The Komodo Barter DEX decentralized exchange has announced that it has hit and crossed the 100,000 live atomic swaps. KMD derives its coins from atomic movements or swaps.
The crypto market is quickly adopting atomic swaps. This is because they help in overcoming some of the challenges of trading on several platforms which facilitate centralized exchanges.
First atomic swap
In December last year, Komodo (KMD developers announced that they had developed the first atomic move between two digital currencies using the BarterDEX platform. This marked a major milestone especially for the developers that were involved in the process as it would all direct exchange of value between two different digital currencies.
Atomic swaps help to achieve an exchange between to digital currencies without the need for a third party, which in most cases is the bank.
Komodo is new but has promising prospects
The ecosystem surrounding Komodo is new, still obscure and somehow hard to apply especially to newcomers in the crypto industry. The decentralized service has the latest version which can be accessed through GitHub.
Despite being new, the service has very promising prospects to the future of the crypto industry. Getting rid of the intermediaries when swapping coins will increase the speed of transaction and reduce on transaction fees.
The Barter DEX market is very similar to that of the Stellar DEX. Stellar DEX only lists a small number of cryptocurrencies that are connected to the Stellar project. At one point, the volume of Stellar DEX trades hit above $1million but have since fallen to $250,000, the equivalent of 21 BTC.
The cryptomarket has largely relied on the centralized exchanges when it comes to changing from cryptocurrencies to others. The centralized systems have in fact been facilitating the change of bitcoin to other cryptos and vice versa. Atomic swaps seeks to get rid of this system and replace it with one that allow direct exchange of coins without the need for centralized system. It will get the centralized systems out of the equation.
Many services like BarterDEX have been avoiding handling transactions involving bitcoin for atom swaps because of the high fees involved and the long period of time taken to confirm the transaction.