Cosmos developer Tendermint will launch a “universal DEX” in May for trading any cryptoasset. For this, the company acquired the B-Harvest project, which runs on the Cosmos blockchain.
Tendermint creates Cosmos, a decentralized network that connects independent blockchains to enable interoperability between them. The developers acquired B-Harvest, a DeFi project that was developed on Cosmos and operates one of the Cosmos validator nodes. Tendermint did not disclose the amount of the deal, but noted that it includes a four-year transfer of rights to a certain amount of ATOM tokens.
Tendermint CEO Peng Zhong said Tendermint is integrating B-Harvest’s Gravity DEX into Cosmos to develop “trustless and managementless” trading.
“We started working with B-Harvest in October because we were looking for a team with finance and DeFi backgrounds to build a decentralized exchange. Gravity DEX is designed not only as an exchange for ATOM, but also as an exchange for cryptoassets of other blockchains, ”Zhong said.
One of the most ambitious cryptocurrency projects, Cosmos is a hub network that connects other blockchains with bridges. The network supports both public and private blockchains with the ultimate goal of creating a bridge in which all blockchains and cryptoassets can interact.
Peng said the bridge to Ethereum is now being tested on a testnet and could be launched immediately after the launch of DEX, with bridges to Bitcoin and other networks coming later. As with Uniswap and other decentralized exchanges, any tech-savvy user will be able to write a contract for the Cosmos blockchain to integrate a coin or trading pair, Zhong said. Tendermint plans to launch Gravity DEX next month.
In March, Cosmos developers activated the IBC protocol, which allows cryptoassets to be transferred between independent blockchains.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
