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This particular DEX is bringing DeFi to the $90 billion Cosmos (ATOM) ecosystem

Decentralized exchange The law of gravity DEX will hold a testnet competition for its Cosmos -based protocol, it said in a release yesterday.

It does not take first interchain decentralized swap created for the Cosmos and will connect any protocol connected to the Cosmos ‘Hub’—the first of the many interconnected blockchains that will ultimately comprise the Cosmos ‘Network. ’

The DEX includes batch execution, order publications, and limit orders having an AMM to significantly outshine the CPMM model since seen on other systems, such as Uniswap.

It is built by B-Harvest, which was acquired by Cosmos incubator and core contributor Tendermint last month. Cosmos CEO Peng Zhong, explaining the acquisition said:

“Tendermint is certainly bringing B-Harvest in-house to launch and scale The law of gravity DEX so that any symbol within Cosmos can be traded freely on a (decentralized) exchange. ”

5000 ATOM for holds

As per the post, Gravity DEX provides submitted a formal governance proposal to allocate over 5000 ATOM ($101, 1000 at press time) through the Cosmos Hub community pool to use as prize money for your upcoming Gravity DEX testnet competition.

Voting on the governance proposal starts today, April 7th, 2021. The Gravity DEX enables decentralized trading between any two Cosmos tokens — an estimated $90 billion market that includes projects like ATOM, Binance Coin (BNB), Terra (LUNA), and Crypto. possuindo Coin (CRO) — or even any other token.

The next phase of the Gravity DEX rollout would the weeklong testnet competition intended for traders, arbitrageurs, and annoy bounty hunters to generate prizes totaling more than one hundred dollar, 000. Registration for the The law of gravity DEX testnet competition opens on April 21.

What’s Cosmos plus why DEXes?

Cosmos, for the uninitiated, is an ambitious project that contains parallel, independent blockchains backed by Byzantine Fault Understanding consensus algorithms like Tendermint. The protocol aims to permit users to trade electronic assets that are native to 1 blockchain for coins upon another blockchain, such as, for instance , trading Bitcoin for Ethereum.

DEXs, as opposed to traditional exchanges, have no central counterparty, meaning they are fully managed by groups of developers present worldwide and all platform liquidity is, in essence, provided by proponents and users on their own.

This helps slow up the risk of theft through the hacking of exchanges or even other centralized, ulterior reasons while helping lay the groundwork for the broader addition of cryptocurrencies in daily life.

As such, the The law of gravity DEX is built on the Inter-Blockchain Communication (IBC) protocol , which enables a permissionless, trustless exchange of cryptocurrencies whilst tapping into liquidity pools across dozens of protocols efficiently using its proprietary Automated Market Maker (AMM).

In the meantime, B-Harvest Founder Hyung Shelter will take on the role associated with Head of DeFi at Tendermint as part of the acquisition. Hyung Lee said:

“After 3 years associated with contributing to the Cosmos ecosystem, we are very excited to join Tendermint for more accelerated advancement financial applications building with Cosmos-SDK. ”

The post This DEX is certainly bringing DeFi to the $90 billion Cosmos (ATOM) environment appeared first on CryptoSlate .

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