The developers of privacy-centric blockchain Komodo claim that it has created an implementation of its AtomicDEX that runs a full peer-to-peer (P2P) node in the user’s web browser.
Komodo developers wrote in a press release shared with Cointelegraph on Dec. 5 that the platform allows for non-custodial cryptocurrency trading through atomic swaps. The company has expanded its AtomicDEX mobile decentralized exchange (DEX) to work in web browsers on all major platforms.
Atomic swaps, according to the release, are a smart contract-based technology that enables users to trade digital assets without any third-party involvement. The firm announced:
“Users who wish to make trades using AtomicDEX will be able to do so by simply visiting a URL and logging into their account; there is no need to download an application. Once a user visits the page, the AtomicDEX application will load into the browser and spin up a standalone p2p node. The application will be entirely client-side; no sensitive data or private keys will be transferred to a third party over the course of an exchange.”
“AtomicDEX is the undoubted industry leader”
The beta of the mobile DEX launched its public beta earlier this fall and has seen over 3,500 beta testers so far. Komodo chief technical officer Kadan Stadelmann the lack of decentralization of many competing DEX implementations:
“While it’s common to hear industry participants throwing around the terms ‘DEX’ and ‘atomic swaps’ to describe their tech, most solutions on the market have been pure hype or have seriously compromised their stated commitments to decentralization. Komodo’s AtomicDEX is the undoubted industry leader, and we are fully prepared to back that statement up, full stop. We’ve been working on atomic swaps since 2014 and have even collaborated with their inventor, Tier Nolan.”
Stadelmann further claimed that the firm has conducted over 100,000 swaps so far and that its objective is to allow its user base to trade cryptocurrencies without middlemen by typing a URL or using the phone. When asked by Cointelegraph whether having a centralized server distribute the software to web browsers at each use could have negative cybersecurity implications, Stadelmann said:
“Not really, as it’s no more centralised than any other software distribution platform/channel for any other DEX. By that metric, other websites and repositories where people can download a DEX (or any other decentralised app) can also be seen as a sort of centralised distribution medium and central point of failure.”
Komodo’s atomic swaps implementation
He pointed out that also GitHub can remove specific projects as can Google Play and Apple App Store. He also noted that the firm runs multiple servers to avoid having all their eggs in one basket. Also, additional steps have been taken to prevent modified software from joining the network:
“The DEX software itself has validation mechanisms (digital signature) that would ensure that users are using the real and authentic DEX software. […] Unsigned and thus potentially malicious software won’t be able to access the real DEX network.”
Cointelegraph also asked Komodo’s CTO how the system acheives non-custodial management of assets based on different blockchains, given that many competitors hold user assets and represent them as tokens on their blockchain. He explained how AtomicDEX handles swaps between crypto assets across blockchains:
“A swap between two chains actually takes place between those two chains — and not between proxy tokens and other “intermediate” layers. […] We firmly state that no other DEX comes close.”
When asked about Komodo’s solution to the lack of volume affecting decentralized trading platforms, Stadelmann explained that the firm hopes to achieve it by sharing liquidity between all the third-party implementations that use the firm’s application programming interface (API). Furthermore, he hopes that users will also integrate the DEX with centralized trading platforms to address the issue:
“AtomicDEX is natively compatible to be used with the APIs of various centralized exchanges (CEX). So any end-user could attach his DEX node to a CEX through their API key – this way the user can mirror the CEX orderbooks over to the DEX and just add a small margin to even make profit out of the deal.”
Developments in the DEX space are becoming ever more frequent as competition heats up in what many believe to be the future of cryptocurrency trading. In the latest example, Waves DEX recently announced a shutdown in preparation for renewed operations as a hybrid exchange.
Published at Fri, 06 Dec 2019 14:51:00 +0000
Ethereum: Is the HODLing in yet?
When it comes to the altcoin market, the past few months have shown how important a cryptocurrency Ethereum is. With DeFi growing substantially in 2020, the gains have been felt by ETH in many ways. While ETH has miles to go before it can challenge the market cap and dominance of Bitcoin, its remarkable growth thanks to DeFi and the proposed ETH 2.0 shift cannot be overlooked. With Ethereum’s use cases diversifying, users and investors within the ecosystem are reaping its benefits too.
According to recent network data provided by Glassnode, Ethereum balances on centralized exchanges have fallen substantially over the past few weeks. In fact, the aforementioned data showed a drop from over 18,750K to around 16,750K, resulting in Etherum balances on exchanges falling to their lowest level for the year 2020, at the time of writing.
While this drop may seem alarming to some, it also illustrates a silver lining of sorts for the cryptocurrency. A fewer number of users are now holding their Ethereum on exchanges. Instead, they are moving them to cold storage or cold wallets – a sign commonly associated with increased hodling sentiment. As more users hold on to their Ethereum, the price of the cryptocurrency is also likely to be positively impacted.
One of the reasons why many users are feeling inclined to do so can be due to its recent performance, as well as its ability to derive growth from a booming DeFi ecosystem that is based on its platform.
In fact, it is also interesting to note that over the same timeframe, Ethereum addresses with greater than 10 ETH have also seen a significant rise. According to network data provider Glassnode, such addresses have risen from 275K to 283K in the last three months alone.
One of the key reasons behind the aforementioned drop in Ethereum stored on exchanges ties back to increased hodling sentiment within the Ethereum community, as highlighted above. This, coupled with a rise in Ethereum locked in smart contracts (Since investors are looking to generate greater returns at a time when Etherum’s price is consolidating on the charts), bodes well for the cryptocurrency’s ecosystem.
Brace for it – Bitcoin Futures may be nearing a tipping point
What’s the tipping point for Bitcoin Futures on top derivatives exchanges like the CME, an exchange that has recorded a daily trading volume of over $300M and Open Interest of over $400M, consistently, for the past 3 months.
Well, a small shift in Open Interest or trading volume can have a cascading effect on Bitcoin Futures’ performance in the next 180 days. Such a shift will be influenced by several factors, and it begins at the tipping point. Three factors, to be more specific.
In the current phase of Bitcoin’s market cycle, these factors are more relevant for traders on derivative exchanges. This becomes more evident when the Liquidations chart for BitMEX is observed. Over the past 3 months, sell liquidations have paid for buy liquidations. However, over the last few days, this trend has been reversed, and buy liquidations have covered for sell liquidations on BitMEX.
The point here is to detect the source of the domino effect before the dominoes start falling. In the case of Bitcoin Futures, the tipping point may be closer than anticipated.
One of the top factors influencing the tipping point is the Law of the Few.
The Law of the Few states that “the success of any kind of social epidemic is heavily dependent on the involvement of people with a particular and rare set of social gifts.”
In the case of Bitcoin, institutional investors, derivatives traders, and whales fit the bill. The success of Bitcoin Futures in the global trading community heavily relies on institutional investors trading on CME. In fact, the daily trade volume and Open Interest on CME influence the trading sentiment across spot exchanges as well.
The last time a cascading effect was witnessed was when BTC Futures’ Daily Trading Volume hit $445M on CME and there was a rally all the way up to $614M. At the time of writing, the Daily Trading Volume was up 63.3%, when compared to the figures 6 months ago, and it has the potential to hit $614M with one move in the right direction.
This effect heavily relies on another key factor – The Stickiness Factor.
Back in 2017, when Google search results for “Bitcoin” and “Crypto” broke the record, the trading community witnessed a historic Bitcoin bull run and altcoin rally. Institutional interest and growth of Bitcoin derivative products ensued. A similar event transpired when Bitcoin Futures’ aggregated daily volume hit $184B on 27 July 2020. This event was a unique occurrence, and it made Bitcoin Futures stick in the portfolio of the average institutional investor and the derivatives trader.
The aggregate trade volume hasn’t dropped to pre-July 2020 levels since then. Despite drops in Bitcoin’s price on spot exchanges, Futures contracts continue to trade at a premium and there is more optimism. Volume is not directly impacted by Bitcoin’s price and when the spot market is riddled with bearish sentiment, long contracts continue feeding shorts on BitMEX. This stickiness is a driver of the aforementioned tipping point.
Inching closer to the tipping point, the powerful context is the rise of stablecoins and their instrumental role in lowering the barrier to entry on spot and fiat-crypto exchanges.
Over the past three months, stablecoins like USDT have added $100M in volume every day and their market capitalization and dominance have risen tremendously. In fact, Tether has also crossed a market capitalization of $15B.
This directly influences the tipping point for Bitcoin Futures as it makes Futures trading more accessible to traders. Bitcoin held on exchanges has nearly doubled over the past month, corresponding to an increase in Tether’s market capitalization and circulation. This resonates with derivatives traders who opt for physically-settled Bitcoin Futures contracts on exchanges like Bakkt. In fact, on Bakkt, the daily trade volume was upwards of $80M for the past week, while the Open Interest has been consistently above $10M.
All of these factors are highlighting a shift in derivatives traders’ strategy, while also underlining increased activity on derivatives exchanges. The race to the tipping point has begun – An increase in aggregate trading volume on physically-settled Futures contracts or CME may trigger the much-awaited domino effect.
Tron, Synthetix, VeChain Price Analysis: 19 September
Tron was observed to have hit a strong zone of resistance, before being rejected and pushed to the downside, at the time of writing. In fact, such bearish momentum appeared likely to continue for TRX. At a time when Ethereum was increasingly being criticized for high Gas fees and a congested network, it could have been Tron’s moment to shine, but things didn’t pan out that way at all.
TRX was seeing oversold conditions a few days ago when its RSI hit a low of 23, before ascending just past 50. However, the RSI was unable to remain above 50, and its drop beneath the level highlighted the fact that TRX’s recent 12% surge from $0.263 to $0.296 was merely a bounce.
TRX found a zone of strong resistance at $0.3 and looked likely to drop towards the support at $0.265.
Interestingly, a recent Reddit post has raised questions about JustSwap’s vetting process, claiming that the Tron Foundation has whitelisted a DeFi project that has since pulled a $2 million exit scam. This, despite DappRadar listing the project as “high-risk.”
Synthetix underlined the possibility of dropping lower on the charts. The Directional Movement Index did not yet show a strong trend, but ADX (yellow) was inching towards 20 and could move further north. Also, the rising -DMI (pink) denoted a bearish trend.
Over the past week, every SNX bounce off the level of support has been overwhelmed by selling pressure. This can be expected to continue. With the price registering lower highs, the way down remained the path of least resistance for SNX.
The next level of support after $4.23 lay at $3.36, representing a 20% depreciation.
VeChain showed bullishness in the market after a period of consolidation. The Bollinger Bands expanded to indicate heightened volatility, while the price broke out towards the upper band. At the time of writing, the price was staying above the 20-period moving average, a moving average that could be tested as support as VET steadily climbs toward its resistance around the $0.158 zone.
The breakout was also accompanied by high trading volumes, legitimizing the breakout.
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