Komodo Reformed Amid Market Gloom

Despite a nearly global market dip, the Komodo token’s price jumped as news broke that the project would soon add support for more than a dozen blockchains. The company has plans to launch a new collection of NFTs. With cross-chain bridges, we can communicate between blockchains more efficiently. However, this creates vulnerabilities that need to be addressed for them not to pose any harm or exploitations on the networks they link up with. The hack of Wormhole Bridge linking Ethereum and Solana is one example of a vulnerability because it didn’t take care of its security measures when connecting two different platforms. There were no precautions put into place whatsoever, which led directly to disaster later down the line. Related Reading | Solana Price Soars 10% As $325 Million Reinstated on Wormhole Komodo is a project with an innovative approach to interoperability attracting growing interest. The network supports non-custodial trading and includes 13 blockchains while maintaining privacy at its core values. The innovative platform is one of few decentralized exchange (DEX) platforms that can support networks outside those supported by Ethereum’s Virtual Machine (EVM). As long as the network shares Bitcoin’s source code, this DEX will work with them seamlessly and efficiently. The new cross-chain swap technology allows users to trade one asset for another without having custody of either cryptocurrenc...