In this article we examine the decentralized Komodo solution and its non-custodial crypto wallet.
The project recently renamed its flagship application “Atomic DEX,” focused on cross-chain interoperability, to “Komodo Wallet” in an effort to give its brand more visibility.
We also see a price analysis for the cryptocurrency native to the ecosystem: KMD.
Full details below.
Summary
Komodo crypto wallet and the unification with Atomic DEX
The Komodo crypto wallet is simply a decentralized non-custodial solution for users in the crypto world who wish to store their cryptocurrencies in a different place from centralized exchanges such as Binance and Coinbase.
To use this wallet version, it is necessary to agree to terms and conditions of the platform, download a seed phrase that is provided automatically and choose a personal password for access.
Komodo crypto wallet allows users to hold assets on different blockchains such as Komodo smart chatin, Ethereum, Binance Smart Chain, Polygon and Avalanche, with a convenient bridge solution.
Komodo is a leader in the context of blockchain interoperability through its flagship application Atomic DEX, which was recently rebranded “Komodo wallet.”
The blockchain service provider has also decided to convert the “Atomic DEX API” to the “Komodo DeFi framework” providing the ultimate solution for developers wishing to launch DeFi applications such as unattended wallets, cross-chain DEX, IDO portals or all-in-one solutions.
As such, all products will now be integrated under the unified “Komodo SDK” brand and all content will be grouped within the komodoplatform.com web domain.
In this way, Komodo wallet will serve as a single application that includes:
- a non-custodial crypto wallet
- a peer-to-peer DEX
- a bridge with cross-chain exchange capabilities.
The team’s decision to include both the decentralized application and the crypto wallet under the one name stems from a desire to simplify the perception of its products in the end user’s eye by making the platform itself cleaner and more intuitive.
In detail, Komodo is now preparing to welcome the next wave of users to join the particular world of decentralized finance, with the goal of providing a secure and decentralized operational base for cryptocurrency exchanges on blockchain.
Regarding the news, Komodo’s CTO Kadan Stadelmann said that:
“Brand unification represents a pivotal moment in Komodo’s history and encapsulates our vision for a decentralized future. By consolidating all of our brands under the Komodo SDK, we are poised to unlock new opportunities and drive greater adoption of decentralized technologies. We are confident that Komodo Wallet will set a new industry standard as the ultimate non-custodial wallet, crypto bridge, and cross-chain decentralized exchange (DEX) all in one application.”
The project has an ambitious roadmap for the coming months, with updates including the integration of the Lightning Network for Bitcoin, the introduction of an NFT project, and the implementation of a new platform for cross-chain swaps.
We remain waiting to see how this promising entity will evolve and whether it will be able to carve out a place for itself among the big boys in the industry.
Focus on the KMD token
KMD represents the community token of the Komodo ecosystem and its crypto wallet, which has now been integrated with Atomic DEX in an effort to unify its products.
The KMD cryptocurrency is used to provide users with secure and scalable economic transactions.
Earlier this year, the Komodo project tried to revive the token, now forgotten by crypto investors, by implementing a mechanism to make the coin deflationary through a system similar to Bitcoin’s halving in which the reward of block validation is reduced.
In addition, Komodo plans to implement a mechanism that will burn a small amount of KMD for each DEX exchange that occurs within the Komodo crypto Wallet.
Right now, with the latest rebranding as Komodo SDK, the KMD currency has been reevaluated as an integral and fundamental part of the ecosystem, with the goal of giving it more utility.
Currently, buyers’ orders on DEX trades within Komodo Wallet receive a 10% discount when they sell KMD for another asset.
In any case, although numerous attempts are being put in place to lift the cryptocurrency’s fortunes, one cannot overlook the fact that KMD has been performing disappointingly on the price front.
The coin is down -95% from its all-time high, touched in April 2021, and has never managed to sharply reverse the bearish trend.
In the last year of trading in the markets, it has never managed to break above the EMA 60 on a weekly time frame, except with a small spike absorbed soon after.
Bitcoin’s June price rally did not drive KMD to parallel growth in its value, which remains trapped under bear hands.
To comfort HODLers of the Komodo wallet’s native cryptocurrency, we can say that KMD has been in lateralization for about a year now, and while it may not repeat the positive performance of the 2021 bull run, it should still see upside in the coming months if the rest of the sector is bullish.
Komodo capitalizes about $34 million, with a price per coin of $0.25 and volume in the last 24 hours of $360,000.
