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End-to-end blockchain solution, Komodo has launched its decentralized cryptocurrency exchange, AtomicDEX, integrating Dash into its platform. The native Peer-to-Peer exchange will allow crypto holders to trade directly between each other without the interference of a third party. The public beta version of Komodo’s AtomicDEX is now available for both Android and iOS operating systems.
Blockchain’s original idea is to enable users to interact directly without the need for intermediaries. Decentralized exchanges like the just launched AtomicDEX by Komodo are designed to help crypto users to achieve this goal. With Komodo’s AtomicDEX, crypto users can now trade from their wallets directly without needing to go through centralized platforms. Most traders consider this to be a better alternative based on several benefits in many areas such as speed, cost of transaction, interoperability and security.
Prior to this time, Komodo has been in continuous development and improvement of its platform. A number of integrations have been made on the platform that provide valuable solutions for crypto users. In January 2018, the platform integrated the Barter DEX which is a platform that allowed for P2P trading of selected cryptos, but the user’s portfolio is denominated in KMD tokens.
The growth of decentralized exchange options for Dash
Besides the Komodo AtomicDEX, DynX is also playing it role in expanding the DEX trading system. DynX adopts a community driven approach, especially in the integration of cryptocurrencies on its platform. Earlier this year, Dash became one of the base currencies on DynX. At the time, co-founder of DynX, Miguel explained that the reason for integrating Dash has a lot to do with the huge community of Dash, and its reputation as an established project.
DEX platforms are popping up in the crypto industry, giving users the opportunity to avoid the various risks associated with centralized exchanges. Take for instance the disappearance of Coinroom exchange several months ago where all those whose funds were in custody of the exchange lost their money. This may not have happened on DEX platforms because the funds are usually held in users’ wallets, and not a hot wallet of some third party.
Additional peer-to-peer trading options
Dash’s capabilities are positioning it as a potential darling for decentralized exchanges beyond the Komodo AtomicDEX. For instance, the recently implemented improved InstantSend protocol perfectly suits the functionalities of DEX platforms. This may have contributed to the integration of Dash by fast-growing decentralized exchange, CoinCola. In August 2019, Dash was integrated into the CoinCola platform for Nigerian traders. This makes it possible for crypto users in the region to trade quickly and easily using Dash on the CoinCola platform, so traders in Nigeria can exchange Dash for Naira conveniently in a P2P trading system.
The integration of Dash as an ideal base currency for decentralized exchanges did not start today. Even with resistance from some other coin establishments, Dash has continued to move forward and has become more established. When Bisq planned to integrate Dash as a base platform back in 2017, the Monero community kicked against it and threatened to boycott the platform. Today, Dash has grown so much that people hardly even remember the incidence.