5 Stablecoins Added to AtomicDEX
This article was originally published on The Daily Chain, 13th November 2019.
Earlier today the Komodo team announced the addition of five stablecoins to their AtomicDEX exchange.
AtomicDEX is the fruition of years of work spent creating a truly decentralized exchange. No proxy token, no gateway protocol. All “swaps” on the exchange are wallet-to-wallet, meaning a user never surrenders control of their funds.
“There’s no need to make deposits or withdrawals and never any need to give up control of your private keys to a centralized exchange.”
— Komodo announcement
Komodo’s DEX (decentralized exchange) has been touted as the holy grail of the blockchain industry. Yet in its nascence AtomicDEX lacks liquidity and trading volume. Order books are thin as the platform looks to increase its user base.
What the exchange lacks in liquidity, it more than makes up for in decentralization. Yet gaining popularity is a priority and the suite of stablecoins added today should improve uptake.
USD Coin (USDC), True USD (TUSD), Dai Stablecoin (DAI), Paxos (PAX), and Binance USD (BUSD) are the five stablecoins added today.
“With this new stablecoin suite added to AtomicDEX, you can easily swap to the stablecoin of your choice without giving up the private keys to your coins, or even leaving your wallet. Whether it’s to avoid market volatility or make a payment in a stablecoin, AtomicDEX lets you do everything from within a single mobile application.”
Notable by its absence is Tether (USDT), whose operations are being investigated by the NYAG. However, according to a source close to the project, the omission is due to USDT’s non-standard ERC-20 contract which is incompatible with AtomicDEX. Additionally the platform currenlty lacks support for OMNI assets.
Today’s announcement also enforces how AtomicDEX can be used as a secure multi-asset wallet.
“While AtomicDEX is a state-of-the-art decentralized exchange (DEX), it also functions as a secure multi-asset wallet. You can securely store up to 25 different coins and tokens in AtomicDEX. The Komodo team plans to add many more assets in the coming months, including coins and tokens that are not yet integrated to Market Maker 2. This will allow secure storage of these additional assets, even if they are not yet available for decentralized trading.”
Komodo’s post includes links to a guide, a video tutorial, the Android app, and the iOS app (installed using Test Flight).
Any blockchain project reps seeking to integrate their coin or token into AtomicDEX, or to find out more about the technology, are invited to contact email@example.com