defined and truly unique role in the blockchain/crypto sector. If you want to trade between Bitcoin and Ethereum or Dogecoin and Binance Coin without having to use a centralized exchange, AtomicDEX is the best and most decentralized solution. You and only you – maintain control of your private keys and cryptocurrencies while HOLDing and trading.
