Komodo Launches DogeDEX, Bringing Atomic Swaps for Dogecoin

Blockchain solutions provider, Komodo launches DogeDEX, or the first-ever decentralized exchange platform to trade Dogecoin. Since its limited release on March 1, “DogeDEX” has already seen over 3,000 downloads and 179,212 swaps of DOGE. Powered by the AtomicDEX engine, the peer-to-peer exchange platform is available both through desktop and mobile applications.

Komodo Launches DogeDEX to Trade Dogecoin

DogeDEX will not have any intermediaries like brokers as seen in centralized exchanges. The platform will use atomic swap, a smart contract tech for conducting transactions on its platform.

Atomic swaps enable users to directly exchange cryptocurrencies without the need for a third-party player such as a centralized exchange.

All the updates to the underlying AtomicDEX engine will be automatically updated to the DogeDEX platform to ensure maximum efficiency.

In the announcement release, Komodo CTO Kadan Stadelmann said:

“Crypto, like the internet, is so much about community and dogecoin is the currency of the internet. Decentralized exchanges and non-custodial wallets are a few of our specialties and we want to enable Shiba’s considerable fanbase to trade crypto with the very latest technology – Atomic Swaps.”

DogeDEX Platform Includes a Non-Custodial Wallet

DogeDEX will also have a non-custodial wallet allowing users to safely store their holdings on the platform. The developers of Komodo further said that the team is currently looking into building a fiat on-ramp next month. This way, users will be able to directly buy the cryptocurrencies on the DogeDEX platform.

This is not the first time Komodo has dabbled into Dogecoin. In fact, it initially performed the very first DOGE to ETH atomic swap back in 2017.

DOGE traded 1.92% lower at $0.055 at the time of writing, while leading cryptocurrency by market cap, Bitcoin was up 3.92% at $55,514.06.

The meme-based currency will hit $1 levels, according to Dallas Mavericks owner Mark Cuban. Just Last week, Mavericks began accepting DOGE as payment for tickets and merchandise.