Komodo launches on-chain bridge between Ethereum and Binance Smart Chain
Atomic swaps tool Komodo has released a new version of AtomicDEX, a non-custodial multi-coin wallet and atomic swap-powered DEX rolled into one app, featuring the industry’s first non-custodial, AMM-free 1:1 bridge.
The DEX allows holders and traders to have the same asset on two or more protocols (e.g. BEP-20 AAVE and ERC-20 AAVE), with the ability to seamlessly and trustlessly transfer between them.
The big DeFi problem
Previously, swapping of the same crypto-asset 1:1 across blockchain networks required a centralized exchange or a trusted wrapped token gateway, but now it’s convenient to transfer in a trusted manner with atomic swaps.
“Our cross-chain bridge is a major improvement to the crypto experience for both HODLers and traders. It gives you the freedom to move assets seamlessly between blockchains at any time, all while having 100% self-custody of your funds,” stated Komodo CTO Kadan Stadelmann.
The release of AtomicDEX v0.5 eliminates the use of a mint/burn function for wrapped tokens like other cross-chain bridges and enables cross-chain and cross-protocol transfer of native assets that already exist on their respective networks.
Helping Ethereum and Binance Smart Chain users
This is especially beneficial for users who want to transfer assets between Ethereum and Binance Smart Chain (both protocols supported on AtomicDEX) in order to start using DeFi applications built specifically for those ecosystems.
With AtomicDEX, User A is trading trustlessly and directly with User B from their respective non-custodial wallets.
One major upgrade with AtomicDEX v0.5 is the addition of Simple Trading View. This new interface provides a smart trading engine with real-time price feed information to the user, ensuring maximum simplicity when trading.
This release also introduces an option for the user to customize the number of accepted block confirmations when trading – opening up the possibility for quicker atomic swaps that still come with a high level of security and trustlessness.
As Komodo’s DEX technology steadily advances, AtomicDEX has seen an uptick in ecosystem expansion in recent months and is proving to be the interoperability connector for all blockchain protocols.Source