MoonFi launched today as a cross-chain decentralized exchange (DEX), secure wallet, and crypto bridge, aimed at serving the Cosmos community. While most Cosmos-based DEXs let users trade crypto assets within the Cosmos network, they don’t support trading outside of it. MoonFi solves this problem by allowing users to trade across different blockchains, offering a more versatile solution for crypto trading.
MoonFi, an Exclusive Multi-Chain Wallet and Cross-Protocol DEX, Announces Its Launch
Driven by Komodo SDK, the decentralized exchange of MoonFi operates differently than the majority of the players in the crypto sector. The present DEXs do not permit consumers to swap crypto assets between the blockchains in the Cosmos ecosystem, including BNB Chain, Ethereum, and Bitcoin. By using atomic swaps, MoonFi provides the broadest cross-chain trading support concerning any decentralized exchange.
MoonFi additionally provides a peer-to-peer substitute to automated-market-maker decentralized exchanges. This is because they potentially have inherent risks like rug pulls and impermanent liquidity loss that raise concerns for liquidity providers. In the case of MoonFi-based trading, consumers swap crypto assets wallet-to-wallet through decentralized order books.
Hence, they do not need to rely on removing or adding funds through a centrally controlled liquidity pool. As a result of this, MoonFi gets both enhanced security and improved interoperability over other decentralized exchanges. Kadan Stadelmann, who is the CTO of Komodo and co-founder of MoonFi, has also commented on this development. As per the official, the Cosmos-based tokens have a collective market capitalization of up to $20B as of June this year.
The Project Offers Unparalleled Interoperability across Protocols
Even then, the ecosystem of Cosmos has reportedly stayed mostly at a distance in comparison with the other ecosystems. Hence, cryptocurrency enthusiasts were compelled to depend upon centralized crypto exchanges to trade ETH, BTC, ATOM, and so on. On the other hand, MoonFi changes this with the provision of an ultimate decentralized application. The respective dApp offers a good solution for interoperability across protocols.
MoonFi operates as a non-custodial, decentralized, and permissionless platform without requiring any consumer-side KYC. The code of MoonFi is one hundred percent publicly available and open-source. Moreover, the Komodo team lets blockchain builders fork codebase as well as develop separate wallet/DEX apps. According to MoonFi, it also plans to include a fiat on-ramp feature, permitting consumers to matchlessly convert diverse native traditional currencies to crypto assets.
Source: https://blockchainreporter.net/moonfi-debuts-cross-protocol-dex-and-multi-chain-wallet/