June 27, 2022

Komodo finishes P2P cross-chain token fundraise for NFT infrastructure project Tokel

3 min read

Komodo, an open-source technology service provider that offers all-in-one blockchain services and leader behind AtomicDEX which makes it possible for safe and instant swapping and transfer of assets in between trader wallets without needing AMMs, revealed today it has actually effectively finished a peer-to-peer, cross-chain fundraise with Tokel, a tokenization infrastructure service provider.

The fundraise used a distinct approach that makes sure users can access tokens without using automated market makers (AMMs). Instead, for the first time, the fundraise counted on peer-to-peer, decentralized order books, introducing a more economically viable and more safe service to fundraising.

Token fundraise hacks have actually continued to pester the area, with exploits on Uranium Finance – – an AMM Uniswap clone built on Binance Smart Chain – – losing $50M and Meerkat, likewise an AMM, for $31M.

Rather than utilizing an automated market maker (AMM), AtomicDEX relies upon peer-to-peer, decentralized order books.

This new fundraising mechanism likewise makes it possible for minimized costs as the liquidity design ensures that financiers can secure particular exchange rates throughout the IDO without having to stress over slippage.

Formerly, running IDOs on AMM-based DEXs like Uniswap have actually been troublesome due to the algorithm-based bonding curve that identifies price levels.

For example, some investors of UMA’s April 2020 IDO suddenly discovered themselves paying 10 times the desired IDO cost, plus expensive gas fees on the Ethereum blockchain.

Atomix DEX

Komodo’s atomic swap powered DEX technology removes major challenges from the equation for both projects launching their assets and participating cryptocurrency investors.

By using a peer-to-peer solution, AtomicDEX removes wise agreement exploits and rug pulls – – common concerns that have led to huge loss of funds on other DEX and DeFi procedures.

Moreover, AtomicDEX extends IDO compatibility to lots of blockchain procedures, much of which use extremely low network transaction charges.

The AtomicDEX solution supports cross-chain, cross-protocol trading throughout several networks via a blockchain agnostic protocol. In addition to Komodo-based assets, Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, and dozens of other blockchains are supported.

“We’re thrilled to have TKL become the latest coin listed on AtomicDEX and the very first to use AtomicDEX to release an IDO. This marks an important turning point for the expansion of our technology as we now provide a plug-and-play alternative for fair launch coins. I am confident that other projects will follow in Tokel’s footsteps.”
– – Komodo CTO, Kadan Stadelmann

Tokel is a project focused particularly on creating non-fungible (NFT) facilities for the Komodo environment, with its roadmap including an integrated NFT market for AtomicDEX users.

“Komodo offers a perfect option, both for releasing an independent blockchain with its own native coin and for integrating into a cross-protocol DEX. The on-chain trading cost for the KMD/TKL trading set is less than a portion of a cent, which is a considerable advantage overrunning an IDO on ERC-20 DEXs. Users who take part in the IDO don’t have to communicate with a smart contract when trading, so this fundraising system is far more safe and secure than what AMM-based DEXs offer. Another crucial advantage is that AtomicDEX offers a safe, built-in non-custodial wallet for users to save their TKL coins.”
– – Tokel Lead Developer, NutellaLicka

With the brand-new mechanisms, the fundraise saw a financial investment of almost $1,000,000 in Tokel (TKL).

The post Komodo finishes P2P cross-chain token fundraise for NFT facilities project Tokel appeared initially on CryptoNinjas.