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 cryptocurrency. As a result, we do not need smart contracts anymore, making them safer and more efficient than ever before.
Komodos NFT Collection Launch News Making Hipe
Komodo announced that they are launching Cyber Komodos, a collection of 777 NFTs. After the news release, the token saw an increase in activity. Each item will have unique features with varying rarity levels- from common to rare.
Related Reading | Where Do NFTs Get Their Value From?
With Komodo’s tokens launching nearly here on 15th March, it’s no surprise that price has been on an upward trajectory. At $0.69 (up from $0.45), investors can expect a bump in their investment portfolios soon enough.
Komodo is currently trading at $0.55 after making a high of $0.069 | Source: KMD/USD Chart on Tradingview.com
Furthermore, with our technical analysis for a wide selection of digital coins like Komodo, you may find that KMD could be a profitable investment option. Therefore, if one is looking to invest in virtual currencies that offer a good return on their investments over time, I would recommend buying KMD worth now and seeing how it goes up from there.
Buying Komodo at 0.543 USD for a 100 dollar investment today will get you 184 KMD. According to our forecasts, we are looking for long-term increases in price over five years with an expected talent growth rate of +91%. So your $100 investment may be worth up to nearly 192 dollars in 2027.
About Komodo
Komodo is a leading blockchain solution built with security, scalability, and adaptability in mind. Komodos provides an architecture that allows users to create their unique chains or “tokens” on the platform without affecting other parts of this system.
Komodo’s cutting-edge technology offers developers various tools to create blockchain applications.
With this, you can build custom blockchain applications and integrate them with other blockchains. In addition, the platform is powered by an open API that allows developers to create their own modules for the Smart Chain Library – making it one of a kind in its class.
Featured image from Pixabay, chart from TradingView.com
